Friday, May 8, 2009

Spreading Other People's Wealth to Political Friends

CBS News is onto Obama and his payoff to the UAW for supporting his campaign. He - and other members of his party - stood bankruptcy law on its head to benefit the union and demonized secured investors as "vultures."

Money Q:
It must be a coincidence that the United Auto Workers has handed $25.4 million to federal politicians over the last two decades, with 99 percent of that cash going to Democrats. And that Mr. Obama's final campaign stop on Election Day was a UAW phone bank.

If those politicians thought about this a bit more, they'd probably realize their mistake. Creditors didn't force Chrysler's management to head to the capital markets and beg for funds: It was poor management, uncompetitive wages, and a union that opposed pay cuts.

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