The Occasional Observer

w/r/t the Chrysler bankruptcy, and the toxic combination of politics, campaign contributions, and class warfare:

In the Chrysler deal, the [UAW]...were unsecured creditors and the Chrysler bondholders were secured creditors. The bondholders received 28 percent of the value of their $6.9 billion in bonds in cash; the Union will receive stock worth approximately $4.2 billion, and a note for an additional $4.58 billion, which represents 82 percent of the value of their claim. Either the government negotiators have dyslexia and have made a terrible mistake in their paperwork, or this is political payoff WRIT LARGE. Is this not the equivalent of financial water-boarding?

And thus we enter a brazen new era of government, when the White House is openly complicit in the theft of—as a matter of fact is directing the looting of—private property from investors. Welcome to the Rule of Man, or as the President calls it, change we can believe in!