Chrysler Bankruptcy Chicago (Mob) Style
Robin Hood (Pres. Barack) Obama pulled a fast one just the other day.
Chrysler Sebring convertible
Chrysler, recently forced into a ‘surgical’ bankruptcy directed by the White House, is watching the screws being put to its creditors and the taxpayers. How?
Blogger Dave Cribbin writes:
In the Chrysler deal, the Union fared even better, as they were unsecured creditors and the Chrysler bondholders were secured creditors. The bondholders received 28 percent of the value of their $6.9 billion in bonds in cash; the Union will receive stock worth approximately $4.2 billion, and a note for an additional $4.58 billion, which represents 82 percent of the value of their claim. Either the government negotiators have dyslexia and have made a terrible mistake in their paperwork, or this is political payoff WRIT LARGE. Is this not the equivalent of financial water-boarding?
And thus we enter a brazen new era of government, when the White House is openly complicit in the theft of—as a matter of fact is directing the looting of—private property from investors. Welcome to the Rule of Man, or as the President calls it, change we can believe in! Where campaign contributions mean everything and the rule of law, not so much.
American taxpayers should be frightened. There’s a bandit gang on the loose, robbing investors.
With open thievery going on, and the investing rules of the game being twisted to suit the robber’s needs, Americans have every reason to be outraged.
These are mob tactics, plain and simple. Now, what are we American taxpayers going to do about it?
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Photo Source: Wikimedia
It took me a few minutes to remember which mob method this was, but finally it clicked. The Teamster Union was Mob, or at least a subsidiary or investment. By owning the Teamsters, the Mob could funnel cash, give legit jobs and have a ready army of people who could use the extra cash.
This, however, is only a coincidence until furthers connection are made.
Here is another.
Being a mob-run organization is, by nature, against interest. There are many reasons, including legal and financial issues. The GM and Chrysler deals also create a conflict of interest. The owner wants to have the workers work so he can make profit. The workers, the UAW being especially notorious for this, want to do as little work as possible for as much pay as possible. Having the workers own the company means that the UAW cannot strike, and the leadership will be forced to make profit while keeping the general membership happy.
They cannot strike for two reasons. The first is that it will destroy their own company. The second is that Ford still has not been forced to submit; therefore, if there is a strike, Ford has the perfect opportunity to either bring in a more reasonable union or a non-unionized workforce. Indeed, Ford has that opportunity right now.
The UAW was powerful because it could strike. Now it cannot. By being given what they wanted, they harmed themselves. They should have learned from the ADA, who after insisting upon fluorinated water, cost dentists money from fewer cavities.
If they had bothered to read The Prince, they would know better than have purposes that work against each other or have allies who are enemies. Yet they seem to have Obama an ally. They should have picked the Teleprompter for the Team.
Very well put, Fallstar!
Unfortunately, logic does not seem to be held in high regard by the current administration.