Chrysler lenders aim to stop sale | BBC.com

Some people just have gall. Others have stones that would make William Wallace proud.

Creditors object to the way the restructuring benefits the United Auto Workers union, which is an unsecured creditor, for the $10.6bn Chrysler owes to its retiree healthcare fund.

In addition, they say the anonymity request is because they feel they are unfairly becoming the focus for a political backlash.

Unfairly, eh? Hmm.

An interesting perspective. I suspect that legally, these lenders may be technically correct. In fact, having worked for some time in the investment banking industry, and having also processed bankruptcy filings in the credit collection industry, I'm pretty confident they are.

However, I wonder if the bankruptcy courts might consider this precedent-setting approach germane: The debt obligation that Chrysler has incurred with the UAW Healthcare Fund has been 'secured' in advance through the years of prior labor contributions by the employee who is now entitled to those benefits? And perhaps there is no more 'senior' standing than that. Your mileage may vary, but it's certainly food for thought.

Perhaps someone could file an Amicus Curiae ("friend of the court") brief on this point of view...

And I'd be just as concerned about 'political backlash' if I were part of a overt effort to force Chrysler into bankruptcy just because I'm holding prioritized debt instruments from Chrysler as a 'Senior Secured Creditor'. I'm quite sure that, instead of gross grandstanding about the egregious profits they've made over the years, they're now worried that people will find out that in order to collect on their current 'winnings', they'll need to disenfranchise all those workers whose labor has enriched the inherent value of their current holdings.

Oh, and not that I'd be surprised but, if I were the judge on this case, I'd want to see the police reports on those 'death threats' before I gave that claim much traction.

Then again, we do live in interesting times.

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Like it was great, awesome (totally) - IHT.com

Ok, ok... So I'm a bit in arrears on cleaning up my draft postings. But this tidbit was one I had to rescue from the March trash bin, just for you all.

Sitting in my coffee shop, I heard a dude discussing his hangover at greater length than I would've thought possible, all about how his expectations for the night before had been too high and that there was an emotionally needy side to him that sort of ambushed him and led to his debacle, which he then described in too much detail, and then he said, "Mom, I've got to run. Later." And then "Love you, too." And went back to reading e-mail.

Geez...! GK actually said 'dude'... I mean, here is one of the most erudite (well, GK knows what 'erudite' means even if you don't) fellows on the planet, letting his hair down to say 'Dude'. I was shocked.

Not quite appalled, but definitely shocked. Then again, my Mom would have told me to suck it up...

Response to John McCain...

Sir,

Sadly, there is no longer simply 'a biggest challenge that America faces'. The problem has become too diverse and multifacted to sum up in a sound bite encapsulation.

Indeed, the state of our economy is a significant concern to all Americans. Many have lost or are losing their homes and dreams due to unscrupulous and predatory lending practices. Many have lost or are losing their jobs to unfair hiring practices (e.g. H1B Visas) and profit-driven offshoring practices. Many of our aged and infirm are being forced to choose between bankruptcy or death by pharmaceutical and insurance companies whose sole focus is the bottom line (e.g. Tier4 drugs), without regard to the social injustice they bring to bear on the citizens who depend so critically upon their products and services. And as a consumer economy, we depend far too much upon the good nature of other nations. Considering our standing in the world, that is a recipe for demise of our country and our way of life as we know it.

Democracy was a wonderful discovery, and on the whole its implementation has demonstrated a propensity for prosperity where it emerges. I believe those who recognize its virtues will embrace it. Those who do not, will not, and cannot be induced through force or coercion. And as we know, those nations or factions that are threatened by it will respond with violence and fear. Through the machinations of others, our nation has been spread too thin globally. We have committed economically (promoting a Nuclear India, and permitting/encouraging commerce with a socially abusive China) to agenda that do not serve the interest of America or the world in which we live. And our noble men and women in uniform remain in harms way without a plan to meet our obligation to reasonably minimize or negate that risk while seeing our commitment to Iraq through to the formation of a functioning sovereign government, eventually retuning our soldiers to missions worthy of our national heritage. And as an experienced soldier, you of all candidates know full well the virtue and wisdom of pulling back and regrouping when the best laid plans clearly demonstrate a lack of progress, and wasting of limited resources (e.g. Afghanistan and Bin Ladin).

