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Politics : Politics of Energy -- Ignore unavailable to you. Want to Upgrade?

To: steve harris who wrote (8453)	5/23/2009 5:37:41 PM
From: RetiredNow	Read Replies (1) \| Respond to of 86356

Ruining the lives of hundreds of millions of Americans by taking away 40-50% of their savings was also something that should concern you, before you start worrying about a few millionaires at AIG. Firing CEOs? Obama didn't fire anyone. The media put it that way, but the fact is that Geithner put pressure on the board and they fired the CEO. That's legal. The B.O.D. could have given the finger to Geithner, decided not to take a dime from the Gov't, and gone straight to bankruptcy. That was their option. But they decided to take the loans and the condition was to get rid of the CEO. If you know anything about creditors and shareholders, you'll understand that this happens all the time. The only difference is that our gov't, meaning you and me, were the one's making the loans this time. And that makes Obama our de facto representative in those talks. So he has every right to make demands on our behalf to safeguard the money we are loaning those dead beats. There was nothing illegal about it.

To: steve harris who wrote (8453)	5/23/2009 5:51:20 PM
From: RetiredNow	Read Replies (1) \| Respond to 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.