So Obama has decided to demonize, with the full force of his bully pulpit, the evil “speculators” who loaned money to Chrysler and who are now insisting on their legal rights in the distribution of Chrysler’s remaining assets. The President is doing this in order to force the transfer of the creditors’ legal share to the United Auto Workers union instead.
Throwing out contract law in order to achieve a desired result sounds suspiciously like the kind of decision that might be arrived at by a judge more concerned with “empathy” than with the law.
Maybe the union is just a bunch of good guys. Maybe the bondholders are all nasty rich people. Contract law is for everybody. A society with a weak rule of law is not a fun place to live. Obama, with his submission to the UAW, as well as to the left’s desire for revenge on the Bush administration, is weakening the rule of law in the United States.
No good will come of this. Except of course for the resurgence of the Republican Party, or perhaps the resurrection of the Whigs.
Medical insurance claims are denied for all sorts of reasons. What do you do if you feel the insurance company should have paid on a claim but has denied it?