Let's say you owe someone a lot of money, but instead of paying back even a third of what you owe, you sell everything you own to someone else and walk away.
If you look at the Chrysler-Fiat deal in this way, it is no wonder the Supreme Court wants to slow it down and take a harder look.
In the rush to save the Chrysler brand, some of the company's most loyal creditors are getting royally screwed. For instance, three Indiana public employee pension funds loaned $42 million to Chrysler and would recover only 29 cents on the dollar under the proposed Fiat-Chrysler deal.
While the court was silent about its reasons for delaying the deal, the case is based on the complaint filed by creditors such as the Indiana pension funds.
This is a zero-sum game, helping auto workers at the expense of public employees.
Vote Counting Time in Virginia
The first contested Democratic primary for governor in more than three decades goes to the voters today. Win or lose, Terry McAuliffe is likely to be the story.
- The Candidates: Creigh Deeds | Terry McAuliffe | Brian Moran
- CQ Video: Virginia Primary Primer
- Another Poll Shows Deeds Ahead in Virginia Gubernatorial Race
- As Virginians Head to Polls, Reports Show Last-Minute Help From Big Backers
- Previous Virginia Democratic Primay Results

Comments
from the last thread:
"I always like to listen in to hear what the far right is thinking"
Warren, I'd bet money that you know what Hannity is going to say before he says it. To hear him once, is to hear it all. He just repeats himself in every way he can think how to. He's on a mission, and reality isn't going to stand in his way. You're wasting your time with him. And, as always, that's his right.
Posted by: chloe
| June 9, 2009 12:05 PM
Yee Hah?
Posted by: chloe
| June 9, 2009 12:05 PM
http://blogs.cqpolitics.com/trailmix/2009/06/terrorists-among-us.html#comment-234581
Right again Jax.
Posted by: chloe
| June 9, 2009 12:07 PM
" Music is the only sensual pleasure without vice. "
Cbob, If you listened to the music my daughter listens to, you wouldn't say that.
Posted by: chloe
| June 9, 2009 12:09 PM
Surprised to be first....if that's what it is....
Posted by: Patsi
| June 9, 2009 12:11 PM
HA! And it wasn't what it was! Nothing was showing up....
Posted by: Patsi
| June 9, 2009 12:11 PM
My granddaughter loves Roger Miller and the "Chicklees." (Dixie Chicks, that is)
Posted by: Patsi
| June 9, 2009 12:13 PM
Patsi, Why aren't you taking your computer with you?
Posted by: chloe
| June 9, 2009 12:13 PM
"My granddaughter loves Roger Miller and the "Chicklees."
Very cute.
Posted by: chloe
| June 9, 2009 12:16 PM
Too much hassle at the airport when all I need it for is email
Posted by: Patsi
| June 9, 2009 12:16 PM
It's a whole new world
Posted by: chloe
| June 9, 2009 12:18 PM
This just stinks to high heaven.
"The banks have been eager to get out of the program to escape government restrictions such as caps on executive compensation."
http://news.yahoo.com/s/ap/20090609/ap_on_bi_ge/us_tarp_winners_and_losers
They needed free, no-strings-attached money...but suddenly, they find the money to repay so they can keep operating under their old ways.
Posted by: blueINdallas
| June 9, 2009 12:19 PM
patsi - My cousin said Roger Miller was one of the nicest guys he ever met....(and Yul Brenner wins his biggest-horse's-patoot award).
Posted by: blueINdallas
| June 9, 2009 12:20 PM
Wow -- I am sorry to hear that about Yul Brenner! But yes, Roger was a peach. Brilliant man, too.
Posted by: Patsi
| June 9, 2009 12:46 PM
wow - I go to lunch and zappo - topic change.
Don't they get a hearing in the context of the bankruptcy under a Ch. 11 proceeding? Coreen?
Posted by: newpogo.myopenid.com
| June 9, 2009 1:22 PM
My friend Randy Fisher knocks one over the center field grandstand -
http://cbsolaroven.blogspot.com/
Posted by: Colorado Bob
| June 9, 2009 1:33 PM
I know zip about bankruptcy laws....
I did see last week on CNN a report on some people who were bringing class action suits against GM for what they were calling defective seatbelts.... it involved children who were horribly injured in car accidents because of a claim that the seatbelts didn't work as intended.... the report said these claims would no longer be valid when GM declared bankruptcy.....
at that point it struck me that some people were going to be terribly hurt by the car companies that went into bankruptcy ..... so yeah.... it's a zero sum game..... some people are going to be helped at the expense of others.... and there's no getting around that fact....
