Not just the bondholders are being screwed. I worked for GM for about 10 years in the 1970's. Over that time I accumulated several hundred shares of GM stock thru the SSPP (salaried employee stock purchase plan). My aggregate cost per share worked out to about $48/share.
Last fall, when it became apparent that GM is toast I sold all my GM stock. I got $3/share for it (this morning it's $1.66 - I coulda done worse).
The only (modest) upside is I now have capital losses I can claim on my tax returns for the next 20 years or so.
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Today's Featured Article - A Cautionary Tale - by Ian Minshull. In the early 1950s my father bought an Allis Chalmers B and I used it for all the row crop work with the mangolds and potatoes, rolling and the haymaking on our farm. The farm and the Allis were sold and I have spent a lifetime working on farms throughout the country. I promised myself that one day I would own an Allis. That time event
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