Do you understand what is happening now? This is outright confiscation of personal property.
Yup. Obama screwed the bondholders in GM—who clearly and plainly and legally had first claim on assets in bankruptcy—in the name of "fairness", and now it's OK to break contracts and steal assets. The Madoff trustee is clearly doing the same thing in "clawing back" profits withdrawn by clients.
The mattress is starting to look safer every day.