Quote from AAAintheBeltway:
I know this will be an exercise in frustration, having dealt with trendlover before on the Zimmerman issue. Incidentally, I believe trendlover said she was female, not that that matters.
The key quote above is "just as GM did for its workers: just pay up."
Only GM didn't pay up. The U.S. taxpayers did, and no one asked our opinion. So yes, the government could have done the same thing with Delphi, but they weren't about to waste money on non-union pensions. Those workers got screwed, compared to the UAW royalty at GM and Chrysler.
The article, from the marxist publication The Nation, makes a big deal about the bondholders profiting after tough negotiations. They don't seem to be shedding any crocodile tears for the bondholders in GM and Chrysler who had their rights swept away by obama.
The only thing unusual about this deal was that obama was so desperate to pay off the UAW that he stupidly gave the Delphi bondholders leverage they wouldn't have otherwise had. If GM and Chrysler had gone through normal bankruptcy, like Delphi did, they would all have been in the same boat.
Vulture investing is a tough business, but there is nothing illegal about it. Someone was very happy to sell those busted bonds to some hedge firms who had the experience and risk tolerance to play high stakes poker with them. Now Obama and his lackeys are whining because they got outplayed. Tough.
Romney has nothing to apologize for. He invested with some very savvy managers. So who would you rather have running the country's finances, Romney or the guy who blew 90 bill on "green" energy?