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May 05, 2009

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sbw

Pithtolas?

DrJ

in a "cramdown" where the debtor in possession indicates that the assets subject to secured liens are essential to the reorganization of the estate AND new money is being injected into the Estate.

Right. And FIAT is spinning off all of its car business into a new entity, which they hope will also include Opel.

The only new money in the deal is from the US Feds.

Chrysler has tried to sell anything and everything to others, and there were no takers. Honda turned them down in under 24 hours. Not even the Chinese bid for various powertrains. The only "bidder" was FIAT, who offered no cash.

The only cash I have seen from this putative deal is from Obama.

Gmax

Getting rid of Chrysler only costs us 7.5B? A bargain. Can we declare no give backs? They have to take Gettlefinger too though...

bad

but disbarment might keep lawyers from ever giving advice that the Administration might not like.

Worse yet is try to figure what advise this schizo admin wants. Their positions change on a whim... or a poll...

Old Lurker

OK I'll bite.

p3wnd?

clarice

I like pithtolas,sbw.

GMax you have a point..let's throw in Specter, too. It appears the only bipartisan agreement on the Hill is that he's an S.O.B.

Gmax

p3wnd = owned. A mostly slacker convention riffing off the miskeying and generally inability to spell or check anything they post onto the internet.

bad

glasater, you have really hurt Blago's reputation. He probably didn't want that association brought to light...

Old Lurker

where do you have room in your brain to store that definition?

Danube of Thought

"...who knows its a Clinton appointee."

Aren't the BK judges appointed by the respective Circuit Courts of Appeals? I think some knowledgeable person said that here the other day. Anyhow, from what I've been able to read about this guy he doesn't seem political one way or the other.

Will we be starting a post-BK pool about when the NYT will run its first piece on "Chrysler Rises, Phoenix-like; Outlook, Performance Better Than Expected?"

glasater

bad~

I was thinking about the expression on Zero's face.

Is that the "chicago" expression?

Charlie (Colorado)

That's "hacker" thank you very much. OL, that's what's called "3l337" (read "elite" via "eleet") and is an in-group lingo from the computer world. "pwn3d" -> "pwned" by mapping "3" to "e" -> "owned" via an obvious typo.

Pronounciation varies; I favor "pooned" because its obvious that "pwn" must rhyme with "cwm".

Which is a real English word. You can look it up.

Sue

Hey, I'm not a slacker! Well, hardly ever. Well, maybe sometimes. But, I'm not a slacker!

bad

glasater, I thought hillary used to look mean in candid photos, but O beats her.

ha ha, I like the way that sounds, especially if she returns the favor.

Sue

See? I "pwn3d" myself. A typo within a typo. Am I good or what?

Old Lurker

I feel like I've dropped into a parallel universe! Friends I have been reading for months/years are speaking pig latin!

RichatUF

DoT-

Will the New York Times still have a print edition by then?

ION-Seems that "someone familiar" with the stress test results is leaking them-BoA specifically-in time to catch Asian markets open.

Charlie (Colorado)

See? I "pwn3d" myself. A typo within a typo. Am I good or what?

hey, that's part of the point: how far can you carry it and still be intelligable?

And OL, as the computer thing goes on, it gets worse: next you find yourself saying things like "Grothendieck topoi".

On purpose.

centralcal

Since this a rather fluid thread, hope you don't mind if I change to another topic . . .

I saw Pam Geller was on Hannity as part of the "Great American Panel" tonight.

I think we need Clarice and DoT on there too! (Oh, and lots of others, but I would take too long to list everyone).

How do we pressure Sean to expand his blogging universe to include some of our very esteemed JOMers?

Pofarmer

Well, what could go wrong with this?

WASHINGTON (Reuters) – President Barack Obama and Democratic lawmakers reached agreement on Tuesday on a legislative proposal designed to stimulate U.S. auto sales, which have fallen to near 30-year lows.

The one-year plan crafted by members of the U.S. House of Representatives would offer vouchers worth up to $4,500 for owners to replace their less fuel efficient vehicles for models that get better gas mileage.

The goal of the "cash for clunkers" legislation is to sell 1 million vehicles.