As the quintessential democracy, we embraced Emma Lazarus' 19th century invitation to accept other countries 'tired, poor and huddled masses'. And in doing so, over time, America has become stronger through the inevitable diversity it has fostered. However, having left open our 'golden door' to an unchecked influx of illegal immigration, we have also left ourselves open to economic ruin through the unending drain upon social and public services, and violent retaliation from those who do not share our social values, or our national allegience. Lip service and convenient flag waving is insufficient evidence of loyal citizenry.

As a global citizen, we have failed our neighbors in serving the interests of our world on the environmental front, a war just as vital as any we prosecute in any finite sovereign nation. Admittedly, the industrial revolution was instrumental in the development and expansion of the global economy to be certain. However as any scientist will tell you, the unchecked growth of any single influencing factor in an environment will destabilize that environment, threatening all life within it. We have an obligation to reduce our negative impact on our world, to reduce our dependence upon foreign energy sources, and lead other nations by that example.

The answers to some of these issues, and others, may be found through a process of expanded higher education and education loan debt forgiveness through targeted public service or specific trades; increased economic incentives for technological development; tougher policies (not economic incentives) to keep jobs and dollars at home; 'fair trade, not free trade',

Is There Really an IT Labor Shortage? - Baseline.com

Not only are there more than enough new graduates pumped out of universities each year to fill the country’s available technology jobs, but some like Wadhwa believe that there are many more experienced IT workers out of the market who are unemployed or underemployed or unemployed due to age discrimination or those who left IT during a period of unemployment following a bust cycle. Additionally, there are many more business users who could be trained in IT skills if necessary. Wadhwa believes these workers could be easily “skilled up” in the event of temporary shortages.

An excellent article on the truth of employment in the IT field in the US, and why the H1B Visa isn't really in our nation's best interest. These observations about rampant age-ism in global IT are spot on accurate, and have become one of (if not the) biggest stumbling block for greying technologists.

A Tsar Is Born: Putin - TIME Man of the Year

"Stalin's ghost appears to Putin in a dream, and Putin asks for his help running the country. Stalin says, 'Round up and shoot all the democrats, and then paint the inside of the Kremlin blue.' 'Why blue?' Putin asks. 'Ha!' says Stalin. 'I knew you wouldn't ask me about the first part.'"

"...just as Yeltsin rewarded Putin for his loyalty, now Putin is doing the same for his anointed successor, Medvedev. There is already a new Putin joke: Putin goes to a restaurant with Medvedev and orders a steak. The waiter asks, "And what about the vegetable?" Putin answers, "The vegetable will have steak too."

Time claims that their Man of the Year designation is not an honor or an award, yet their writeup of their interview with Putin goes far to present him in admirable light. I agree that Russia has never seen better times, and Yeltsin and Gorbachev were both miserable failures upon the global stage, but despots are still despots. You decide.

NYPD warns of homegrown terrorists - U.S. Security - MSNBC.com

Citizens who quietly band together and adopt radical ways — not just established overseas terrorist groups like al-Qaida — pose a serious threat to American security, a new police analysis has concluded.

Hmm... So, let's see if I can identify any 'groups' that might meet this definition:

The Society for Creative Anachronism - They dress in funny clothes, dance, wear medieval armor, beat on each other for sport, and think they're subjects of a monarchy (all for educational purposes). Have been since the 60's. Totally rad, man!

The National Rifle Association - They assemble and collectively dare to believe that the founding fathers clearly intended for every citizen to be imbued with inalienable rights to arm themselves against oppression and tyranny, including oppressive and tyrannical governments. That's pretty radical, no? Ok, but they're not so quiet about it either. Just ask Charlton Heston.

American Association for Retired People - One of the most powerful voting blocs in America, most of whom probably live in Florida or Arizona. And all they want is affordable medical care. That's definitely radical. Just ask your congressman. Or Jack Kevorkian.

Who knows? Are you a member of a radical organization that might be threatening the very fibre of our nation? Check your credentials at the door.

Thousands of immigration marchers rally across U.S. - CNN.com

Flags are funny things. As an icon of a nation state, they are meant to represent the identity of that nation in a tangible form, proudly conveying the personality of that state, and over time becoming synonymous with its values and history. And none are more omnipresent throughout the world than America's own stars and bars.

I was standing in a ground floor lounge of my university when the protest march came down Jackson Blvd. here in Chicago. The room has windows that run from about waist height to the vaulted ceilg some fifteen or twenty feet above me, designed to give the occupant a sense of openness. Nevertheless, the sea of protestors filled the street, overflowing the curbs had the unnerving effect of making me feel like I was truly 'in the midst' of this march. From the relative safety of this vantage point, I could see almost everyone who passed our windows. Some whites or perhaps more accurately, caucasions (how does one distinguish between the numerous 'white' races of Europe?), but mostly hispanics.