Posted by: RebelliousRenee
| June 9, 2009 1:34 PM
My apologies if this point has already been made, but regarding the last post and "terrorism"
Many of our armed services personnel would fall within your definition, although I doubt that is your intent.
This Roeder fellow is an alleged "murderer", murder being a heinous enough crime in itself. Sensationalism of the sort in your previous post is the same type that contributed to the American people being manipulated to support the 2nd U.S.-Iraq War. Similar fear-mongering created events like witch-trials and the Inquisition. Poor form.
Posted by: dark-lord-bloggingham.myopenid.com
| June 9, 2009 1:38 PM
Bob, waaaaay cool graphic.
Posted by: newpogo.myopenid.com
| June 9, 2009 1:56 PM
So will Sotomayor stay with the law and also stop this illegal action by the Obama Administration to pay off the Labor Union votes?
Is that a crime - to give favor for votes?
Now that Barack is getting a track record lets see what happens.
3.5 years to go
Posted by: Ping Pong
| June 9, 2009 2:11 PM
Pogo -
Nobody touches Fish, I mentioned that logo idea in yesterday's email to him. It came in this morning. I linked his illustration page with a portfolio in the post. He does big time commercial work, Coors folks like that.
Posted by: Colorado Bob
| June 9, 2009 2:14 PM
Si, Oh yea
Live from the San Juan Puerto Rico Airport !!
No voting down here today....
Posted by: Ping Pong
| June 9, 2009 2:16 PM
blueINdallas - your 12:19 post.
You would rather see them not payoff and return to the Free Market Principles (with correct oversight learned).
I would rather get the money back - and get on the right track.
This talk about the Payroll czar is very scary. Hope the SOTUS puts some breaks on the out of control elements of the community organizer
Posted by: Ping Pong
| June 9, 2009 2:20 PM
Ping, coud you be a litlle more specific about exactly what illegal payoff to the unions for their votes you're referring to, and how Sotomayor fits into this puzzle?
And I expect a full report about PR - that's one spot I'm considering for the annual Thanksgiving sojourn south.
Posted by: newpogo.myopenid.com
| June 9, 2009 2:24 PM
Pogo... Mixed bag.
I would like to see Sotomayor asked the question - understand not appropriate with active case - Would she stick with the strict rule of law and protect the absolute legal rights of the first creditors in the Chap 11 filing. Which by the way is many months over due as the Administration played games.
So two points - one is to determine Sotomayors stance and second to correct the illegal action that has been allowed to progress giving the UAW a priority over the Investors which by the way appears many are just regular folks also.
Posted by: Ping Pong
| June 9, 2009 2:29 PM
bob, like the logo. is that corn character randy's concept of buddy holly or cbob? like the smile, very infectious. one wants to smile back.
Posted by: patd
| June 9, 2009 2:30 PM
And Puerto Rico and the USVII are full of very nice people. Some great places but I am here for work.. Ugh
Posted by: Ping Pong
| June 9, 2009 2:30 PM
How dare those creditors make waves.....don't they know that this deal has been ordained already......I hate it when peons deviate from the script.......Laughs
Posted by: jaxtrader
| June 9, 2009 2:36 PM
keep giving em rope, see what happens...
I could use some to make a Hammock
Posted by: Ping Pong
| June 9, 2009 2:46 PM
Craig - A+ for this subject... Nice Balance.
Now had the Prior POTUS done something as this action with the Bankrputcy games - The MSM would have a hay day....
Go Figure - Opps maybe that is what happened - Keep forgetting the Barack has less business experience then most everyone on this blog... I need to back off
Posted by: Ping Pong
| June 9, 2009 2:48 PM
Ping, I get it now. First - she should be able to answer that question - by saying that no rights are absolute under Ch. 11 or any other bankruptcy scheme. And their rights to comment were no more put off than with any planning process for any company facing bankruptcy - those rights are triggered by the filing. In this case, due to the magnitude of the Chrysler bankruptcy in the context of an already dire economic picture for the US auto industry and the economy as a whole, the Obama admin stepped in to assist in (well, probably to direct) the planning. But I haven't quite figured out why SCOTUS is involving itself at this stage - and a one sentence order staying the sale doesn't tell me much. I don't pretend to know much about bankruptcy, creditors' rights or anything else that is at issue, but I doubt that the respective postiions of the Indiana funds that brought the suit and the UAW are as simple and straightforward asa you suggest. If so, that would be nearly a first, which is what keeps lawyers in business.
Now, if you were taking a family vacation, would you more likely choose PR or the USVIs?
