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Chrysler and Sacrificing for the "Greater Good"


A blog post over at the Foundry by James Gattuso, helps reveal the Troubled Asset Relief Program (TARP) as a delegated blank check to Administration bureaucrats.  Check it out here.  Some excerpts:

President Obama was clearly miffed yesterday. His plan for restructuring Chrysler without a bankruptcy had been blocked by the refusal of some of the firm’s creditors to sign on to the restructuring deal hand-crafted by the White House. He decried their decision, calling them a “small group of speculators.” Later, White House spokesman Robert Gibbs elaborated, saying that the creditors should have given ground “for the greater good.”

Until last night, a third major firm, Perella Weinberg Partners, was also on the “no” list. But soon after the government’s attacks yesterday, they decided to settle. Perella Weinberg, by the way, recently won a major consulting contract with the FDIC.

No doubt just a coincidence. But this is why we have courts, and not just politicians, to decide these things.

The whole post is definitely worth reading.  It looks like we're living in Atlas Shrugged.