Quote:
Originally Posted by Jeff Niceswanger
Your right Rick. I didn't particularly agree with the Government bailing out Wall Street, and the Banks, and the Morgage companies. But they did. This time the little guy got some of it.
|
Jeff, you left one group out on the bailouts. The car companies.
I had bonds in GM and Chrysler.
The bond holders were first in line during bankruptcies but in the bailout the bond holders were put last in line for our monies.
I was retired at the time and was taken for well into six figures when settlements were made.
GM was worst in payment made with their new stock which turned out to be less than 30 cents on the dollar on my investment.
Chrysler was better and actually paid around 40 cents on the dollar and most was in cash not stock.
From my experience I will NEVER purchase another GM vehicle.
Ford did not take the bailout and I have purchased Ford and Lincoln vehicles since the bailouts.
There were articles from GM that quoted GM had paid back all the government loans all the bond holders.
That was a complete lie. I have documentation from being a part of the debacle.
GM issued stock for payment which would need to be priced well over $100 a share to make bond holders and the government back whole on the monies.
The GM stock price is currently in the low $40 range which is a long way from making anyone whole again approximately 15 years later.
No one deserves a government bailout.
The bailouts from the 2008 debacle were all made for the ones well connected to political and government officials and all us taxpayers took it in the shorts.
I am still angry about all of it as it really hurt our retirement.
Just my experience.
Rick Cates
Canyon TX
By the way I also worked for one of the pipeline companies owned by Enron so my retirement had also taken a big hit in 2001 when Enron went belly up.