So now the Chicago gangster can summarily waive the capital structure of large companies facing bankruptcy to placate the UAW? He is going to create an even larger speculative market of hedges who specialize in offering investors reduced settlements for their high-risk investments in companies that the Fed has money in. The laws of unintended consequences are going to come with a vengeance in these deals with the DOA automakers. Instead of reassuring market investors that the rule of law will prevail, the lesson to take away from this is that politics will determine what survives and what does not, and who gets paid, and who gets nothing. This fool thinks he is bigger than the market, but he has an ugly lesson coming, and we are all going to pay for voting for this idiot as a result. Oh, and GM is toast with or without the restructure.
