Obama's Chicago Politics Wins; Chrysler's Remaining Senior Credit Holders Cave

Obama’s Chicago political machine wins again. We aren’t surprised are we? I mean, it was just a few short weeks ago that Obama told TARP bank CEOs that his administration was only thing between them and the pitchforks. Al Capone would be so pleased to know that a kindred spirit is in the White House.

Chrysler LLC’s dissident secured lenders, a group including OppenheimerFunds Inc. and Stairway Capital Management, gave up their fight against the automaker’s bankruptcy sale of assets to a company run by Fiat SpA.

Chrysler’s non-TARP lenders, as they dubbed themselves, don’t plan to defend their earlier objections to the deal and may withdraw them formally, said Tom Lauria, the White & Case LLP attorney representing the group.

“After a great deal of soul-searching and, quite frankly, agony, they concluded they just don’t have critical mass to withstand the enormous pressure and machinery of the U.S. government,” Lauria said today in an interview.

It’s a shocking reality that the president of the United States is trashing US bankruptcy law in an effort to payback his protected constituency, the UAW. I notice that the media and the left who just a few years ago were screaming HALLIBURTON! are no where to be found on this issue.

A man becomes preeminent, he’s expected to have enthusiasms.

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