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Politics : Politics of Energy

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To: steve harris who wrote (8453)	5/23/2009 5:51:20 PM
From: RetiredNow	Read Replies (1) of 86356

OK, Steve, so you think Obama GAVE Chrystler to the UAW and that it was illegal? That is blatantly false and ignorant of the facts. The fact is that Chrystler owed $10.6B to the UAW's retiree healthcare fund. So in exchange for the UAW forgiving half of that debt, or $5.3B, Chrystler gave a 55% ownership share to the UAW. So in essence, the UAW PURCHASED their majority ownership for $5.3B. It was an equity for debt swap. And you call it illegal? How can you be so ignorant? Are you listening to Limbaugh and Hannity again? What do you think happens when creditors take over companies that are in danger of going out of business? Debt for equity swaps happen all the time in the business world and they are 100% legal. bloomberg.com April 28 (Bloomberg) -- The United Auto Workers union’s retiree health-care fund will own 55 percent of Chrysler LLC in exchange for cutting in half the automaker’s $10.6 billion cash obligation to the trust, people familiar with the matter said.

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