If you're a bondholder, then you may want to watch the bankruptcy proceedings with Chrysler. On April 30th, President Obama announced Chrysler entering bankruptcy that will efficiently shed its debts. [Bankruptcy was needed because] "A group of investment firms and hedge funds decided to hold out for the prospect of an unjustified taxpayer-funded bailout," Obama said. "They were hoping that everybody else would make sacrifices and they would have to make none," he said. "I don't stand with them."
However, you may want to consider what is actually happening. First, there is going to be a taxpayer-financed bailout going on, just not for the bondholders, but for the banks. The Federal government will give another $8 billion to Chrysler. Also, the bondholders are going to get their rights stiffed in the bankruptcy proceedings via a 363 sale, as explained by AmLawDaily (A Quick Primer on the Chrysler Bankruptcy and Can Stubborn Bondholders Delay A Chrysler Rebirth?) and the Bankruptcy Litigation Blog
If the government sanctions steamrolling bondholders of private enterprise debt, how will they treat the bondholders of public (aka U.S. Treasury) debt?
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