I'm not sure I've got the scenario straight, so correct me where I'm wrong please-
President(?) Obama has changed the law, and contracts as they are written about bankruptcy mean nothing anymore. Private property of preferred stock and bondholders of Chrysler and GM is being stolen with his approval. That property is being given to those that supported his election, primarily the U.A.W..
But here's where I'm really confused...
Past dealings between the U.A.W. and the management of both Chrysler and G.M. have resulted in health care and retirement costs burgeoning to the point where those companies can no longer be competitive with foreign automakers.
The U.A.W. will have to deal with the new owners/managers of those companies to bring those costs down dramatically. So now the U.A.W. will have to negotiate with the U.A.W. to cut costs to the bone?
If Bozama gets his way, this unfolding tragedy will certainly be interesting to watch!