In the Chrysler bailout and bankruptcy, The Obama administration gave the United Auto workers a far larger share of the settlement than the secured creditors, who by law are entitled to be compensated first. The union also received 55 percent of the company. The mistreated creditors include who depend on their pension funds, workers investing in retirement funds and many ordinary people who had followed the rules. Who in their right mind would ever invest in a U.S. automotive company again?
BigDarmy May 23, 2011
at 7:49pm
In the Chrysler bailout and bankruptcy, The Obama administration gave the United Auto workers a far larger share of the settlement than the secured creditors, who by law are entitled to be compensated first. The union also received 55 percent of the company. The mistreated creditors include who depend on their pension funds, workers investing in retirement funds and many ordinary people who had followed the rules. Who in their right mind would ever invest in a U.S. automotive company again?