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 NEW YORK (AP) - American taxpayers and stock owners have taken it on the chin in this financial crisis. The same can't be said of bondholders who lent money to the most troubled banks.
The Obama administration is now ordering General Motors Corp.'s creditors to make sacrifices to save the ailing automaker. Yet bondholders of financial companies such as Citigroup Inc. and Bank of America Corp. so far have been mostly left off the hook, even though the government has given the banks billions of dollars in bailout money.
Many those bondholders, in fact, are still profiting from their investments so long as they haven't had to sell, while the rest of us deal with vanishing wealth.
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