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 - Tractor Hydraulics - The Basics - by Curtis Von Fange. Hydraulics was one of the greatest inventions for helping man compound the work he can do. It’s amazing how a little floor jack can lift tons and tons of weight with just the flick of a handle. What’s even more amazing is that all the principals of hydraulic theory can be wrapped up in such a small package. This same package applies to any hydraulic system from the largest bulldozer to the oldest and smallest tractor. This short series will take a look at the basic layout of a simple hydraul
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