Originally Posted By: jsharp
Originally Posted By: addyguy
Originally Posted By: Junior
If you're not terrified, you're not paying attention.
I'm assumng you're referring the way the court railroaded secuered debt holders to get this sale through.
Truth is, it is a no-win situation. If the court hadn't done that, Chryco would have been liquidated, and a LOT of jobs would have been lost.
A few PO'd money managers, who already have lots of money, vs. an army of angry, broke, unemployed labourers driving up the unemployment roles, possibly driving up the crime rate,....I dunno, i'd be more scared af that!
Not quite. The judge could have put the UAW back in the rear of the line where they belong and told them to take it or leave it. Instead, the bond holders got that treatment.
I don't feel too sorry for bankers ever. But remember who those bankers represent in this case. They aren't some evil boogieman hedge fund managers. They represent pension funds along with any number of other individual private investors.
This bankruptcy just pulled money right out of those individuals pockets and handed it to the UAW. Par for the course I suppose since if you track all the bailout money that's made it to Detroit, most of it has ended up in UAW coffers.
I hope everyone enjoys working until they're 80 to pay for those suffering auto workers who retired at 52.
+1
This administrations treatment of organized labor, tax payer money and future plans for both are just plain scary.