Obama's Dirty Politics in Chrysler Deal

Clifford Asness isn’t a household name or even a likely critic of President Barack Obama.

But there he was, the otherwise obscure manager of AQR Capital Management, performing his best Rick Santelli impression in a recently publicized letter to his investors, waxing sardonic about the president’s recent public attempt to shame Chrysler bondholders into endorsing his administration’s latest scheme to rescue the struggling automaker.

That plan has been widely derided by conservatives and moderates alike who are concerned about its substance and the “dirty politics” employed in advancing it. The Economist — the same magazine that “wholeheartedly” endorsed Obama for president — chided the administration for “trashing creditors’ rights” and overriding “the legal pecking order.”

Obama’s idea is to give the bondholders — who are secured creditors, ordinarily entitled to primacy in a bankruptcy proceeding — 29 cents on the dollar for their investment, while awarding 43 cents on the dollar to the employee health care trust controlled by the United Auto Workers, which, despite being a junior creditor, would also receive a majority stake in the new company. - Politico Story

Another example of Obama's CHANGE. He is bullying people and threatening people to advance his own personal agenda. Not an agenda that will help America, his own personal agenda. An agenda to pay back the Unions that helped him get elected.

I hope that everyone who voted him are proud of what they got.