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Politics : Formerly About Advanced Micro Devices
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To: michael97123 who wrote (479111)5/8/2009 12:08:01 PM
From: Joe NYC1 Recommendation  Read Replies (3) of 1575807
 
Michael,

How did chrysler get into the fix they are in is the better question? What parts of the deal do you find most objectionable?

I take it it did not cross your radar. When we have a situation when we have nearly one state controlled press, this is going to happen again and again. Abuses of all powerful state will go unreported, unregistered.

Read this:
Message 25625459

Summary:

Chrysler contractually agreed that the the lenders who saved it from sinking earlier will be granted senior rights on thier debt. Debt will be secured, according to contract. They collect 100% before any of the unsecured lenders / claimants get a dime.

Doing otherwise equals government's power to override private contracts. Further, taking these assets is theft.

A lot of the lenders Obama wants to steal from are themselves recipients of TARP funds, and they are too afraid to press their claims. They have been intimidated to get in line, and support Obama plan. The property owners / lenders who are still independent of government, those who want to press their claims are being targeted by Obama himself (and his proxies - local politicians, the press)

During Il Duce's time, his punks used to beat the $hit out of opponents. Obama has the press to do his dirty work.

Now where will the confiscated capital go? To the unions, that should get next to nothing, being unsecured creditors. But they helped Obama get elected, and that trumps rule of law in 2009 America.

Joe
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