The Congressional GOPers (Party of Corporate Pork) are so, so upset when the wrong people are on the losing end in government bailouts. See if you can spot the delicious irony!
Dozens of lawmakers are challenging the authority of President Obama's auto task force, saying its swift restructuring of General Motors and Chrysler is unjust to investors, dealers and others.
In a letter to Treasury Secretary Timothy F. Geithner yesterday, Rep. Jeb Hensarling (R-Tex.) said the auto task force is waging a "war on capital" by favoring the United Auto Workers, who are being offered a 39 percent equity stake in the new GM, over bondholders, many of them small investors and retirees, who are being offered 10 percent.
"Choosing sides between equal classes of creditors sets a terrible precedent -- one that could cause serious long term challenges to the financing marketplace by eroding investor confidence at the worst time in our recessionary period," Hensarling wrote in a letter signed by 20 other House members.
Yes, I know there's more to the story. I know Chrysler promised there would be no job losses or closings (which I put right up there with "the check is in the mail). But the absolute cojones of the Republicans, to complain about a protected class - well, I can't let that go without comment.
