A federal appeals court in Manhattan ruled on Wednesday that, although it was not JPMorgan's intention, it clearly authorized its law firm to file papers in 2008 that unsecured much of a loan to General Motors.
The difference was critical because the automaker soon after filed for bankruptcy. During GM's Chapter 11, secured lenders were repaid in full while unsecured creditors lost out.
Considering their part in the financial crisis, I can't exactly say I'm feeling bad about this.
http://www.reuters.com/...