Monday, June 8, 2009

Chrysler + US gov't vs. Taxpayer + US Supreme Court = wtf

It reads pretty simple the Fiat deal steals 20% of Chrysler from you, me, and every other taxpaying American (not to mention the primary lien holders, read: massive pension funds holding the long term debt) satisfies the Obama administration by staving off certain economic calamity and those dreaded labor unions that put him in power, and well generally speaking violates United States bankruptcy code. How do you steal from yourself to pay yourself? Without failures what good is success? The Chrysler scenario as it hilariously plays out in the administration being charged so early in it's infancy with breaking the law by the Supreme Court. Intersting times while General Motors, and infinitely more complicated bankruptcy proceeding awaits int he wings, I cannot help but wonder how close to the precipe we really may be.

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