So, this is apparently how it all went down.

Chrysler is in deep doo doo. Despite receiving money before that was seemingly necessary to prevent bankruptcy, they went under anyway.

Well, under bankruptcy laws, secured creditors are the top of the pecking order to be paid back by the sale of assets; unsecured creditors scrounge around for whatever is left.

So, the government found away around that by selling “Old Chrysler” to “New Chrysler” and having “New Chrysler” essentially owned by the unsecured creditors. Or something like that.

Well, some folks in Indiana were none too happy about that. Being secured creditors, they saw right through that thinly veiled circumvention of bankruptcy law.

Went all the way to the Supreme Court, which yesterday said “Whoa, Nellie! We have to take a look at this!” And they put a hold on the whole thing.

Late today, they released the hold and issued a statement that basically said, “Ha ha. Just kidding. The rule of law doesn’t mean anything anymore. The Anointed One will save us all. He can do no wrong and he can do whatever he wants.”

And, thus, came to be the Grand Banana Republic. And the people rejoiced and tithed 80% of their income to the Banana Capitol to be dispensed with as they so desired.

The end.

This entry was posted on Tuesday, June 9th, 2009 at 10:19 pm and is filed under Blogging. You can follow any responses to this entry through the RSS 2.0 feed.
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