"By stimulating consumer demand for new vehicles, this proposal will directly benefit domestic autoworkers and automotive manufacturers, which have arguably been hardest hit by the current economic downturn," said Rep. John Dingell, a Michigan Democrat and staunch industry ally.

House Majority leader Steny Hoyer has embraced the proposal and said in an interview with Reuters in April that the measure would be acted upon quickly once proposed.

Old Lurker

Is that Indian?

PD

Hardly shocking that Harry Reid's word wouldn't be worth much.

More shocking that Specter would have believed him.

PD

"where do you have room in your brain to store that definition?"

Right next to "teh funny"

PD

The one-year plan crafted by members of the U.S. House of Representatives would offer vouchers worth up to $4,500 for owners to replace their less fuel efficient vehicles for models that get better gas mileage.

I like the word "crafted" in that description, as if any proposal coming out of Congress these days has an ounce of forethought or consideration for whether it has any merit.

RichatUF

Pofarmer-

And if you act now, you can get 0% financing with bad credit from Zombiegroup.

Old Lurker

I'm still trying to decode Charlie's last!

Rick Ballard

Pofarmer,

It's becoming rather amusing to watch the (D)irty Fascists flounder. Banks are tightening the Obum debt serf's FICO choke chains fairly firmly. Ogabe's reparations promises will remain just out of the reach of the fools who believed him, whether it's that 3BR 2BA or the new car - or extended credit. The average amount currently financed on a new car is $26,268. Take off the $4,500 Fascist Bribe and the standard Obum is still about a parsec away from driving off the lot in a rusty Widowmaker.

I wonder if trading a Hummer in on a Ford Navigator or Toyota Land Cruiser would qualify? That might make sense.

Charlie (Colorado)

It's actually a Dutch name with a Greek word. "Topoi" is the plural of "topos", which is the same root as "topology". It started out as a generalization of geometry and topology, and then worked its way out to be a general model of logic.

This is why my bosses at work say things like "does everything have to be like a math class"?

boris
The set of all convolutional codes of a fixed degree is parameterized by the Grothendieck Quot Scheme. If the degree is zero this scheme describes a Grassmann variety. In this last situation the set of linear block codes of a fixed rate are parameterized. A maximum distance separable (MDS) convolutional code is characterized through the property that the free distance attains the generalized Singleton bound.

Explaining the relationship to cryptography hardly seems necessary.

clarice

Niters,JOM.

Rick Ballard

Rich,

More on the Santos Basin deepwater plays. Exxom, BP and Chevron are still drilling away. How long can Goldman Sachs keep the oil price rigging going?

Captain Hate

Hardly shocking that Harry Reid's word wouldn't be worth much.

More shocking that Specter would have believed him.

A fool and his seniority are soon......

I never thought I'd see the day when a disgusting worm like Harry Reid screwing over somebody would give me pleasure. Ya never can tell....

bad

OMG!! Rick, I am so proud to have a thought similar to yours!!! I just asked the rest of the bads what they would trade a Hummer in for.

I'm going to savor the moment.

Everyone, drink, please...

bad

Sweet Dreams, Clarice.

JM Hanes

Poetic justice for Specter! Who'd a thunk the Democrats would change the rulz in the middle of the game that way?

Danube of Thought

'Night, Clarice. Forgot to thank you for the happiest story of the week, viz. Specter's new juniority.

 Ann

Photobucket
Copied from RushLimbaugh.com

For Narciso... ♥s Ann

JM Hanes

"Explaining the relationship to cryptography hardly seems necessary."

Guess not, since I have no idea what it meant!

 Ann

Specter really needs to be in the Demoncrat party. Over at Malkin she documents his new misleading “Specter for the Cure” website, which is a slimy front to raise campaign funds.

I understand that Specter in his early days defended Clarence Thomas. He seems to have forgotten all his principals. Maybe, he should be the picture boy for term limits. How sadly they fall with power.

Dave
glasater: Look at this photo of two thugs.
bad

I'm torn between pity for Ol' Arlen and laughing myself to sleep.

Yeah right..... I knew I couldn't keep a straight face.

