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Obama hands Chrysler to UAW

What a deal!  After pouring billions into Chrysler so it doesn't go bankrupt - Chrysler filing for bankruptcy Chapter 11.

The company will be partly owned by the United States and Canada, Fiat will run the company, and cars will be financed by GMAC (Government Motors Acceptance Corp).  The government will mandate fuel-efficient cars which are of course flying off the dealer's floor.

BTW - the United Auto Workers will have a 55% control of the company. 

President Obama is far from upset Chrysler had to go onto bankruptcy.  Obama hands one of the big 3 to the union which is a pretty good payback to the UAW from the Democrat Party, and Obama gets to rag on "hedge fund" operators again.  Hedge fund operators held most of the company bond debt and refused to settle for 29 cents on the dollar.  With billions pouring into Chrysler from the federal government, I'd be wondering where the money went myself.

The hedge funds are correct when they say they legally represent their clients, many of whom are invested in retirement accounts or retirement funds.  Why Obama supporters insist that Americans retire solely on Social Security monthly check beats me.

Fiat, the UAW, and the US Post Office are going to run Chrysler.  If that isn't a formula for success then I don't know what is.  :-P