Obama screwed the investors and pensions funds of GM to benefit the stinking auto union and we should all be mad as hell, but we are not.

Editor's notes: it has been our position that the GM bail-out was wrong headed. We have changed our mind on that point. We now believe the GM bail-out was both corrupt and immoral. It benefited the unions who had negotiated deals with GM to the exclusion of the long time and original investors. Police and teacher union retirements funds to dashed to dust with no regard coming from the Administration or the Socialist unions who think only of themselves. We have included a portion of a Washington Times article that is fairly comprehensive in terms of scope and fair-minded in terms of perspective. You will want to read the full article here.

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By Patrice Hill: Perhaps the biggest losers are the investors in the old GM. None of the bankrupt company's previous stockholders got any money, while the claims of thousands of investors who purchased the company's bonds are still being kicked around in a Manhattan bankruptcy court.

"It gives outraged flashbacks to the old GM bondholders," who remain mired in the bankruptcy proceedings and are unlikely to recover more than 30 percent of their investments, Mr. Reynolds said.

He compared the deal to the corrupt crony capitalism in Russia under President Vladimir Putin.

The White House "took a page out of the Putin political asset reallocation and reward system" when it engineered the deal, he said.

Mr. Reynolds also described the White House deal as a combination of "Boss Tweed on steroids" and "Hugo Chavez on meds," as far as the bondholders are concerned.

Craig Coffey, a retiree in Nevada who invested $55,000 in bonds in the old GM that are now worthless, was outraged that the union is on its way to recovering all its money before investors get even a cent of compensation.

"We just sat and watched [the stock offering]. We got nothing," he said. "Screwed again."

Mr. Coffey has had to make ends meet by finding odd jobs, which can be difficult in the hard-hit Las Vegas area. He said it wasn't only the union that benefited from getting full repayment to its pension trust fund under the White House bankruptcy plan.

"That was a way for the government to avoid having the liability put on the Pension Benefit Guaranty Corporation," he said. Bankruptcy courts often discharge corporate pension obligations to the government insurance fund.

"They dodged a bullet there and pushed it back to the union," Mr. Coffey said. "Now, they've made them whole and screwed the bondholders."