Obama's Use and Abuse of Property Rights

In case you were curious, property rights are under assault by the Obama Administration.  Read Michael Barone’s article in The Washington Examiner.

Barone mentions that the United Auto Workers are receiving kickbacks for their support of President Obama’s campaign last year.  One of those kickbacks is that the UAW could own 55% of Chrysler and 43% of General Motors (GM).

The White House, presumably car czar Steven Rattner and deputy Ron Bloom, is seeking to transfer the property of one group of people to another group that is politically favored. In the process, it is setting aside basic property rights in favor of rewarding the United Auto Workers for the support the union has given the Democratic Party. The only possible limit on the White House’s power is the bankruptcy judge, who might not go along.

So…what’s going to happen to GM?  After all, GM’s bondholders are watching this situation closely, since Chrysler’s bondholders are suing for their fair share of the money.  Will they also have to sue to attempt to preserve their property rights?  Either way, it looks like Obama has drop kicked property rights to the curb.