Damn, Seems the expropriation and handover of Chrysler to the UAW and Fiat is still not a completely done deal.
The State of Indiana, in the person of Treasurer Richard Murdoch, is
petitioning the [Supreme] Court to rule on Barack Obama’s blatant disregard of the U.S. Constitution, Article 1, Section 8, which explicitly authorizes Congress, and not the president, to determine bankruptcy laws. In particular, Murdock is challenging the president’s unashamed indifference to more than 220 years of bankruptcy precedent, which puts senior, or secured, creditors ahead of junior, or unsecured, creditors during bankruptcy proceedings.
Good on him. About time someone with clout seriously challenged the corruption of this deal. It stank then, and it stinks now.