Judge Approves Ridiculous Chrysler Deal

I think Ace sums is up pretty well:

The senior bondholders will stand behind junior, unsecured debtholders (read: the unions), despite what their contracts and bankruptcy law and the 5th Amendment's prohibition against "takings" might say.

And, surprise surprise, the government has forgiven $7.5 billion in loans (and interest payments) we were all told we'd get back, just the same as we got back the Iacocca-era loans.

Eh, it's $7.5 billion. Not even a rounding error in Obama's budgets.

(But his $100 million in cuts are serious attempt to curb government spending, you know.)

Will anybody with standing among the senior creditors dare challenge this? Only if they don't mind a bunch of fat ACORN protesters marching around their house. You know it's going to happen.