re: #158 albusteve

stiffing shareholders in GM redo and giving 17% of the company to the UAW

When you say it like that it sounds really bad.

However, GM was out of cash and shareholders would have received nothing in liquidation. Those expecting a government bailout to restore equity gambled and lost.

IIRC the UAW deal was done to prevent workers and retirees from losing their pensions. They would have received pennies on the dollar of “guaranteed” benefits.

So no, not Marxist, not even close.