Obama Sticks it To Indiana Teachers, Police Officers
The Obama thugs decided that the rules of bankruptcy needed to be “adjusted” to help out with the UAW bailout. It should be no surprise. After all, seizing personal property for redistribution is the ultimate goal of both the UAW and Obama.
Enter Indiana Treasurer, Richard Mourdock who has filed an objection to protect the property rights of Indiana teachers and police officers.
Indiana was the sole creditor to file objections with the court (PDF can be found here.)
As stated in the filings, the US Treasury Task Force is seeking to use the Chrysler bankruptcy to extinguish
the property rights of the pension funds as secured lenders, violating the most fundamental tenets of creditor
rights in disregard of widely recognized bankruptcy jurisprudence. The proposed restructuring of
stakeholders’ rights seeks to make payments of billions of dollars to unsecured creditors, while paying the
secured creditors only 29 cents on the dollar.“As fiduciaries, we can’t allow our retired police officers and teachers to be ripped off by the federal
government. The Indiana state funds suffered losses when the Obama administration overturned more than
100 years of established law by redefining ‘secured creditors’ to mean something less,” explained Treasurer
Richard Mourdock. “The court filing is aimed not only at recouping those losses but also reasserting the rule
of law and preventing the federal government from pursuing policies that strike at the heart of the capital
system.”TreasurerMourdockObjectiontoChryslerBankruptcy.pdf (application/pdf Object).
Treasurer Mourdock will not allow portfolios under his
control to make additional investments in businesses that are receiving or will be receiving federal bailout money.
Good move.
