Chrysler Creditor Woes

It looks like all the secured non-TARP lenders to the former Chrysler Corp. are at risk of losing every penny of their money. Described as “pensioneers, teachers’ credit unions, personal retiree accounts, retirement plans, college endowments,” the lenders are at the mercy of Obama's Treasury Department which is making it difficult for lenders to recover any losses from the scraps left behind in the "Old Chrysler."

"New Chrysler" is unaffected.

Interestingly, the ownership structure of "New Chrysler" was recently reported as U.S. Government — 9.85%; Fiat Motors — 20%; Canadian government — 2.46%; the UAW’s health care trust — 67.69%.

Much more here. Good poop.