RichatUF

Thanks for the article. I'm puzzled by the cost argument though as somehow limiting development in Brazil. Nigeria was developed with prices in the basement, way offshore, and some areas at 3000 meters. And given a better security environment and more local talent in Brazil, I'd think costs would be cheaper in Brazil than Nigeria. The Chervron project looks penciled in at $11/bbl (a 3 billion dollar project with an estimated recovery of 270 million bbls). But I suppose I'm leaving out quite a bit.

"How long can Goldman Sachs keep the oil price rigging going?"

We never did get an answer about Vitol having all those contracts or about the Iranians parking 15 ships full of oil off Kharg Island.

As for Goldman, maybe for as long as the choke collar remains. Obama needs to sell Dem Widowmakers and he needs $100/bbl oil to do it. With the retiring of single hulled tankers, there'll be plenty of storage space, then the argument will go to how difficult it is to transport to market.

matt

karma's a bitch, Arlen.....

narciso

Thanks Ann, I really appreciated that, Rush was on fire today, maybe better than his CPAC Speech, defending the conservatives and their greatest exemplar. Of Specter, that line from Animal House, when Bluto and co, wreck Flounders's car, . . .you trusted
us" seems to come to mind. In the LUN, a rather whimsical recasting of the Reagan bear ad with Romney

RichatUF

Pofarmer-

I'm too lazy to look up any of the legislation or the article, but my guess is that it will be written much like education "tax credits", which are only useful in a very tight income bracket, and raise the cost of tuition.

The car tax credit (interesting the Dems are for car vouchers for a year but not education vouchers for a child) would raise prices artificially on these "fuel efficient cars" as dealers and customers try to capture the maximum value of the tax credit and the artifical demand from the subsidy. DOubt they'll get a million takers for the next Obamamobile though.

PD

I won't be shedding any tears for Specter at his treatment in the Dem party. But I do wonder what this gains them. What is the benefit of treating your new convert like dirt? Seems like that could backfire.

Rick Ballard

Rich,

It looks like Chavez is taking Venezuela to cash in advance status. Kicking the props out from under that phony $53 price should put him under.

When I look at that 270 million barrel estimated recovery, my mind wanders to the early North Slope predictions which were surpassed some time (fifteen years?) ago and the North Sea fields "drying up" (as Norway just keeps leasing and drilling and pumping). The big boys show only the cards necessary to justify the initial investment, always keeping eight aces and four kings tucked away for use when necessary.

The Oil Drum propagandists have been babbling about deep water high costs ever since they began promoting the Peak Oil scam. They can even draw up very pretty charts proving that it's just impossible to turn a buck in deep water. If the fools at Chevron and Exxom and BP would just pay attention to the very well credentialed morons pimping for the fascists they would start building my SoLunar Windmills tomorrow.

Alien

Fox News:Chrysler Can Begin Selling Assets to Fiat

So it is all over for the dissident group?

Charlie (Colorado)

Explaining the relationship to cryptography hardly seems necessary.

Well, yeah, but I agree with the general notion that coding theory and cryptography is handled adequately by traditional algebras over a finite field. I looked at that Notre Dame guy's stuff and at least at first glance didn't see where the topological approach told us anything new.

But then I am rather conservative abut this stuff.

 Ann

You are welcome, Narciso. I think the best thing for the Republican party is for someone to drive a big scary FORD truck with hugh tires and a very large American flag and scream F.R.E.E.D.O.M.!!!

By the way, is anyone adding up the tax payer dollars that will be contributing to the Demoncrats. It appears that Michelle Obama just told us of another 50 million:
Michelle Obama Announces $50 Million Fund for Nonprofits

Photobucket

First lady Michelle Obama had quite the day in New York, meeting Elmo, talking to diplomats, and tonight appearing at Time magazine's swanky event for the world's most influential people.

"I'm thrilled to be here, but I was just at Sesame Street, I'm sorry," she told employees this afternoon at the US mission to the United Nations. "And I never thought I'd be on Sesame Street with Elmo and Big Bird, and I was thrilled. I'm still thrilled. I'm on a high. I think it's probably the best thing I've done so far in the White House."

