I am a retiree, 70 years of age. A few years ago my wife, who is now deceased, was convinced to invest a total of $35,000 of our IRA and other savings in General Motors bonds with maturity over the next 10 to 12 years. We believed in investing in and supporting U.S. corporations. The old premise was that what was good for GM was good for the U.S.
We are now being offered approximately $.10 on the dollar in GM stock for our bonds and must forfeit our agreed upon interest. We as creditors are told to take it or deal as unsecured creditors in Obama’s bankruptcy court. The implication is that we will probably receive less, even nothing. I am actively suggesting to my family and friends that they should support my premise, that going forward we will neither invest in nor purchase any GM products. If they treat honest investors dishonestly with their investments they should not be re warded by allowing them another opportunity to cheat us again with poor quality products service and ethics.
The majority of GM bond holders are small investors not hedge funds. If GM feels its fair to give us nothing for our investment and trust, they should be treated as Bernie Maddoff. Most Americas have a sense of fairness. They will recognize that there are alternatives to GM with high quality performance histories, many from outside the U.S. as well as Ford.
I’ve always practiced a buy America first philosophy. My new motto is be fair, buy Ford or foreign. The present administration and their auto czar seem to have forgotten the rule of law and neglected the belief in fairness in so many areas, now bankruptcy is just another.
I was taught that you reap what you sew. I hope that is true with GM and that they disappear from the market place and that the Democratic majority are dealt with in the polls. In the future, I will never support GM in any way and solicit you to do the same.