SDR, this bailout of Chrysler is just full of ironies. And it’s really quite disgusting…

Some examples

#1)UAW will be given a good percentage of Chrysler without voting rights…..The irony is that the UAW union chief says the first thing he wants to do is sell Chrysler stock..

http://www.msnbc.msn.com/id/30568354/

#2)The Chrysler bankruptcy is proceeding and skirting how typically the pecking order of creditors. Although Obama is painting an “evil” portrait of those objecting the creditors who object to this hurried fiat deal and the terms of the bonds payments, this “deal”

a) isn’t really an open bid to get the best possible price

b) Senior creditors included institutions that DID NOT receive TARP, but yet the government is trying to strong arm them into accepting 30cents on the dollar (they’re asking for 60)…and this fiat deal is going through first rewards more junior creditors than senior, which is disturbing imho

http://www.autoblog.com/2009/05/04/chrysler-creditors-continue-to-object-claim-death-threats/

http://www.reuters.com/article/GCA-autos/idUSTRE54016D20090501

Yet notice how obama blasted those creditors for not accepting the government’s strong arm attempt.

http://www.huffingtonpost.com/2009/04/30/obama-blasts-hedge-funds-_n_193784.html

#3 Chrysler is now forcing the fiat deal to go throw by throwing in a poison pill if the deal with fiat falls apart… $35 million to be exact.

http://www.autoblog.com/2009/05/05/chrysler-pursuing-clause-to-award-fiat-35-million-if-deal-falls/

#4 Chrysler has no plans on paying that $4.5 billion back that taxpayers loaned to them.

http://www.autoblog.com/2009/05/05/chrysler-unlikely-to-pay-back-most-recent-4-5-billion-govt-loa/

#5 BUT the biggest irony is, after all said and done….despite all the flag waving and patriotism about “buying american”… In the very end, after this deal, buying a “Chrysler” is no longer buying an “american” car. Fiat will own the controlling stake. Fiat already has plans to put it’s lineup in the U.S. And it’s questionable what Chrysler vehicles will remain to be produced. Chrysler is already going to be parting the factories that make the Sebring/Stratus/Ram truck/Viper.

A good portion of profits of this new company (if any) will go overseas. True, this will save some american jobs…But this completely shoots down people who argue that buying a toyota/honda made in the U.S. is not as “american” because money is still sent to japan.

#6 With this merger, you’ll have Fiat (which historically produces unreliable cars) merging with Chrysler (which also historically produces unreliable cars) together that most likely will eventually will produce a hell of a lot of unreliable cars.

I really was hoping the Chrysler deal would have fallen apart. It’s one big expenditure, questionable whether this arrangement will produce profits, and regardless, we taxpayers aren’t going to get paid back for this.

The only thing I’m looking forward too is when Wall Street give Obama the ole finger in the next election.