Posted by: newpogo.myopenid.com
| June 9, 2009 2:48 PM
http://blogs.cqpolitics.com/trailmix/2009/06/chrysler-creditors-deserve-a-h.html#comment-234645
Ping,
Can you come up with a solution on how to control the greed that drove the salaries of upper management from an average of 40 times the lowest paid worker in a company to 400 times plus perqs and luxuries?
I don't care for the idea of a "salary tzar" either, but apparently the majority of corporate bigwig types just can't get it through their heads that when they screw over their employees, cheat their customers, and join the me me me club, eventually everything comes crashing down around their ears.
This is just a new version of the Pinkertons shooting the Pullman strikers. Instead of bullets they use pink slips and crash an economy and we all pay to pick up the pieces for these glutinous, rapacious, and criminal asses.
Posted by: Jamie
| June 9, 2009 2:52 PM
If you'll look at the portrayals of most of the creditors in the media, you see that they are largely characterized as rich investors and hedge funds......the general populace takes a little pleasure in watching them lose money but all of a sudden, we find that it is regular people and their kids......
Everyone is fine with the gov'ts plans until they realize that real people are hurt. At this late hour someone finally questions things.....sure would be nice if the media did it's homework and pointed out alot of these details on other issues associated with this gov't recovery plan.......
Posted by: jaxtrader
| June 9, 2009 2:53 PM
patsi, maybe your publisher pr people can get you a cell phone that sends/receives email or maybe one of those teeny tiny pcs called ikit.
http://blogs.computerworld.com/call_it_a_sub_subnotebook_new_pc_is_small_as_a_cell_phone
Posted by: patd
| June 9, 2009 2:53 PM
Chap 11 and bankruptcy law is actually really simple. Stand in line! Sadly someone gets hurt.
OK -
St Johns USVI !! first choice if you want slow and relaxed.
There are some great resorts in Puerto Rico. And some great deals - check out www.elconresort.com - the El Conquistador. Also easier flights to San Juan.
Also do you want to swim? Beaches can be ROCKY on some points
Posted by: Ping Pong
| June 9, 2009 2:54 PM
Jamie. People need options and if a private company then a choice can be made to not support that company.
There are Greedy ones and Greedy corp that are more driven by Marketing then truth in product. That bothers me more.
The marginal dollars made by one or few person in a mega corp would not translate to a change for the worker.
Also where do they dollars go and what do they support? Do they stay in a pocket or are the spent and create more jobs and other wealth?
Peel the Onion !!
Posted by: Ping Pong
| June 9, 2009 2:59 PM
http://blogs.cqpolitics.com/trailmix/2009/06/chrysler-creditors-deserve-a-h.html#comment-234651
ping, a hammock? tho't you said you were there to work. what is that wafting in the island breeze, the smell of a planter's punch, with a generous dollop of myers, fruit slices? and the requisite tiny umbrella?
Posted by: patd
| June 9, 2009 3:01 PM
Yea, Flight is going to board.
GO MAGIC - BEAT LA !!
Best to all
Da Ping
Posted by: Ping Pong
| June 9, 2009 3:02 PM
I find the appointment of "czar's" kind of interesting given the historic background involving them.
The one thing that sticks out in my mind is that the Russians preferred the freedom of "Staliln's Communism" over the Authoritarian rule of the Czar.
Maybe the characterization of our Pres as socialist is off the mark........maybe it's something else.....
Posted by: jaxtrader
| June 9, 2009 3:03 PM
jax, carol browner is a czarina, sir.
Posted by: patd
| June 9, 2009 3:10 PM
Laughs.....yes she is.....
Posted by: jaxtrader
| June 9, 2009 3:12 PM
Jamie:
"Can you come up with a solution on how to control the greed that drove the salaries of upper management from an average of 40 times the lowest paid worker in a company to 400 times plus perqs and luxuries?"
Transparency and disclosure.
I think those salaries are outrageous - and that the overconcentration of wealth among the few led to many of the problems without economy.
(For example, this led to smaller salaries increases for lower and middle-class workers - then leading to an over-reliance on credit by such workers - and then a spike in defaults when the economy slowed down.)
I am for modest tax increases on the uber-rich. Something like 1-2% increase for those making more than $1M per year.
But I am very apprehensive for the govt to step in and dictate salaries. Instead, I think corporations should be "encouraged" to scale back some of these crazy salaries. Basicly by making them public and well-known. Then hopefully the shareholders can set more reasonable salaries - rather than the govt.
Not a perfect solution - but one frought with less danger....
