Thursday, April 30, 2009

Government Screws Chrysler Debt Holders?

Maria Bartiromo of CNBC has just reported that the Feds have not even contacted the Chrysler senior debt holders, debt holders whose holdings are legally superior to the debt held by the UAW, yet the Obama administrations plan would give a larger stake to the UAW. The GM plan holds the same situation, senior debt holders of GM hold 2 1/2 times the debt held by the UAW Retirement Plan yet the senior debt holders receive only 1/4 the ownership stake that the UAW would receive. Is this what out tax dollars are funding, an ownership stake that unions could not have ever received under our nation's laws?

As I write this the Dow Jones 30 is attempting another upside break-out this morning.

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Anonymous MAS1916 said...

And last evening, when asked about the auto industry, President Obama said that He didn't want the government to be involved in the auto business. There just might be no auto business to be involved in.

12:36 PM  
Blogger El Rider said...

If only they could bring back the Pacer and the Gremlin - then they'de be cooking with gas! Well, that would be the Pinto but you get the idea.

1:02 PM  
Blogger commoncents said...

Great post - keep us in the loop!

1:39 PM  
Anonymous Elsa said...

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4:15 PM  
Anonymous Anonymous said...

Maybe the new gm will bring back the corvair, at least it got great gas mileage. As to screwing over the primary debt holders, he isn't afraid to screw over the 30% of the working people who pay taxes and there are a lot more of us than primary debt holders in chrysler. mpw

4:29 PM  
Blogger El Rider said...

You really should just go out and buy a used one, GM will not be building another Corvair, no matter how good the original was!

You know, the trader whose name we shall not speak once drove a Corvair into a tree and if a blind guy can survive a Corvair crash it is not "Unsafe At Any Speed"!

5:26 PM  
Anonymous Anonymous said...

I did not know that the one who should not be named had done that to a corvair. The last gm product I will buy is sitting in my drive right now. That and two fords. mpw

10:54 PM  
Blogger Publia said...

OMG,and the market keeps moving up? The news these days make me feel like I've moved to the asylum and my fellow inmates have seized the media.

9:55 AM  
Anonymous Anonymous said...

I'm just happy I know Chysler cars are mostly crap. As a broker myself I've been immune to this crisis, mostly because i'm too young to have anything in this market. This can only work if gov. takes a role in bussiness, weird, but not all scary. See, most people in gov. are car nuts. So if we see some cheap, hybrid, 600 HP, muscle, American, Sports car that isn't really possible come up, then we know their doing there job.

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