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Opinion >  Letters

Investors stand to lose

The Spokesman-Review

I see that your president and crew are going to force GM into bankruptcy also.

Do people really know what this means? The article on May 22 (“U.S. plans bankruptcy for GM”) states that your president and his crew will own 50 percent of GM and the unions will own 39 percent. Only 11 percent of a once great company will be owned by the people who invested their hard-earned money through retirement funds, state and local governments, educational funds, and Ma and Pa, to name a few.

The article points out that bankruptcy “frees them (GM) from debt.” That means GM’s suppliers and investors will receive pennies on the dollar, at best, and some will lose everything, forcing many out of business. Meanwhile, we get more and more unemployment and bankruptcies, just what Obama said he would fix, and at only a mere $45 billion out of the taxpayers’ pockets.

Just how soon is Mr. Taxpayer going to have to declare bankruptcy? As a wise old guy once said, “A few billion here and a few billion there and pretty soon you are talking about real money.” Maybe we can bail ourselves out by borrowing from ourselves to pay ourselves.

Les Spillman

Spokane


 

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