Posted by: warren
| June 9, 2009 3:16 PM
Ping:
"The marginal dollars made by one or few person in a mega corp would not translate to a change for the worker."
What?! Some of these CEOs are making $40-50M per year.
Let's say they make ONLY $20M per year. That would allow for a $3,000 raise for 10,000 workers!
And this is based on cutting only 1 person's salary!!
(I think $3,000 would mean a lot to a middle class family.)
Posted by: warren
| June 9, 2009 3:22 PM
Ping
If they keep shifting jobs overseas and then wonder why American workers are buying goods from China because they can no longer afford "made in America", then there is some screwed up thinking going on.
Ford was a success because he had the good sense to pay workers enough that they could buy the cars they made. The average manufacturing job paid $28 an hour. The average "green" industry assembly line pays $12. For the past 40 years we have gone from one salary paid enough to support a family of four to now when two salaries can barely make ends meet and it doesn't include buying a house.
Pile all that greed on top of a world population where there are a 1000 people or more for every job and we are heading for a downfall because anyone with less than a college degree will be lucky to work at a job that will feed them regularly. Imagine what will happen to those who dropped out of high school, got in some trouble, or just can't handle any job above handing over french fries when the factory closes down.
It is going to get a lot uglier before it gets better.
Posted by: Jamie
| June 9, 2009 3:26 PM
Our economy becomes less liquid when huge sums of money are concentrated with the few.
One man - or one family - can only spend so much. I don't imagine someone's day to day lifestyle changes that much if you make $15M/year vs. $30M/year.
And any marginal difference pales in comparison to someone making $30K/year and struggling every month to make ends meet vs. the same person making $75K/year.
Balancing out the weatlh - means fewer defaults, more spending and increased liquidity.
(Oh - and greater equality - but we don't even need to reach a "fairness" argument - because this makes sense in purely economic terms...)
Posted by: warren
| June 9, 2009 3:28 PM
There has been a long history of countries and empires rising and falling. Egyptians, Greeks, Romans, one after the other they became rich, complacent, and more than anything reliant on outsiders for their goods and services......
They all fell and their lower classes suffered the most....it will be the same here eventually. it will progress at an ever increasing rate as we rely more and more on gov't programs......
Despite the turmoil and pain that comes from these upheavals intrepid, determined individuals still managed to excel. My advice......be one of those....:)
Posted by: jaxtrader
| June 9, 2009 3:34 PM
Ping, LP swims like a fish, Mrs. P & I snorkel. Have a safe flight. Laid back and relaxed is what we go on vacation for. We were leaning toward the Virgins, so that is helpful.
I guess I'll have to read up some more on the Chrysler bankruptcy. I hate thinking hard about things I have way to little info on.
See all you later - need to scoot again.
Posted by: newpogo.myopenid.com
| June 9, 2009 3:55 PM
"If they keep shifting jobs overseas and then wonder why American workers are buying goods from China because they can no longer afford "made in America", then there is some screwed up thinking going on."
Precisely, Jamie.
Posted by: Patsi
| June 9, 2009 4:03 PM
We already have some of the highest corporate taxes in the world. second only to Japan (they're doing great too) in the developed world.
If people would realize that all corporate taxes are really personal taxes hidden within every item that they purchase they might demand action. Lowering corporate taxes would help entice companies back to the U.S. Sadly most people see it as an us(consumers) vs them (evil corps) issue and will never demand that of our gov't.
Posted by: jaxtrader
| June 9, 2009 4:10 PM
I think we just may need to deal with the fact that a lot of manual labor jobs are going to move overseas.
Regardless of taxes, how can the US compete with other countries where unskilled laborers can be paid $1-2 per hour.
Posted by: warren
| June 9, 2009 4:22 PM
Warren,
Taxes are huge.....remember everything manufactured overseas must be transported, clear customs, pay tariffs, insurance and still be competitive.
If our taxes were lower here, plus their cost of transport, customs, tariffs, insurance many items could still be competitvely manufactured here. Particualrly for our domestic market.
Posted by: jaxtrader
| June 9, 2009 4:29 PM
Warren, don't get taken in by that meme. There s plenty of truth to the notion that corp taxes just show up in the cost of whatever teh corp peddles - as do labor costs, legacy costs, management salaries and every other thing that is a cost of production - everyone chooses thos costs that are their pet issues. Management types point to the stiflingly high labor and tax costs, depending on the day. Labor points at profits and corporate greed. There's truth in all of it - it just isn't uniform from company to company or industry to industry. Now I do have to run.
