The Second U.S. Court of Appeals in New York will listen to a group from Indiana who had invested their pension funds into Chrysler stock. Its those greedy people that the President claimed where holding up the sale a few weeks ago. He was fine when saying it then, because he believed they were bank investors, and not everyday real people who had worked their whole lives and had invested in an American company as part of their retirement plans. Teachers, Firefighters and Police groups=real people, real money, real lives….notice that the President is not speaking out on this matter anymore?
Quote from the Wall Street Journal:
The Indiana pension funds — the Indiana State Teachers Retirement Fund, the Indiana State Pension Trust and the Indiana Major Moves Construction Fund — have argued the sale of Chrysler is unconstitutional, saying the plan upends the rights of senior lenders to be paid off before junior creditors.
and….
The Indiana funds also contend that the U.S. Treasury Department doesn’t have the authority to lend bankruptcy financing under the Troubled Asset Relief Program because Chrysler isn’t a financial company