Who won and who lost in the Chrysler Bankruptcy? The GM Bankruptcy?

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If you listen to President Obama and read the New York Times it seems as though the American People won and the Greedy Hedge funds people lost. This is how it should be in President Obama's perfect world. In the real world the losers were the retired people who bought the bonds to pay them a regular interest payment for 10, 15, 20 or what ever time they choose and to keep their principal safe. Under this plan the Retired Union Member not only get to keep their pension s but they gain control of the company. The Federal government and Canadian Government bet some say in the company. The banks will use your tax money to forgive the loans and the bond holders will be the big losers. The people with private pension plans that invested in the Bond Market will also lose. Most pension plans, the closer to retirement you get, will invest more heavily in bonds. Bonds being more secure than stock and they generate an income. One question that was not answered was who controls the Pension Fund? It seems to me I remember several years ago GM wanted to have the Union Pension Fund invest in GMAC to provide money for consumers to buy new cars. The Union Refused. Are we bailing out the Union's mismanagement of the pension funds?