Cops and Teachers vs. Chrysler and Obama

The list of victims for Obama's government squeeze of auto maker bondholders is longer than anyone thinks. Not only is the story of pension funds who were stiffed when Obama wiped Chrysler's slate clean not being widely reported, but the victims of those funds - in one case, Indiana cops and teachers - remain unidentified by the media.It is a calamity for tens of thousands of Americans as reported in Business Week by Esme Deprez:As gas prices hovered around $4 a gallon and American automakers watched their pickup-truck and sport-utility sales plummet last summer, investment managers for some 100,000 Indiana teachers, police officers, and other civil servants poured millions of pension dollars into what the funds considered a safe investment: secured debt in Chrysler. Now, as the company speeds toward an exit from bankruptcy court, they are crying foul. On Friday, June 5, the Indiana State Teachers Retirement Fund, the Indiana State Police Pension Trust, and the Indiana Major Moves...(Read Full Post)