It started under Bush, the bailouts for autos, and continued under Obama. Ask anyone with half a cell in their brain about the ultimate outcome of GM/Chrysler and everyone would have called it...Bankruptcy. Politically, the media and administration(s), wanted to look as if they were worried about job losses and 'systematic risk to the economy' and try their hardest to save them. Then Obama gets in and given that he rode the coattails of the unions into the white house he was not about to leave them out in the cold. So what does he do? He breaks every contract law in the book and every lending practice there is by screwing the secured creditors (in any normal BK they get paid 1st since they had most at risk from $ standpoint) and putting them in 1st loss position vs. last loss which is how the law is written. Also, he gives the company to the union which was a major catalyst in why Chrysler was forced to file BK. Secondly, the next biggest ownership of Chrysler is the Government and the french. Sweet justice when the French have equal risk really as the US Govt. We bail them out of being run by evil tyrants TWICE and they come to our rescue economically. Sad. Lastly, the bond holders (the second most secure in any transaction) ends up with 10% ownership. But the real crime is the taxpayer. Poof, $7 billion to Chrysler gone of our hard earned money.
You liberals and those who hate prosperity just learned a valuable lesson but chose not to indicate you learned from it. You vilified AIG, Lehman, Merril, etc., for receiving tax payer money and paying bonuses but choose to say nothing when every person in the room knew Chrysler was going BK but sat by while our government kept spoon feeding them money that they knew we would never get back. What are saying now? Why aren't you upset that our (your) govt just played their full pot on a hand that didn't even have two pair?
If you thought this was over...just wait for GM. I can tell you now how its going to play out. UAW wins, govt comes in second and the US Taxpayer and those with supposedly the least amount of risk get SCREWED. Welcome to the new U.S.A. It stands for Union States of America, headquartered in labor union bosses offices across the nation. Enjoy your demise. Let's just hope the American citizens stop burying their head in the sand and take back their country!
