Chrysler: "Badges?! We don't need no stinkin' badges."

U.S. Judge Rejects Chrysler Pension Bid to Move Case

2009-05-26 By Christopher Scinta - Bloomberg

“'There needs to be a resolution,' to the legal issues around Treasury’s involvement in Chrysler, [U.S. District Judge Thomas] Griesa said. 'I’m learning a lot this morning that’s important to me, both as a judge and a citizen.'”’

Wow! I'm in better & better company wondering what happened to the principles & precedents of economics, finance, and law in this country during the past 14 months.

“'Put simply, it is nothing more than a last-ditch, eleventh-hour effort by a dissident faction of the debtors’ senior secured lenders to obstruct and impede core matters in Chrysler’s chapter 11 cases from being heard in bankruptcy court, which is the proper forum' the U.S. Treasury Department said in a statement"

After their AIG fiasco, the Treasury is talking about "proper forums" for resolving bankrupt companies?! If the Federal Reserve were running it, in their new extra-legal "industrial policy" capacity, then the pensions wouldn't have objected!?

"Badges?! We don't need no stinkin' badges."

JRB

5/26/09