Chrysler bankruptcy - what's going on?

More and more of the details are now coming to light. Expect to have the creditors names revealed later today.

Here is a perfect example of our government at work. They would have got more use out of that money by stuffing it up a hogs azz. Nothing ceases to amaze me any more. Good gawd what a train wreck.

 

That is pretty damn bad if you ask me.

 

Gov't was throwing good money after bad. I never thought they would get that money back but what concerns me is the involvement of BO and the fact that he is asking senior noteholders to take less money than junior noteholders. Let me say that again. Senior noteholders, who got a less favorable return for security are getting less money than junior noteholders who took on more risk for a larger return. For years, these junior noteholders have been paid more money on yields than seniro noteholders and are now able to get more money than senior noteholders in bankruptcy. That's downright scary.

 

Im actually not as concerned about Obama's involvement as I am about the stupid congress continuing to fund this fantasy without looking at the real problems of the US auto industry. I think Obama has to pressure the senior debt holders to satisfy his base but it shouldnt/wont work in the end. There is no law or precedent that calls for senior lenders to give in to high risk takers and I dont see it happening.

So what you want about Bush but the purse strings have been held by the democrats for over 2 1/2 years now. The republicans, despite Bush, fought hard against these auto bail outs and they have been proven right. GM is a whisker away from the same fate as Chrysler and all the billions poured into these two companies are nothing but a throw away. Its another example of trying to be politically correct and ignoring sound financial planning. When will we learn the best financial plans are not always politically correct? When we finally do that we will be better off but there is no sign of it happening anytime soon.

 

its about paying off constituencies and a continuation of the power-grab. its zero about politically correct. its quite clear what went on with the financial institutions as well.

 

i want a bailout i dont have to pay back. my business isnt going under, but id love some free cash.

maybe i need to give myself a big bonus to be eligible.

 

and still, the American populous is more concerned with who was eliminated on last night's American Idol.

 

probably because they have some control on that outcome. unlike this.

 

believed control maybe. no way the "vote" actually affects the outcome of the show.

 

no the actual votes decide who wins last i heard. although ive never voted.