I try to stay away from domestic U.S. stories in this blog. They're certainly not hard to find. But this is sort of a Canada story as well, GM, the old auto pact, Nafta and all that...
Screw the autoworkers. They may be crying about General Motors' bankruptcy today. But dumping 40,000 of the last 60,000 union jobs into a mass grave won't spoil Jamie Dimon's day.
Dimon is the CEO of JP Morgan Chase bank. While GM workers are losing their retirement health benefits, their jobs, their life savings; while shareholders are getting zilch and many creditors getting hosed, a few privileged GM lenders -- led by Morgan and Citibank -- expect to get back 100 per cent of their loans to GM, a stunning $6 billion.
The way these banks are getting their $6 billion bonanza is stone cold illegal.
I smell a rat.
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