She went on to praise the US ambassador to the UN, Susan Rice, and the employees. In the latest stop in her morale-boosting tour of federal agencies, she told them that their work is crucial to President Obama's pursuit of a new era of engagement in the world.

"There are people around the world counting on the success of your efforts. The young boy who is forced to carry a rifle and become a child soldier, he's counting on you," she said. "The girl locked out of the school house or attacked because she had the audacity to want to learn to read or write, she's counting on you. The mother walking hours each day to find clean water for her children, she's counting on you. And the father who leaves his family for months or years on end in search of work, he's counting on you, as well.

"Social and economic development programs give millions of people hope and a chance at a brighter future, paving the way for a more peaceful and prosperous world for us all," she added.

Tonight at the Time magazine event, the first lady is highlighting efforts closer to home to improve the sense of community.

She praises young people who are trying to make a difference, including John Alford who, she said, grew up in a housing project in Brooklyn, attended college in North Carolina and Harvard Business School, and recently launched "NOLA 180" to turn around failing public schools in New Orleans.

“We push our young people to strive for things, an advanced degree, a job title, a big salary," she says, according to prepared remarks released by the White House.

“Rarely do we urge them to stop and think about what their passion is, what kind of life they want to live, what kind of neighbors and colleagues and parents they want to be. In doing so, we, as a society, often miss out on their creativity, their inventiveness, their resourcefulness– and some really good ideas!

“We also miss out on the opportunity to inspire a new generation of innovators and entrepreneurs who will direct their energy and talent toward solving their community’s – and our nation’s – most serious social problems."


Where do you even begin to figure out what country she grew up in. I quess we should all be high on big bird. Right?

bad

“Rarely do we urge them to stop and think about what their passion is, what kind of life they want to live, what kind of neighbors and colleagues and parents they want to be. In doing so, we, as a society, often miss out on their creativity, their inventiveness, their resourcefulness– and some really good ideas!

Why must the Obamas constantly speak of their parenting faults?

HELLOOOOOOOO!!! You don't miss out on so much if you don't outsource the job......

PD

“We push our young people to strive for things, an advanced degree, a job title, a big salary," she says, according to prepared remarks released by the White House.

“Rarely do we urge them to stop and think about what their passion is, what kind of life they want to live, what kind of neighbors and colleagues and parents they want to be.

Uh, maybe they thought the degree, the title, the salary would help them achieve their dreams?

I guess living your own life the way you want doesn't count. You must do The Obama Way. Sheesh. What control freaks.

bad

You'd think someone who wears $540 sneakers and $775 gardening boots would be more appreciative and respectful of big salaries.

Those puppies don't grow on trees....

glasater

Dave~
Nice "piece" there on Zero. You fixed the picture. I'll never get over the expression on his face. Window to his character.

And Bad--keep beating the MO as Imelda drum. I love it and she deserves the whacks;)

bad
The judge overseeing Chrysler LLC's Chapter 11 bankruptcy protection proceedings has ruled that the automaker can start taking steps toward selling the vast majority of its assets to Italy's Fiat Group SpA. The judge also said lawyers for a dissident group of lenders have until noon (1600 GMT) Wednesday to file a list of members with the court, ruling that their identities do not need to be sealed despite reported death threats.

LUN

AL

Once upon a time when Jap car import threatened to BK Detroit Ronny persuaded Japs to “voluntarily” limit their car import. Detroit survived and flourished, for a while.

Japs (plus Hyundai, DB, VW, BMW) build uninionised transplant car assembly plants in right-to-work states, and again are driving Detroit to BK.

What is rational thing to government to do? Persuade transplants to limit their US production. Sure thing, trans will have windfall profits, but Detroit will survive (we need cars, right? And Detroit is making about 50%). Naturally, US consumers will pay premium for UAW and reorganization of Detroit for pay-as-you-go pension system.

But noooo, OB predictably choose the worst and most damaging to whole economy option.

PeterUK

Arlen Specter,"Sold his birthright for a mess of pottage".

PeterUK

The picture of the O Man could have come straight from "American Gangster".

