The Obama Administration is now seeking to give the United Auto Workers Union a big chunk of General Motors, at the expense of taxpayers and bondholders (including non-union retirees). If Obama gets his way, the UAW will receive at least ten times as much value ($10 billion plus 39 percent of the company) as the bondholders (who get no money and 10 percent of the company) even though the bondholders are owed more ($27 billion vs. $20 billion). This is neither legal…

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Sheila Bair, the head of the FDIC, has been busy rewarding irresponsibility and punishing thrift by giving special breaks to deadbeat mortgage borrowers from failed banks taken over by the FDIC, like Indymac.

Delinquent borrowers have received reductions in the interest and principal on their mortgages, resulting in interest rates of 3 percent or less, way below the rates available to responsible people who pay their bills on time. Bair’s excuse for this has been that borrowers won’t default if their…

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