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Author Topic: Chrysler Bankruptcy Exposes Dirty Politics  (Read 1301 times)
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WhiskeyGirl
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« on: May 08, 2009, 12:04:53 AM »

Declan McCullagh: Obama Calls Creditors Who Lent Money To Chrysler "Speculators," But What About the Rule Of Law?

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...Chrysler borrowed money from lenders and in return signed a contract promising that as so-called senior creditors, they'd get paid before anyone else if the company went under.

These creditors, by the way, represent something of a cross-section of America: the University of Kentucky, Kraft Foods' retirement fund, the Bill and Melinda Gates Foundation, pension funds, teachers' credit unions, and so on.

A normal bankruptcy filing would be straightforward. Senior creditors get paid 100 cents on the dollar. Everyone else gets in line.


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In the Federalist Papers in 1788, James Madison wrote that "laws impairing the obligation of contracts are contrary to the first principles of the social compact, and to every principle of sound legislation." Unfortunately, Washington politicians seem to pay little attention to history, morality, or the rule of law.

http://www.cbsnews.com/stories/2009/05/07/politics/otherpeoplesmoney/main4997900.shtml

What happened to Main Street?  All those folks that didn't get a bailout for their 401k and IRA?

Will the White House announce another ponzi scheme like Theresa G. was all over last year?  Another scheme to fund retirement accounts for wokers (including illegal aliens) and 'sneak' in a death tax?  A phoney account management scheme for all the wounded retirement accounts?


I can't wait.

jmho
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WhiskeyGirl
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« Reply #1 on: May 08, 2009, 12:14:35 AM »

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May 6 (Bloomberg) -- Bankruptcy lawyers who stand to make as much as $372 million in the reorganization of Chrysler LLC will be doing so illegally, according to a California law professor.


http://www.bloomberg.com/apps/news?pid=20601103&sid=ao.150L4D3aY&refer=us

Will lawyers take away more than the senior creditors? 
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All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
they'll end up in your family anyway...
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