Comments on: General Motors Bond Holders Prepare For War

By: WILLIAM A. SHIRA, III.

WILLIAM A. SHIRA, III. — Thu, 31 Dec 2009 02:39:23 +0000

Obamma’s Administration and or the President himself have not only violated contract law for which he/they are immune; he/they VIOLATED CRIMINAL LAW, FOR WHICH THERE IS NO IMMUNITY!
ON 10/27/09 i ASKED IF THERE HAD BEEN A CALL FOR THE APPOINTMENT OF AN INDEPENDENT COUNSEL, USING MY REAL NAME. This regarded the wasting of assets to pay unsecurred creditors before the paying of secured creditors (bondholders). My informant is a 96 yr old who never made more than 34K$/year and who lost 50K$+int.through what appears to be Bankruptcy Fraud. That used to be a 5 year term in the “big house” (prison). (Probation with restitution as a condition(no tax-payer funds)is O.K. ON 12/24-25/09 after services I met an IUE laid off GM worker who was lamenting that the UAW got health care benefits for his union were zero as opposed to the UAW benefits–supporing the above writers’ comments about a pay off for UAW political support.
I agree with all of the previous writers critical of the GM Bankruptcy Conspiracy; But Forget about Contract Law violations, there is immunity-LOOK AT THE CRIMINAL LAW VIOLATIONS, with more victims and more than $50K+INTEREST for my victim, the penalties could rise to hundreds of years in prison. I can take a hard line because my bride’s ashes have been delivered to Lake Tahoe and my place in the drawer is ready. So, it may be easier for me to say “QUIT whineing AND GET GUTS!” INVEST IN FIREARMS & ANMMUNITION. When this message reaches greater circulation, I expect that someone will try to kill me. No rights reserved for republication, as long as my name IS mentioned. GOD SAVE AMERICA, AND PROTECT US FROM SLAVERY!

By: Phony Change

Phony Change — Sun, 21 Jun 2009 16:36:54 +0000

It is nice see that enemys in foreing countries are being read their rights. It appears that Gm Bond Holders do not have any rights.The UAW gave a huge amount of campain donations to the right people. They are currently getting a large return on their investment.Who was that guy giving speechs about the rule of law and shared sacrafice?He wanted no lobbyists in Washington. Is the UAW considered a lobbyist ?

By: COMMENTARY: The Rule of Law | TOMBALL TEA PARTY SOCIETY

COMMENTARY: The Rule of Law | TOMBALL TEA PARTY SOCIETY — Tue, 16 Jun 2009 15:06:58 +0000

[...] GM and CHRYSLER bond holders have been strong-armed by the Obama administration into taking drastically reduced payoffs for the [...]

By: Tom

Tom — Sun, 07 Jun 2009 16:37:21 +0000

While not a straightjacket, bankruptcy does have rules that are not being followed here. Irrespective of the long term effects of its actions, the administration should be concerned about following the law. Subordinating the debt of secured bondholders to that held by the union is both unfair and contrary to the law. There is nothing in the bankruptcy law that provides exceptions for when the federal government involves itself in the process.

A more accurate statement of the issue here might be: Does political influence override the rule of law? Sadly, the answer is yes.

By: Matt

Matt — Fri, 05 Jun 2009 21:23:15 +0000

Having recently retired at the age of 82, because of a service incurred medical problem, I expected that I and my wife would be able to exist on the earnings of my conservative purchases, including General Motors bonds. As a former economist, teacher and Wharton graduate I always believed in a diverse portfolio chiefly big board stocks and conservative bonds. It was good advise, sound economic training and a self-defensive portfolio my wife and I achieved. Having been trained and believing that the bond holders stand first in line for reimbursement, without the risks of stock holding, the entire concept has been violated. To be called “greedy” for sticking to the rules and expecting the bonds to be honored is insulting.Let us hope bond holders will fight this flagrant violation of contract law.

