Who’s Greedy Now?

From Automotive News:

Chrysler LLC’s lawyers have taken the unusual step of asking a judge to give their fees special priority, which attorneys on the case said suggests unsecured claims such as trade debts won’t be paid.

Chrysler’s lawyers from Jones Day, have asked for “superpriority” in determining the order of payment, as did Chrysler’s financial advisers, Capstone Advisory Group. In court documents, the firms said they are going to incur large fees and as such would be extending Chrysler significant amounts of credit.

OK, so now the attorneys handling Chrysler’s bankruptcy want to be paid before anyone else.  So how is this different from the secured bondholders wanting to be paid before the unsecured debt-holders?  Well, at the moment, the President isn’t taking sides.  From Real Clear Markets:

…the President went ballistic. He broke off the negotiations, and went on national television the next day (April 29) to publicly take sides in the matter, announcing his own version of a settlement. The UAW would get 55% percent of Chrysler. Italy’s Fiat would get 20% in return for NO CASH, but rather some unspecified small-car technology. And Chrysler would receive an additional $8 billion in taxpayer money.

Meanwhile, the President went out of his way to single out the investor group, angrily denouncing them as people looking to profit unreasonably from the situation (since when is losing 62% of your investment a profit?). And he said, ominously, that he “does not stand with them.”

And attorney’s don’t work to earn money and profits?  The only time they work pro bono is if the court orders it or they need a tax break.

So now I have a question for President Obama:  Are you going to go on national TV and demonize these attorneys the same way as you did the bondholders as being a bunch of greedy bastards?

I didn’t think so…

About Tom Roland

EE for 25 Years, Two Patents - now a certified PMP. Married twice, burned once. One son with Asperger's Syndrome. Two cats. Conservative leaning to the Right. NRA Life Member.
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10 Responses to Who’s Greedy Now?

  1. Kris says:

    One word for our president: Hypocrite

  2. Debbie says:

    Americans won’t put up with this takeover forever. Obama has set himself up as supreme ruler. Oh how the mighty will fall.

  3. Mustang says:

    It is a demonstration of Mr. Øbama’s contempt for the American people that he assumes we don’t see the hypocrisy and executive unprofessionalism of what he and his gangsters are doing. God help us if this is even partly true.

  4. Joe says:

    “…looking to profit unreasonably from the situation…”

    I guess the operative word is “unreasonably,” which President BO gets to define.

    I can hardly wait for the messiah king to be dethroned.

  5. Tom says:

    All – The actions of this Administration just leave me shaking my head and wondering if the country will survive the next four years. Unfortunately, I also think that too many people have drank the Kool-Aid and are turning a blind eye to what is going on with our government.

  6. Tom C says:

    As a Technician I would love to get ahold of GM, and Chrysler. I’d rule the world!
    First would be the Sebring Convertable. Gm 3.8 engine takes that car into the threehundred thousand mile range, and chicks dig it! Hell I dig it! It would take me six months to beat that boy back where he came from. So much positive stuff. How are we failing?
    Tom, my friend with Vector is still hanging in there. I hope all is well with both of you.
    The other tom.

  7. Z says:

    I’m with Joe….the sooner the better.
    Hi, Tom. This is getting SERIOUS. I don’t think we WILL make it another 4 years, not the way things are going.
    Is there NOTHING WE CAN DO?

  8. Tom says:

    Tom C – Where we are failing is that our government has not supported American businesses to the benefit of this country. Instead, businesses are encouraged via taxes and disparate wages to move their manufacturing overseas. It also doesn’t help when our media portrays the automotive companies as being incompetent monstrosities. Even now, our “President” takes every opportunity to slam this country’s strength – the manufacturing industry – stating in words and in actions that government can do better because it know what the consumer needs (which is a load of BS).

    Z – The best we can do since NObama is in for another 4 years is to be a pest to the other elected representative – Senators and Representatives – to tell them to get their collective act together or they will not have your support come election time. State and local elected officials are the other way to put pressure on these people to move to do the right thing for the country. Other than that, we are pretty well hosed…

  9. It wouldn’t surprise me to learn that BHO receives kickbacks from any and all attorneys involved.

    Color me “cynic” these days.

  10. Tom says:

    AOW – Go ahead and be a cynic!! Since he was a college professor of law and presumably an attorney, it wouldn’t be a stretch that he is protecting the profession that he studied & made money in.

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