The Indiana State Teachers’ Retirement Fund is rightly challenging the diversion of tens of billions of dollars of federal TARP bank bailout money to pay for auto bailouts in the Chrysler bankruptcy case. That diversion violates the law. It is part of the government’s unfair reorganization plan for Chrysler, which rips off pension funds to provide short-sighted, unsustainable preferential treatment for the UAW.
(The bailouts are doing no good. General Motors and Chrysler would actually have been better off if they had filed for bankruptcy…
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