By: Chuck

Chuck — Fri, 05 Jun 2009 00:39:16 +0000

Albert,

I am with you. I have written extensively here on my site that the ‘rule of law’ should be followed and that means bond holders should be treated fairly and by the rules.

I am against those who try to circumvent the process and place the bond holders at the bottom of the pile for political agendas. I sincerely hope that the GM bonds you hold will get treated fairly and justly. God bless you my friend.

By: Albert Jones

Albert Jones — Thu, 04 Jun 2009 18:17:34 +0000

I’m a disabled 82 years old, I worked my whole life to put together money for my retirement; my two sons died in an stupid war sponsored by the american government, now I’m alone, I worked very hard and paid taxes for every one of those dollars.

Now I live in a mobile home, that’s all I can afford, and thanks God found a wonderful (illegal alien) lady that comes for a few hours every day, and for very little money takes care of me, she cooks, cleans and helps me to take a bath and dress every day; thanks God again for her, but I think that I’m no longer able to afford even her, who nows if I’ll be even able to buy food though.

I made a mistake and belived in the american enterprise, our contry, our economy, and a several years ago bought GM bonds, not Toyota or Honda or any other foreign company, and now this bunch of ruthless vultures just want to rob me that money, my only mean to survive.. and you are calling me GREEDY…

There are several words to describe the kind of person that you and all those guys are… and I only hope that one day, when all you are old, feeble and helpless, you face the same. Now my only hope is to beg for the government help, what a shame, I worked a whole life to be self sufficient, achieved it, and now thanks them I’m a begger. And the worst of it is that I’m not alone in this.

I hope that every dollar that those high executives, and government officials spend in their life of luxury, becomes ten time the acumulated sorrow of all those that are suffering, and for all the grief they have caused and still causing. so Help us God.

By: MinuteMan

MinuteMan — Sun, 31 May 2009 23:57:54 +0000

Transfer of wealth without due process is robbery. Obama my be popular but popularity does not entitle the government to steal from people like Zastrow. Zastrow’s education savings has been transferred to people who did not earn it, what law permits this?

By: mandi

mandi — Sun, 31 May 2009 04:32:29 +0000

I completely agree with this post. I am a former gm engineer and a current lawyer. Not to mention my father put 20 years of his life and his entire engineering career plus signing a covenant not to compete when he retired into GM in order to retire with a pension and healthcare that is/was (depending on when you read this) funded in major part BY GM CORPORATE BONDS. so, exactly what did my DEEPLY MIDDLE CLASS father do to deserve having his pension and his healthcare fund destroyed (along with 30,000 other niddle-class retirees)? if the bonds are relegated to worthlss and my father and the 30,000 other retirees get their fund raided, then 30,000 new people just signed up for an overttaxed social security and medicare system that can’t handle them already and if there is ANY justice in the world all 30,000 will file suit against the auto task force that same day and I swear to god if I have to do it, I will. Because truthfully, what really pisses me off is that each and every contract signed by each and every retiree stating that they would get a pension and healthcare if they stayed with GM for 20+ yrs. is now meaningless. These people put their LIFE into this corporation, and they are being slaughtered in the press and by the government. My father was a technical advisor at GM is now being called greedy because he wants his 60,000/yr that was promised him. This isn’t right. It sure isn’t legal nor is it constitutional. Where is the big law firm jumping on this super win-able case? mandi

By: carol

carol — Sat, 30 May 2009 05:06:53 +0000

The large bond fund managers are right that they should not buy any bond that involves union. Any hard working American will soon realize that investing in any U.S. government bond is very risky too. Wait a minute, I thought I invested in AAA securities but now you are telling me that the triple A securities has turn into double A securities. This is what the fed is trying to do, buying all those toxic asset and mortgage backed securities. One can never know when the government is going to change the rules. Once rules/laws of game change, trust/confidence is gone. This trust/confidence is backbone of our financial market. It takes 150 years for our country to build the trust and it only take about three months for this administration to destroy all that. I am just dumbstruck that a Harvard educated President would be so short-sighted. Talk about change, is this the change we need.