Fearful GM investors call for Fed. bailout

Some of the people who would be hurt by a General Motors bankruptcy spoke out at the National Constitution Center on Tuesday.

Some of the people who would be hurt by a General Motors bankruptcy spoke out at the National Constitution Center on Tuesday.

Listen:
[audio: 090512tmbonds.mp3]

GM bondholders gathered for the rally and told stories of investing in GM bonds, to fund retirement, college education for their children, or just to save money. Mark Modica works at a Saturn dealership in Doylestown. He says the investment was appealing.

Modica: they were issued in 25 dollar denominations my brother had purchased these to supplement his social security for retirement and I became interested in it the yield was pretty good and I wanted something a little safer than stocks, don’t play around in the market bonds are safer.

If GM files for bankruptcy the bonds will be worthless. Investors would have to scrap their plans for retirement or for sending their children to college. Modica and other investors say they want the federal government to think about the small investor as they consider the GM bailout plan.