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POPSChrysler Bankruptcy Hardball: The Shape Of Things To Come That's a political payoff pure and simple. The senior secured creditors (many of which represent retirement funds and savings plans) said no. The Obama administration then deployed the brass knuckles. As one blogger notes, Car Czar Rattner got downright Nixonian about the resistance to The One: Confronting the head of a non-TARP fund holding Chrysler debt and unwilling to release it for any sum less than that to which it was legally entitled without compelling cause, this country's "Car Czar" berated the manager of said fund with an outburst of prose substantially resembling this: Who the f*ck do you think you're dealing with? We'll have the IRS audit your fund. Every one of your employees. Your investors. Then we will have the Securities and Exchange Commission rip through your books looking for anything and everything and nothing we find to destroy you with.
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