PeterUK

American Gangster

Pofarmer

The car tax credit (interesting the Dems are for car vouchers for a year but not education vouchers for a child)

I don't read it as a tax credit, but, hell, who knows, it's just another 10 billion or so(with administration) in spending. Oh, and it's all, every bit of it, deficit spending. It's like they polled socialist high schoolers for economic policy.

Pofarmer

Oh, and I'm heartened by Limbaughs support for Sarah Palin.

The Spy Who Sverdlovsk's Me

I think you're right about Anastasia's sister, bad.

narciso

Well he is a Missourian through and through,
and despite all wealth and success, he hasn't forgotten where he comes from.
Although somebody explain Claire McKaskill and Harriet Woods, to me, they don't seem to be from the same 'state of mind' He's made it quite clear, I believe it was on a Barbara Walters interview' He 'loves Sarah Palin' the deity of Hot Air dinged him for that, because that's what cynical atheists
are won't to do,

Pofarmer

Claire McCaskill has obviously spent too many years around the crazy moonbat liberals in our own prog heavens.

Extraneus

Oh, and I'm heartened by Limbaughs support for Sarah Palin.

Me, too. I think he's sorry for the way he played it last time, never getting behind a primary candidate until it was too late. He could have helped Fred, for example, but chose not to, even though there wasn't anyone else closer to Rush's own views. I bet he has already re-thought that strategy and doesn't want to make the same mistake again.

Jane

This is my favorite thing so far today at Real politics talking about the growing rift at the CIA about the WON:

The novelist Charles McCarry was a deep cover CIA operative for ten years. "I never met a stupid person in the agency," he said in a 2004 interview. "Or an assassin. Or a Republican."

The CIA's war against President Bush was motivated by ass covering, or by political partisanship. But with President Obama, it's personal.

LUN

Captain Hate

He could have helped Fred, for example, but chose not to, even though there wasn't anyone else closer to Rush's own views. I bet he has already re-thought that strategy and doesn't want to make the same mistake again.

Eh, I'd have rather had Fred than the backstabber we got but Fred was his worst enemy when it came to generating any positive inertia in the primaries. We got Reagan and GWB without Rush being a "kingmaker" and I'd prefer to keep it that way. Let the morons on the other side have Olberdunce and Tweety making abject fools of themselves drooling over Il Douche and how they're so emotionally invested in a stammering imbecile.

Don't get me wrong though; I'm glad he's supporting Palin at this stage only because she needs support in view of the unhinged attacks against her, led by the two quislings mentioned above and her former running-mate's ignorant daughter.

RichatUF

AL-

Blaming the US automakers problems on foreign competition misses the mark. GM can build and sell, profitably, cars all around the world-except in the US. Ford can too. Chrysler should be liquidated but it looks like the bankruptcy "sale" to Fiat is going to proceed and the judge is going to force the release of the holdouts names so the Obamathugs can protest (or burn down) their houses. The US automakers problem is the UAW-and the welfare state culture the UAW has infused in the US automakers workforce.

The late-90's to mid-00's when gas was dirt cheap and credit flowed easily just papered over the structural problems to another day.

Captain Hate

Jane, this was interesting in your linked article: Other Western intelligence services regard the Obama administration with contempt and rising concern, an officer of the DGSE, France's military intelligence agency, told my friend Jack Wheeler (the real life Indiana
Jones) last week.

"All of us in our little community are worried -- us, our friends in Berlin, London, Tel Aviv," the DGSE officer told Jack. "It is not like the barbarians at the gates. It is every barbarian horde in the world being told there are no gates."

Too bad this is so important international security-wise because there are plenty of CIA people who should fall on their swords for their part in getting BammerChavez elected. Contrary to what McCarry believes, I think there are some really stupid people there.

What?  Me, Work?

Is there any way for Ford to deunionize, Rich?

Jane, I think the CIA will get Obama one way or another. He's too much like them for them to tolerate.

Jane

I think by his own definition, and that of every moonbat in America, President Obama is torturing the secured creditors in the Chrysler matter. Let the prosecutions begin!

pagar

It's like they polled socialist high schoolers for economic policy

Here are some of the names you never hear about who are writing the communist policy Obama is installing.

