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Politics : American Presidential Politics and foreign affairs
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To: tejek who wrote (44886)8/16/2010 7:46:46 PM
From: TimF1 Recommendation  Read Replies (1) of 71588
 
It was the BK judge who made the approval. He could have turned it down.

Yes he could have, but bankruptcy judges usually don't turn down such an agreement, esp. when it has government backing.

The point is the Obama administration drove the deal. The judge was unlikely to put politically favored junior creditors ahead of senior creditors on his own initiative, and if he did so on his own initiative, rather than as part of a creditor agreement (if one that was forced through with government power), then he would have been acting unethically. Such unethical operation apparently doesn't bother the Obama administration quite so much.


The laws are skewed to favor the rich and corps.

The law in this case is quite reasonable. Senior debt is senior. The company paid less interest on that debt because it is senior. I don't see them going back now, and retroactively paying a higher interest rate for all those years on those tens of billions.

"Also the unions are not in the general interest of the American worker. To the extent they manage to increase the price of some labor, they do so by decreasing the price of other labor and/or increasing unemployment and/or increasing prices."

The unions kept this country from communism.

That's highly debatable, and even if taken as true, doesn't contradict my point. They are not operating in the general interest at this point even if at some point in the 30s they helped oppose a theoretically possible move to communism.
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