ALG Editor’s Note: The Wall Street Journal quoted ALG’s David Cribbin, of Tailwind Capital Group as “Notable and Quotable” last Wednesday. Mr. Cribbin’s original article can be found at GetLiberty.org.
Blogger and aircraft financier Dave Cribbin of TailWind Capital Group writing at blog.getliberty.org:
In the Chrysler deal, the [United Auto Workers] were unsecured creditors and the Chrysler bondholders were secured creditors. The bondholders received 28% of the value of their $6.9 billion in bonds in cash; the Union will receive stock worth approximately $4.2 billion, and a note for an additional $4.58 billion, which represents 82% of the value of their claim. Either the government negotiators have dyslexia and have made a terrible mistake in their paperwork, or this is political payoff writ large. Is this not the equivalent of financial waterboarding? And thus we enter a brazen new era of government, when the White House is openly complicit in the theft of, as a matter of fact is directing, the looting of private property from investors. Welcome to the Rule of Man, or as the President calls it, change we can believe in!
Printed in The Wall Street Journal, page A15