Friday, May 08, 2009

Crime pays 

The group of non-TARP creditors to Chrysler is dead.

�After a great deal of soul-searching and quite frankly agony, Chrysler�s non-TARP lenders concluded they just don�t have the critical mass to withstand the enormous pressure and machinery of the US government,� Thomas E. Lauria, ... the lead lawyer for the group. �As a result, they have collectively withdrawn their participation in the court case.�

Thomas Cooley asks "Why would private capital get involved when the rules of the game are so capricious?" Megan McArdle dispenses with several other arguments than that the Obama Administration screwed everyone to make Chrysler a present for the UAW. At least, Cooley responds, they'll now have to eat their own cooking. When it comes to teachers' unions, it's the kids who get the short end.