Harry C. Boyte: Just another radical Alinskyite Obama supporter

Trevor Loudon and RBO have written about or mentioned the Democratic Socialists of America (DSA) numerous times in relation to any number of individuals associated with or connected to the Communist Party USA or other “socialist” organizations — and Barack Obama.

There is a lot more than one name in the Article. At some point, IMO, Americans will begin to notice just how many of the people writing the policies Obama is implementing are pure, long time, Communists.

narciso

McCarry was writing of the 50s and 60s, in his Paul Christopher series, when even the Brahmin class wasn't consumed with self hatred. Their track record wasn't great what worked in Iran, Guatemala and Indonesia
didn't work so well in Cuba, Albania, or East Germany. In the late 70s, with Better Angels, he was able to capture the zietgiest
of this new general of repentant liberal, as well as this dark force of Islamic nihilim, which he called the Eye of Gaza, but recognize as AQ. He also picked up on it's Western counterpart, as a contempt for self made men and women, in the political world by part of the intellectual class

sbw

"Jane, I think the CIA will get Obama one way or another."

We don't need no steenkin' conspiracy theories. We don't need no steenkin' "Will no one rid me of this troublesome priest."

State the case clearly, consistently, repeatedly, and the foolish house of cards will implode.

Elliott

It's been about 40 years since McCarry left the CIA.

Sue

pagar,

Americans will begin to notice just how many of the people writing the policies Obama is implementing are pure, long time, Communists.

I wish I thought so too. I don't. The only way some of these people will find out is if they do what we have done. Find out on our own. The MSM will not willingly sell this tool out. And our republican party is strangely silent when they should be shouting some of this stuff.

What?  Me, Worry?

sbw, I wish you were right, but in this media environment your plan will not work. It'll take something blockbuster. Someone has the goods on Obama and is just waiting for this excess of adulation to wane.

Look, this thuggishness about Chrysler is criminal, and where's the outrage? Stating your case clearly, repeatedly and consistently will get you a visit from ACORN thugs.

boris

our republican party is strangely silent

IMO it's cultural not political.

That's why better PR and fighting back wouldn't have worked any better for W.

What?  Me, Weep?

I think one of the most frightening things I've read recently is that the secured debtor targets of Obama's threats wanted to keep their identities secret. From the President of the United States, mind you.

sbw

"Stating your case clearly, repeatedly and consistently will get you a visit from ACORN thugs."

It is not my wish to get that visit, but if they visit, I will deal with it. I stood up editorially when newspapers were threatened for running cartoons some zealots found offensive. I stand up now, along with anyone wise enough to know what principles are important and why.

To use any alternative means to bring down this administration is to bring down along with it the system we wish to preserve.

What?  Me, Wring my Hands?

Frankly, threatening SEC, and IRS investigations, is far worse than bugging a political opponent's phone. The one is individual criminality, the other, institutionalized criminality. So, where's the outrage. I grant you, a few are outraged. And impotent, too, I might add.

Jane

The only way some of these people will find out is if they do what we have done.

The vehicle for this, and just about everything else, is the Tea Parties.

What?  Me, Whisper?

You misunderstand me, sbw; I don't expect whoever has the blockbuster stuff to try to backstab Obama in the manner in which Bush was backstabbed. Bush had to be the victim of a manufactured case because, in fact, his hands were clean. But Obama's are as dirty as Lady Macbeth's and just as impossible for him to cleanse.

BTW, Scary has another conniption about Valerie in his latest column. It's pretty amusing to read.

Sue

The vehicle for this, and just about everything else, is the Tea Parties.

Absolutely.

RichatUF

This seems like a good place to drop this link from HA about the madman Obama Administration deciding that, since the Iranian nuclear program is too hard to tackle, it is Israel's nuclear program which is the real problem.

As always, the American Thinker has an old article of a previous disarmerment (though the straight line is to Pakistan) but with a little work could be expanded to include the leftover lefts attempts (very curious that we haven't gotten any backstory on the Columbia student Obama and what he might have done for the "anti-apartheid" movement when there) to turn Israel into apartheid South Africa.

