See, I Told You So: Obama Gives UAW the Majority Stake in Chrysler

See, I Told You So: Obama Gives UAW the Majority Stake in Chrysler: "RUSH: Now, as for the United Auto Workers ending up owning 55% of Chrysler and 39% of General Motors, the General Motors deal is really a screw job for people who invested in GM bonds. The people who invested in General Motors bonds are going to get maybe a dime on the dollar. Larry Kudlow puts it a good way. 'The government is about to take over GM in a plan that completely screws private bondholders and favors the unions. Get this: The GM bondholders own $27 billion and they're getting 10 percent of the common stock in an expected exchange.

'And the UAW owns $10 billion of the bonds and they're getting 40 percent of the stock. Huh? Did I miss something here? And Uncle Sam will have a controlling share of the stock with something close to 50 percent ownership,' in GM, 'And no bankruptcy judge. So this is a political restructuring run by the White House, not a rule-of-law bankruptcy-court reorganization. Meanwhile, top Obama adviser Valerie Jarrett opened the door wide on CNN yesterday to bank nationalization and CEO firings.' Now, these stress tests are coming out of the banks, and guess what? Citibank may need more money. The stress tests, exactly as I called them last week, are possess tests. The stress tests are possess tests! More governmen"