Chrysler Bankruptcy >> Fox News

Robert Nardelli leaves.
Fiat deal easier to go through.
Tax payers lost all that Chrysler stimulus money.
Before the first Chrysler bailout, Obama and Pelosi said that bankrupcy is not an option for Chrysler and that a bailout would prevent bankruptcy. Now all the sudden, after 4 billion to Chrysler and 1.5 billion to the financial end the government says YES, bankruptcy can be a great thing for Chrysler!!! WOW!! An expensive revelation that cost us 5.5 billion!!!

The worse part is that the unions will get at least 50¢ on the dollar, the financial institutions who lent Chrysler money (who should be paid first in a bankruptcy) will be lucky to get a third on the dollar... more likely 25¢ on the dollar!! This will be due to government meddling with the bankruptcy procedure. Obama's rationale is that investors like Oppenheimer are "speculative predators". This convinces me that our new administration is clueless with business matters!! Oppenheimer is an investment group that manages 401k's...they are NOT speculators!! So, American citizens who invested in Oppenheimer and the like are flat out of luck because protecting the unions apparently is more important to the White House!! This is in defiance with established and existing bankruptcy laws.

At the link above...

--------------------------
66 W200, 440/727, almost back together, restored!.
68 Galaxie 390
70 W200, 392, NV4500, d60f, d70r, hydraulic clutch, p/s, hydroboost, HD factory gauges
70 F250, 6BT, NV4500, d60f, d70r, hydraulic clutch, p/s, hydroboost, A/C
70 Olds Cutlass 455 Convertible, A/C, pw, discs, console
86 Jeep Comanche 4.0, auto, 4x4
91 Ford Ranger shop truck
99 Cadillac Seville
12 Jeep SRT8



Edited 4 time(s). Last edit at 04/30/2009 04:39PM by frankyb.