Never thought the world would get this dangerous this fast.

Charlie (Colorado)

AL, if you wouldn't say "nigger", don't say "jap."

And if you would say "nigger", get out.

PeterUK

Pagar,
Interesting how many of those mentioned in your link never had a proper day job.

Captain Hate

Never thought the world would get this dangerous this fast.

He was the one our enemies have been waiting for.

Charlie (Colorado)

SBW, Barone today might hearten you:

Think carefully about what’s happening here. The White House, presumably car czar Steven Rattner and deputy Ron Bloom, is seeking to transfer the property of one group of people to another group that is politically favored. In the process, it is setting aside basic property rights in favor of rewarding the United Auto Workers for the support the union has given the Democratic Party. The only possible limit on the White House’s power is the bankruptcy judge, who might not go along.
Pofarmer

The only possible limit on the White House’s power is the bankruptcy judge, who might not go along.

Let's hope he hasn't studied Kenyan bankruptcy law.

Fresh Air

OT--

See this: US Temperatures Driven by U.S. Postal Charges

Where is Kim when you need her?

davod

Is FIAT going to finance the purchase of Chrysler assets with US government money?

DrJ

Yes.

PeterUK

" The White House, presumably car czar Steven Rattner and deputy Ron Bloom, is seeking to transfer the property of one group of people to another group that is politically favored. In the process, it is setting aside basic property rights in favor of rewarding the United Auto Workers for the support the union has given the Democratic Party. "


All seems rather feudal and third world.

RichatUF

Good stuff from Barone, Charlie, esp. this: "We have just seen an episode of Gangster Government. It is likely to be part of a continuing series".

At this point though, if the judge isn't going to seperate out the Chrysler secured TARP creditors and non-TARP creditors, I'm not sure there is much of anything that Lauria can do. One curious thing is that there still isn't a protocal published at the ISDA for Chrysler reference entities?

And for the legal eagles here, in re: Chrysler, would Yougstown apply for the holdouts and Kelo apply for the government?

Fresh Air

This thing is going to be a disaster for the U.S. taxpayer. Think like a banker for a minute. Most bankers would say "Auto? Yick...but at least they have assets." The only attractive financing element of auto is it's hard assets. One of these assets is finished goods, which, thanks to Congress is about to be devalued by $4,500 per car. On top of that, even if the company is hypothetically put into bankruptcy in the future, Zero has already demonstrated secured creditors will be screwed through that, too.

After what Congress and Zero have done here, no serious banker will touch this industry without major incentives. That means the U.S. taxpayer will be guaranteeing, fronting for and otherwise establishing credit for Government Motors and Crapsler pretty much indefinitely. Just add that little multi-billion dollar liability to our negative equity.

glasater

Jack and Suzy Welch have an interesting article in Businessweek.

The second worrisome event occurred in North Carolina on Apr. 29, when Bank of America shareholders, galvanized in part by strong union advocacy, voted CEO Ken Lewis out of his post as chairman. What's so bad about that, you wonder? Nothing—in terms of shareholder voice. We're all for that. But ultimately, we don't support the splitting of the two top executive roles because it can encourage dysfunctional, productivity-sapping "decision shopping," wherein managers go to the leader who's most likely to support their initiatives. The split roles also tend to cut into something companies desperately need today: clarity. When there are two bosses, you can often get two messages, and that's too bad.

LUN just in case typepad acts up once again

PeterUK

Wasn't Putin's Russia pulling this kind of stunt? It hit investment very badly IIRC>

bad

When there are two bosses, you can often get two messages, and that's too bad.

Why are the Welches such proponents of single parenthood...

Rick Ballard

"One curious thing is that there still isn't a protocal published at the ISDA for Chrysler reference entities?"

Rich,

I really can't give you a satisfactory answer but I believe it has something to do with Daimler having exchanged all "old" Chrysler debt for "new" Daimler-Chrysler debt. Daimler-Chrysler (Daimler Finance) issues continue to trade close to par AFAICT via FINRA.

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Wilson/Plame