Posted by: newpogo.myopenid.com
| June 9, 2009 4:29 PM
Jax,
You can get some agreement from me on Corporate taxes. Anyone who thinks corporations pay taxes just doesn't understand the situation. Now if we can figure out a way so that corporations are no longer people and can't buy politicians or eliminate loopholes so that a lower tax rate could be charged on all profits including the offshore hidden accounts, maybe we could get something done.
How about reducing Corporate taxes but eliminate the ceiling on Social Security. 15% of a million dollars is a nice bit of change. How about bringing back the tax rates of the Kennedy era for upper incomes? We know the laffer curve is a flop. Let's go back to that 60% range on the huge incomes instead of stipping our school, police, fire, and medical services of every squeezable penny?
Posted by: Jamie
| June 9, 2009 4:36 PM
Jamie:
Before we start having a conversation that will give the Blue Dogs a heart attack - and make Hannity's head explode - maybe we should run the numbers on how much revenue would be created by eliminating the ceiling on Soc. Security and a 2% tax increase on those making over $1M per year.
(Where is that Peter Ozerag [sic] guy when we need him?!)
Posted by: warren
| June 9, 2009 4:48 PM
Jamie,
It's never enough.....history has proven that the masses always want more. You can tax the rich 99% and it won't be enough.......there will always be those that want more........
Free food, Free lodging, Free Meds, Free healthcare, Free transport, Free entertainment....it'll never be enough......
I can always count on someone on this blog bringing me back to reality......:)
Posted by: jaxtrader
| June 9, 2009 4:49 PM
http://blogs.cqpolitics.com/trailmix/2009/06/chrysler-creditors-deserve-a-h.html#comment-234656
Jamie, The Sprint Instinct also has a browser and email. Lots of nice features, including high speed wireless, touchscreen, GPS, camera, etc., all in one package. Features on bottom half of this page, which you can get to before it finishes loading. http://www.samsungmobileusa.com/Instinct.aspx
Posted by: chloe
| June 9, 2009 4:51 PM
You could say that they poor will always demand more entitlements - and the rich will always demand fewer taxes - but that shoul not prevent the government from attempting to strike the right balance.
Posted by: warren
| June 9, 2009 4:52 PM
.... well said Warren.
Posted by: chloe
| June 9, 2009 4:58 PM
I said this morning: "And Craig, the people helping to run our government can be terrorists at times. Using terror and fear to get us to think and do what they want us to do."
Warren says,
"I think this is going too far. Hope and fear are age-old political tactics. And I don't think we should broaden the definition of terrorism so much so that it becomes meaningless."
Would a roach by any other name still be as icky? Yep.
I didn't create the definition of terrorist Warren. Wiktionary defines terrorist..."person who uses terror as a weapon in a political struggle" It goes on to say that one person's terrorist may be another person's freedom fighter. I didn't see mentioned that anyone had to be killed either.
'
Are you saying that if a government uses a technique or has used a technique for a while it should be cool? That's a scary thought.
And hope is always a good thing as long as it is accompanied by something a little more active. I've been hoping I win the lottery for years now.
Posted by: ct
| June 9, 2009 5:01 PM
Craig started another thread!
http://blogs.cqpolitics.com/trailmix/
Posted by: chloe
| June 9, 2009 5:03 PM
Warren,
I'm going to paint a personal picture and I'll agree with you if you can give a good explanation for this......
Tell me why you think that I should have to pay for your retirement and mine.
Posted by: jaxtrader
| June 9, 2009 5:03 PM
Jax,
You are right that there will always be those who want the bread and circuses. When it comes to charity from the public, there has to be a quid pro quo because anything else steals dignity and produces anger and a sense of entitlement. Still there are some things that should be part of the commonwealth:
School from Kindergarten through College
Health Care
Adequate police and fire protection (no matter where you live)
Transportation systems adequate to get people to work.
Safe child care so that parents can work without worry.
Society as a whole needs to pay for the services that make it possible for the majority of the population to support themselves and their families. When that doesn't happen then it fails everyone.
Posted by: Jamie
| June 9, 2009 5:07 PM
NEW THREAD
Posted by: Jamie
| June 9, 2009 5:20 PM
NEW THREAD.. http://blogs.cqpolitics.com/trailmix/2009/06/its-vote-counting-time-in-virg.html#comments
Posted by: craigcrawford.myopenid.com
| June 9, 2009 5:37 PM
"It's never enough.....history has proven that the masses always want more. "
PPF!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
PANTS-PEEING FUNNY!
(Oh, you weren't joking?)
Posted by: Patsi
| June 9, 2009 6:08 PM
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