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The Hoosiers Again

June 7, 2009

Hear, hear, it appears that the Governor of Indiana is not the only Hoosier with the potential to cause Obama trouble:

Late on Saturday, a group of Indiana pension funds opposed to the sale of Chrysler to Italy’s Fiat SpA asked the court to put the deal on hold while they continue their attempts to block it.

[…]

“The court will be deprived of the opportunity to decide critical, nationally significant legal issues relating to management of the economy by the United States government,” the funds said in their stay request. “Chrysler’s bankruptcy carries profound implications for the nation’s economy. Nearly everyone will feel the impact.”

[…]

The Indiana pension funds — the Indiana State Teachers Retirement Fund, the Indiana State Pension Trust and the Indiana Major Moves Construction Fund — have argued the sale is unconstitutional because it puts the rights of junior creditors ahead of the rights of senior lenders. The funds also argue the U.S. Treasury Department has overstepped authority given to it by Congress under the Troubled Asset Relief Program by financing Chrysler’s restructuring.

That there is a good chance that the appeal will be granted by Justice Ginsburg (who will be in charge), the French Cowboy is doubtful. But it is good to see that some fighting spirit is showing up, and publicly. Let’s see whether Obama will label the Indiana pension funds as evil suits for their greediness and their refusal to make “sacrifices like everyone else” and whether he will invoke the “rule of law” in every second sentence as he’s wont to when condemning the Bush administration. Teachers, pensioners, construction workers – it’s the little guy who loses when the ‘Brain Trust’ does industrial policy despite all the talk to the contrary.

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