Do you find it outrageous that the US Government can come into a Federal Bankruptcy proceeding and start re-organizing the priority claims of secured bond holders in order to save jobs? In the recent Chrysler Bankruptcy the Obama administration did just that! Claiming to save jobs and accusing secured debt holders of being "speculators" President Obama chose to ignore well established law that protects the property rights of the bond holders. But who were these so-called speculators? Would the State of Indiana Pension plan be a "speculator"? The State Treasurer of Indiana is filing a lawsuit calling for a trustee to be appointed in order to liquidate Chrysler so that the secured bond holders can be paid off. "We are simply seeking to enforce our bargained-for rights under well-settled law."- Richard Mourdock, Treasurer - State of Indiana.
Critics of Mourdock are quick to point out that he is a Republican doing this for "political purposes" only. If The State of Indiana is successful then over 4,000 Chrysler jobs will be lost in the liquidation. But isn't the primary purpose of a business to make money or should it be to create and maintain jobs? What is the purpose of your business or organization? If the property rights of these Chrysler bond holders are not secure in the United States then what other fundamental rights are we loosing? Is there anything more valuable than our property rights?
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