Is Anyone Paying Attention To The US Constitution Lately?

Yesterday's Investors' Business Daily posted a commentary on the sale of Chrysler to Fiat.  The Supreme Court last week allowed the sale to proceed.  According to the article:

"Richard Mourdock, Indiana's state treasurer who has been criticized for contesting the terms of the Chrysler bailout, notes that "no critic has ever challenged us on the points of law."

Indiana's pension funds for retired teachers and state police officers were among Chrysler's secured creditors. It has been settled law that secured creditors, as compensation for lending money at rates lower than the borrowing company's condition might justify, are first in line to be paid in the event of bankruptcy.

Indiana's funds and other secured creditors received less per dollar than did an unsecured creditor, the United Auto Workers, which also got 55% ownership of Chrysler. So the government is simultaneously subsidizing Italians and injuring retired Hoosiers.

The Supreme Court has said nothing about "bailout law," a phrase that currently is an oxymoron. America as Bailout Nation is governed by unconstrained executive discretion."

This is one of those seemingly minor incidents that will come back to bite us as a country in the future.  The laws of bankruptcy were blatantly violated.  Secured creditor were paid less per dollar than unsecured creditors.  America's average citizen may not have noticed, but you can bet that Wall Street investors did.  A favored political group was given preference over a non-favored group in a property dispute.  Where is the press?