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Oval Office Gang Bang

May 28th, 2009 - 4:37 pm

The Obama Administration continues to go after those evil corporate speculators:

Individual investors holding General Motors Corp. bonds won’t get a vote on the revised debt-swap offer unveiled by the Obama administration today, and would have to wait for bankruptcy to pursue any objections.

About one-fifth of the $27.2 billion in unsecured GM bonds that the government wants to cancel were sold to thousands of individual investors. A group representing some of those investors rejected today’s offer and vowed to fight it in court, saying it still gave the UAW a far better deal than other creditors.

Well, if by “speculators” you mean small, individual investors. But it’s not like the President has a choice:

“Once you get past the top 25 or so bondholders, the size of the holding drops off dramatically,” said a senior administration official speaking on condition of anonymity. “There are many, many, many small bondholders here, and they have to simply rely on contacting steering committee members or other sources for their information. It’s not practical for us to deal with them individually.

Indeed. Best then to screw them collectively.

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