Yippe!!!

[TheCoxwain]

My reaction to this line in the New York times http://www.nytimes.com/2009/04/30/business/30uaw.html?hp">article about Chrysler restructuring.

The prospect of a big ownership stake for the U.A.W. in G.M. has angered holders of billions of dollars in bonds, who stand to get only a fraction of the restructured company. As for Chrysler, the banks, hedge funds and others that lent it money have been promised only cash, not stock.


I dont know if its justified - but I get a thrill when rich bond holders (unless they are retirement funds) are forced to take a haircut and the worker does well for him/herself.