"..........The executive branch of the U.S. Government, the Treasury Department and the Federal Reserve Bank will be directing the Cram Down action and they will all be trading for their accounts. It's not hard to imagine what the rest of this Cram Down will look like in the hands of the Obama administration. If you were a GM bondholder, you already know how this will go. Like any Cram Down, you won't want to put a penny of your own money in the next round until the entire management team has been fired. They were the people who put the car in the ditch and you have to take away the keys. Let's see who gets fired in the next election. ....."