The Spark

“The emancipation of the working class will only be achieved by the working class itself.” — Karl Marx

In Praise of Chrysler’s Backers . . .

May 4, 2009

Speaking in support of the Chrysler bankruptcy, which was used to batter down workers wages, Barack Obama spoke glowingly of the “responsible” creditors who “agreed to reduce their debt to less than one-third of its face value to help free Chrysler from its crushing obligations.”

Who are Chrysler’s biggest creditors who own 70% of Chrysler’s debt? They are Morgan Chase, Morgan Stanley, Citibank and Goldman Sachs.

They claim to be losing 4.5 billion dollars. But these four banks got over 105 billion dollars in government bailout money. And that’s not all, they also just happen to be among the biggest recipients of money from the government’s bailout of AIG, which wrote insurance polices to cover the losses of – SPECULATORS! In all, the four investment companies received 16.8 billion dollars from AIG.

Obama can say what he wants. Money speaks louder than words – especially if it is 121.8 billion dollars!