Hello. Could someone explain to me what the phrase "holding the paper" mean?
I found the phrase in a TIME article which discusses whether the US goverment can save Detroit (the same article I asked a question in my last posting about). The phrase was found in the follwoing part of the article, which discusses how it will be difficult for the UAW and the bondholders to prevent the GM from going into bankruptcy: Among the bondholders are banks..that themselves have taken money from the Goverment.. Standing in the way of the Administration's plans for the auto industry would win them few friends. IOne option the bondholders have is to try to seize the factories. But that would jeopardize the partsmakers too, and the banks are also holding the paper for many industry suppliers.
Thank you so much in advance.