Rattner Deserves Praise for the GM Deal By Jim Cramer About this article: Bondholders have been shaking about what's happening with the auto companies' bonds so far. They are talking about sanctity and how it's been totally usurped by the U.S. government. There's much handwringing about how the bondholders lost out to the unions and the United States in the big reorganizations. First, that's totally and unequivocally true. Bondholders did terribly in these reorganizations, totally crammed down by Steve Rattner -- great stuff in the Detroit Free Press about this. Rattner's been a kind of czar that we have never seen in this country, firing the totally and completely inept Rick Wagoner, and telling the bondholders basically "you are out" in a way that makes Michael Corleone look more like a capitalist than anyone in history. It is that strong-armed, that potent. Those who went against Rattner got steamrolled and flattened and seem almost silly and ineffectual in their protests,... Or, call us at 1-866-321-TSCM (8726) Monday-Friday, 8 a.m.-6 p.m. ET. Outside the U.S. and in Canada, call 1-212-321-5200.

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