Here’s an excellent Power Line post on the Chrysler reorganization. What it turned into was a Democratic administration partnering with some lenders it had bailed out and a labor union to gang up on some investors who wanted what they were due. For having the temerity to behave as the other players did, in their self-interest, the bondholders incurred the wrath of Obambi:
I don’t stand with those who held out when everyone else is making sacrifices.
Power Line concludes:
Barack Obama’s conduct in this affair has been disgraceful. Our bankruptcy laws are well developed and are fairly implemented by experienced bankruptcy judges. Priority among creditors is established according to legal rules and precedents. The process is transparent and subject to appellate review. But in this case, the law did not favor the parties who have the most influence with the White House--notably, the United Auto Workers--so Obama substituted political threats and bullying for due process. Il Duce would have approved.
