Throughout the next two weeks, the Foundry will be highlighting some testimonials of General Motors bondholders. When President Obama describes bondholders, you get the distinct impression of pinstripe-suit-wearing bankers with scotch in one hand and cigars in the other. However, that is far from the case. In fact, GM bondholders are retirees, parents, civic organizations, even union workers. But since the main aim of the Obama Administration is to pay as much taxpayer money to Big Labor Unions as possible, they neeed to create a bad impression of bondholders. Meet Chris Crowe.
I’m a retired electrician from Denver, Colorado. I’m not rich and I’m not a Wall Street bank. These bonds finance my son’s college tuition and my retirement. I’m actually very concerned about not getting a check on May 15 from my bonds because I need this money to pay my property taxes. When the Administration refuses to meet with the bondholders or chooses to wipe them out, they’re wiping me out, and lots of others like me. We are Main Street, not Wall Street. Who is looking out for us and our interests? Mr. President, please protect us.