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Friday, May 22, 2009

Silence = Death No More: Pension Funds Speak Up About Chrysler Bankruptcy

I was too depressed and upset to air my feelings when the few remaining Chrysler creditors were threatened into giving in to Obama's illegal Chrysler "deal".

Thankfully, several major pension and retirement plans in the state of Indiana have filed to protect their legally binding contractual rights.

Obama and his administration have tried to paint this as a dispute between "greedy" investors most of whom must be "filthy rich" and poor, helpless union workers. But in fact, these investors were acting on behalf of a wide range of retires and investors whose assets they had a fiduciary duty to protect and who made investments based on what they thought were legally binding criteria.

"Funds representing Indiana teachers and police, as well as a construction infrastructure fund, are seeking the appointment of a trustee in the Chrysler case to protect their rights as holders of first-lien loans to the bankrupt carmaker. They are arguing that the federal government is violating their rights by giving more junior creditors, like the United Auto Workers union, greater recovery on their debt, and that the government is improperly using federal bailout money earmarked for banks to prop up Chrysler.

The pension funds are also seeking to move the Chrysler case to federal district court, a higher authority than the bankruptcy court, to deal with what they argue are constitutional issues.

“As fiduciaries, we can’t allow our retired police officers and teachers to be ripped off by the federal government,” Richard Mourdock, Indiana’s treasurer, said in a statement. “The Indiana state funds suffered losses when the Obama administration overturned more than 100 years of established law by redefining ‘secured creditors’ to mean something less.”"

Of course, the courts which many think are there to protect our rights and enforce the law are looking for excuses to let the law breakers operate at will. They have long since agreed that the executive branch is above the law since it's an emergency, Obama and his pals know better and shouldn't be restrained by the law.

And so it is that one of the last nation's of law has become just another lawless state ruled by imperial whim.

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