UAW Gets the Goldmine: Did Chrysler Creditors Get the Shaft?

Go ahead and sell me your shares in May and Go Away. When everything has gone way up and you want back into the market in October, I will not sell them back to you. All you shorts and bears missed the permanent bottom in March. You've already missed a huge move up. We are climbing a "wall of worry" and long-term INVESTORS will profit greatly over the next 5-10 years (especially in materials and energy and selective small-cap funds). This market has tremendous pent-up energy to move up, despite bad news that normally would cause the market to correct. Those who are waiting for a huge pull-back to "get back in" will be terribly disappointed. Us older investors who've been involved in the markets since the 70's know that the markets will climb a lot more and then plateau for awhile. Day-traders and those who bet against (short) fundamentally good companies will continue to lose their shirts.

Being one of the American creditors who was forced to bail out Chrysler with my tax dollars, WE did get the shaft, I have nothing to show for the bailout except a President who is ready to give them more of my tax dollars!

America stopped practicing capitalism when they opened the door to lobbyists and corporations giving money to politicians who make the rules....

These damn working people! Don’t they understand our economy cannot survive if we have to pay them? We really need to start looking into bringing slavery back!

I agree....when the national interest is at stake, the normal rules of capitalism do not apply. In the case of the auto industry, the goal of preserving jobs, communities and state tax revenue throughout the country take precendent over the interests Wall Street creditors.

it aint 55% of nothing. All that property should be liquidated and given to the bond holders. It's not like the UAW will notice they're not working anymore.

The Government should never have been involved to begin with. Chapter 11 should have been the approach from the beginning with no government money. Chap 11 is designed to restructure companies legally and constitutionally.

When in human history has so much time, money, and effort ever been expended to ensure that a crappy product still gets made?

The UAW and U.S. Government are the two parties RESPONSIBLE FOR THE U.S. AUTO INDUSTRY's PROBLEMS. Why should they gain from Chrysler's Bankruptcy THEY CAUSED, and get preference over bond-investors who lent Chrysler money? THE UAW IS BIGGEST CAUSE by having extorted Over-Pay out of Chrysler and GM for past 30 years, 50% higher pay and benefits than Japanese Auto Workers. U.S. GOVT. is 2nd Biggest Cause as it has refused to pay Health Care for American Workers.... instead only pays health care for welfare-maggots and govt. workers. All the Foreign Automakers in Japan, Germany, Korea, Sweden, even Canada their health-care costs are paid by the government. Our American Govt. forced a situation on Chrysler, Ford and GM in which they could not compete fairly, by not taxing imported cars enough to make up for the "Health Care Subsidy" Germany, Japan...etc. gives to their Automakers.

Of course we're getting screwed - the rules are being made up as they go. The taxpayer can scream as loudly as we want that and they'll still fleece our future's wealth to artificially keep this company afloat. We're all screwed - I will NEVER buy a car from this company, pour money all over this disaster, it's still a money losing company. We are being dragged into a socialist state and being forced to subsidize the greedy and the shrewd. The health of this auto 'assembler' is not my problem, shouldn't be my problem but is being forced on me. Thanks Obama.

If I loan you money I'm supposed to get it back if money loan is secured I'm first in line. I have 4 Chrysler products in my driveway. There will never be another.

The UAW and U.S. Government are the two parties RESPONSIBLE FOR THE U.S. AUTO INDUSTRY's PROBLEMS. Why should they gain from Chrysler's Bankruptcy THEY CAUSED, and get preference over bond-investors who lent Chrysler money? THE UAW IS BIGGEST CAUSE by having extorted Over-Pay out of Chrysler and GM for past 30 years, 50% higher pay and benefits than Japanese Auto Workers. U.S. GOVT. is 2nd Biggest Cause as it has refused to pay Health Care for American Workers.... instead only pays health care for welfare-maggots and govt. workers. All the Foreign Automakers in Japan, Germany, Korea, Sweden, even Canada their health-care costs are paid by the government. Our American Govt. forced a situation on Chrysler, Ford and GM in which they could not compete fairly, by not taxing imported cars enough to make up for the "Health Care Subsidy" Germany, Japan...etc. gives to their Automakers.

Lets see...cars fall apart due to shoddy workmanship...i.e. employees come in drunk/on drugs....then they can't make a profit due to overpaid idiots...hmm...then Obamas largest contributors are Unions...now the people who ran the company into the ground are the majority owners...loool...maybe the UAW can hire mexicans to build cars and then they could just focus on runing the company...Any company that is owned by the workers sounds exactly like Socialism...when texas recedes and there is no social welfare programs i.e. taxes I will be the first to move there...then the poor people will not have any one to tax or live off of

The UAW and U.S. Government are the two parties RESPONSIBLE FOR THE U.S. AUTO INDUSTRY's PROBLEMS. Why should they gain from Chrysler's Bankruptcy THEY CAUSED, and get preference over bond-investors who lent Chrysler money? THE UAW IS BIGGEST CAUSE by having extorted Over-Pay out of Chrysler and GM for past 30 years, 50% higher pay and benefits than Japanese Auto Workers. U.S. GOVT. is 2nd Biggest Cause as it has refused to pay Health Care for American Workers.... instead only pays health care for welfare-maggots and govt. workers. All the Foreign Automakers in Japan, Germany, Korea, Sweden, even Canada their health-care costs are paid by the government. Our American Govt. forced a situation on Chrysler, Ford and GM in which they could not compete fairly, by not taxing imported cars enough to make up for the "Health Care Subsidy" Germany, Japan...etc. gives to their Automakers.

This is just another step towards Obama's (and Congress) plan to make everyone equal....equally poor!! Soon we'll all be waiting for Government checks/handouts/housing/food... There is a way to fix this...just REMEMBER who has been writing the laws since 2006....AND VOTE THEM OUT! Our current Government got there because "the sheep" don't even know what is going on. And they are smiling all the way to their padded retirements!

Those UAW folks are the main reason that Chrysler went bankrupt. Screwing people who finance a company in favor of the pirates that are responsible for the bankruptcy is pretty much par for this union controlled administration. They paid Obama's campaign bills and expected Obama to save their outrageous salaries and benefits. Obama truly is screwing the country in order to kiss the UAW's big ass. As long as Chrysler is burdened by the UAW, it has no future.

A man or woman works for many years (30 years or more) with complete devotion to a company. Puts many hours without Multi-Million $$$ perks that the folks in Wall Street are "entitled", and at the end when it is time to pay they are called names that we are not supposed to use for anyone. I guess in pure "capitalism" it is business, and not personal to go back on words and contracts issued 30 or so years ago. Pure business, oh... but we need to pay Nardelli his $$ for not doing his job, right!?

I find Gross' comments to be absurd. Rule of law needs to apply in this situation-not his and Obama's opinions as to who is the most worthy. Steps like this will severely hurt our system, particularly if they continue in this direction. Gross just doesn't have the insight to understand how capitalism has foundations in contract law that are critical to its success.

The Black culture does not recognise contract law. There is no Right or Wrong, only what is convenient for their interests. Stripping contract debt holders of their colatteral and gifting it to others is consistent with the wealth redistribution policies of the new liberal government. To hell with the law of contracts, we take what we want.

You've got to be kidding me, the secured creditors should get paid first, period.