The New York Times is reporting that the Treasury Department is preparing a bankruptcy filing for Chrysler. The priorities of the filing tell quite a story about the Administration’s philosophy.For the unions:The U.A.W., Chrysler and Treasury have reached agreements in principle that would protect workers’ benefits, people with knowledge of the negotiations said, and a similar agreement is expected to be reached as soon as this weekend with the Canadian Auto Workers union.  For Crysler’s creditors:Unresolved is what happens to Chrysler’s lenders, who hold $6.9 billion in company debt. The government’s most recent offer, presented Wednesday, would give the company’s lenders about 22 cents on the dollar, or $1.5 billion, and a 5 percent equity stake in a reorganized Chrysler.The Obama Administration is asking for $5.4 billion in concessions from creditors while leaving $9.3 billion in unfunded union pensions untouched. This must be what Obama...(Read Full Post)