It is great to see that the Bond holders of GM have more courage than the wimps at Chrysler. Barack Obama intimidated the Holders at Chrysler, (maybe even strong armed and threatened) but the GM Bond Holders have held back and said: We will take our chances in Bankruptcy court: Which is where this issue should be resolved.
Political harassment and threats should not be allowed to subvert the property rights that have been baked into out Constitution and into our "rule of law." That is the rule of Law that Barack Obama claimed in his national security speech, he was there to protect. We all know that he goes with the "Rule of Law" when it supports his "values" but against it when he "knows better." This time, the courts are going to get a chance to weigh in on how much equity the government or the labor unions should get; not "Labor's - President in the White House."
This process may not get the bond holders any more, but what it will do is preserve the rule of law on bankruptcy and property rights. That flies in the face of the arrogance of the White House and the Federal government, and that is exactly what those of us who cherish liberty want to see happen.
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