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Blog Directory Del's Perspective: Police with Backbone and Teachers with Brains Fighting a Corporate Giant

Monday, June 8, 2009

Police with Backbone and Teachers with Brains Fighting a Corporate Giant

The sale of the automaker Chrysler Group to an Italian car maker, Fiat, has been put on hold. Teachers and police officers in Indiana filed an emergency petition in the U.S. Supreme Court to block the sale.
The Indiana State Police Pension Fund and the Indiana Teacher Retirement Fund filed the petition this morning suing on the grounds that "the terms of the sale favor unsecured stockholders at the expense of secured stockholders and alleged that the use of Trouble Asset Relief Program Fund (TARP) to finance the bankruptcy is unconstitutional".

In an ideal case where the police chose not to be financially bullied and where teachers put their collective brains to work to stop an otherwise collapse of their retirement fund, we have a David versus Goliath smackdown with supremes serving as the referee.

The outcome? You guessed it! The police with all their muscle and the teachers with all that esoteric logic won't have a prayer. One need only a short perusal of the recent court's history to grasp an understanding that corporations reign huge in the eyes of the mighty robed jurists. One shouldn't be surprised if the court just stuck out its sinewy finger to those teachers and police officers and boldly said, "Stare Decisis!" (a sort of we-heard-this-before-and-we-don't-want-to-hear-it-again).

If that weren't enough, the talking heads in the media will probably eviscerate both groups because they had the temerity to stand up to Wall Street and the federal government over a highly questionable if not illegal sale.

The average Joe or Jane on the street or at the water cooler is probably just a little torqued about the suit as well because they didn't have anyone in their corner to champion for them when the financial crisis placed their retirement accounts in jeopardy.

Brains and backbone. I am proud of them.

1 comment:

  1. It is extremely awful how powerful these corporations are. People are just crushed when they take them on.

    I think the problem is that too many people buy into their crap.

    Therefore, we must always applaud those who courageously opposse them.


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