Senior Citizens Stand To Lose In General Motors Negotiations With The Obama Administration
A General Motors bankruptcy would be devastating to GM employees, hundreds of thousands of people employed by suppliers, dealerships, bondholders and our economy as whole.
The 60 Plus Association is dedicated to calling attention to the GM Main Street bondholders who have not been given a voice throughout the negotiations.
Unions and large investors have a seat at the negotiating table, but what about the average Americans that have played by the rules and now face a devastating loss, particularly seniors and soon-to-be seniors?
The 60 Plus Association is urging bureaucrats in Washington to stand up for these small GM bondholders who played by the rules and now face losing their GM bond financed retirement funds.
Whether bondholders, shareholders, retirees, current employees, or the UAW, we all share the same goal, we do not want GM to go bankrupt. Bankruptcy will hurt everyone, including small bondholders that aren’t being given a seat at the table, and have been ignored throughout the negotiation process.
The Obama Administration must act now to save GM and give a voice to average Americans and senior citizens that stand to be wiped out and left out in the cold.
The Administration’s offer to “Main Street” bondholders is unfair – cents on the dollar — for individuals relying on these bonds to finance retirements, college tuition and medical expenses. It is disheartening that the Obama Administration is driving GM into bankruptcy.
We must insist that Congress and the Administration allow us to be a part of the negotiation process and work with us to identify a resolution that is fair to ALL parties involved.
More information:
Small Investors Trapped in Fight Over GM Bonds, Wall Street Journal (April 11, 2009)
Auto Task Force Said to Seek GM Bondholder Meeting, Bloomberg (April 21, 2009)
Personal fortunes riding on the fate of GM’s debt, Washington Post (April 25, 2009)
GM Bondholders Said to Find Swap Unlikely to Succeed, Bloomberg (April 27, 2009)
GM bondholders see raw deal in latest exchange offer, Los Angeles Times (April 27, 2009)
GM’s Small Bondholders Voice Protest To Survival Plan, Dow Jones Newswires (April 29, 2009)
Small GM bondholders rally for better deal, Associated Press (April 29, 2009)
GM bondholders protest viability plan, Detroit Free Press (April 29, 2009)
GM’s small bondholders rally in Warren, The Detroit News (April 29, 2009)
GM small bondholders cry foul over bond exchange, Reuters (April 29, 2009)
GM’s ‘Silent Sufferers’ Say Debt Plan Fails Small Bondholders, Bloomberg (April 29, 2009)
Cast as villains, General Motors bondholders lick their wounds, Guardian (April 30, 2009)
Small GM Bondholders: Deal Will Wipe Us Out, YouTube/Associated Press (April 29, 2009)
GM bondholders to propose new deal, USA Today (April 29, 2009)
Chrysler deal doubts cast shadow on GM, Financial Times (April 30, 2009)
GM Bondholders Seek to Control Equity, Wall Street Journal (April 30, 2009)
GM Bondholders Treated Unfairly as Union ‘Extorts,’ Corker Says, Bloomberg (May 5, 2009)
