Saturday, May 09, 2009

Why I will never buy a Chrysler. Ever.

Had the government backed off on their demand that the secured creditors (the people who by law are paid back first during a bankruptcy) take a discounted amount of what they were due, I may have considered it.  But then, to have them not even get an equity share of the company is complete and utter trash.  The UAW gets a 55% share in the company for the forgiveness of a payment owed to their pension fund of $4.6 billion.  The secured creditors get 33 cents on the dollar for $6.9 billion in "secured" loans.

If that's not a political payback for the UAW rounding up votes (dead or alive) for The Chosen One, I don't know what is.  And the fact that the media is portraying the groups that did the lending as speculators is an utter joke.  I guess that's why all the newspapers are failing, they don't bother to investigate anything (unless it's a Republican thing), they just regurgitate whatever pablum The Chosen One spews.

The only good thing is that when Chrysler goes belly up and dies, the UAW will be left with worthless stock.  Hopefully that will be before the government props them up with billions of dollars in new "stimulus".

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