[Newsbot]

Title: Supreme Court puts Chrysler sale on hold
Category: Business
Posted By: poquas
Date: 2009-06-08 15:20:47
Canadian

[poquas]

This is not a good thing for Canada or the US if they're really trying to save jobs.

[RUEZ]

poquas poquas:

This is not a good thing for Canada or the US if they're really trying to save jobs.

$1:

Supreme Court Justice Ruth Bader Ginsburg, in an order issued late Monday, granted a request for a delay of that approval sought by Indiana state pension funds

It's all about money.

[GreenTiger]

Yes indeed. The American Supreme Court is composed of 9 old fart millionaires who have a very high job for life.

This is not a good thing at all for either Canada or the States. People will still get hurt.

[Pseudonym]

This is a very good thing. Have any of you looked into how the GM bankruptcy was handled? The bondholders, who have always been placed first, have been shoved behind the UAW. There is something horribly wrong here, and it needs to be stopped. The US government is violating the Constitution and violating all contract law and precedent.

[xerxes]

And had the Ch. 11 bankruptcy gone ahead as others have, every GM worker with a pension or other benefits would be screwed over...again. So who's bank sheet is more important to protect, the shareholders of GM (who are probably still doing alright) or the workers who've worked hard for their pensions only to see them disappear?

[Pseudonym]

Docket from the SCOTUS website:
http://origin.www.supremecourtus.gov/docket/08a1096.htm

The most prominent plantiff here is the Indiana State Police Pension Trust, which is one of these bondholders you deride. From what I have read thus far (which is, admittedly, not much yet), the handling of this bankruptcy goes against judicial precedent and contract law. I reject the notion that the UAW's "need" should take precedence over the law. However, I will step back into my "wait-and-see" mode until I learn more.

[xerxes]

And I will join you there.