I was struck by the number of people who were waving or carrying the American flag. But more importantly, I was struck by how I felt about that observation. For those I perceived as latinos, I found myself wondering where these flags would be in three days time?

Chicago's demographics reflect an enormous and ethnically diverse population, a significant portion of them of latino descent. And often times, on the various and sundry holidays of their native community, you can see many youths (latino and others, but largely latino) racing up and down the boulevards, proudly (almost defiantly) flying the flag of their homeland. And yet, these are quite possibly the same people who are now marching down Jackson claiming the protection of the American flag.

But where is the American flag in their daily American lives? Why do I so seldom see an American flag flying from a house or on a car in this community unless its somehow meant to conveniently demonstrate what comes off as a passing loyalty. Why is it that so many come to this country looking for something better, only to try to recreate what they left, here? I recognize a desire to preserve one's heritage, but can so many honestly believe that a choice to move to another country for a better life wouldn't mean leaving some (or much) of what they were trying to get away from, behind?

Modern sociologists often claim the term 'melting pot' is outdated, preferring pluralism to assimilation, advocating multiculturalism in its stead, especially with regards to America immigration. I don't claim to know which may be 'more right'. But 'convenient patriotism' is something I've no stomach for.

A Day of Remembrance -

By definition, a veteran is not simply someone who waged war on behalf of their country. A veteran is anyone who served in the armed forces in defense of their country. Presumably done honorably. Wartime. Peacetime. Veteran.

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Over the past decade or so, I've grown weary of the notion that this day of remembrance is but a 'holiday' designed to give our retailers another excuse to raise prices only to falsely lower them (let's not forget Memorial Day and the 4th of July, each symbols themselves of the need for lower prices, instead of the price our nation has paid in blood and souls, time and again); or to give television and cable broadcasters the opportunities to rake in more advertising dollars for time slots in between snippets of John Wayne and Robert Mitchum storming the beaches of Normandy and Iwo Jima.

And yet another Veterans Day has found our nation ensconced in a bloody war that has no end in sight. I could go on and on about the how and the why we are where we are. But today isn't about those who sent us. It's about those who serve.

When I think of Veterans Day, I remember all the audio tapes my family exchanged with my brother while he served during Vietnam. He was stationed as an aircraft bomb loader at a base in Thailand. Letters weren't nearly good enough. We had to KNOW he was okay, frequently. I also recall clearly, the tearful relief I witnessed our mother express when he returned home safely at the end of his tour. It was like she'd been holding her breath the entire time, from the day he left to enlist. And our family photos document all too well the strain of that separation.

When I think of Veterans Day, I remember the parade held in Chicago after Desert Storm in 1991. Banners and bunting flying from every building, bands blaring J.P. Sousa at every intersection, veterans from every branch of service, whole and not, marching (or rolling) side by side, receiving the accolades they so richly deserve. Desert Storm was 'over' in three days, and was declared a 'victory'.

When I think of Veterans Day, I think on the photographs that the current administration has fought long and hard to keep the public from seeing, in the hopes of warding off the negative press that would inevitably follow. Its okay for the press to 'report' the numbers. Simple data doesn't have the impact that images do. Images of flag draped caskets returning to the states, signifying lives given in service to their country are too much for you to bear. I am gravely saddened to know that we have lost so many brave men and women, regardless of the merit of the current endeavor. Still, I am honored that so many willingly chose (as I did) to follow in the footsteps of the many who have gone before them. Risking all, everyday. Without exception I am proud to have served my country. And given the opportunity, probably would do so again.

When I think of Veterans Day, I am disappointed by servicemen and women in the National Guard and Reserves who complain over being deployed to the current conflict, informing anyone who will listen that they had no intentions of fighting, they were only in it for the (educational) benefits. "Roll the dice, pay the price", or "There's no such thing as a free lunch". Pick your rhetoric, its all the same. Those who join under these precepts, gamble. Still, these men and women who seem to have no sense of duty to anyone but themselves continue to serve. Rather than fighting the system, they too fight the enemy, which makes them veterans nonetheless. Peacetime. Wartime. Makes no difference.

Sadly, our country continues to distinguish between wartime veterans and those who were simply fortunate enough to serve when there was nobody to (openly) battle. As recent events in North Korea should remind us, that war rages on still, even in its silence of the last 40-plus years.

Indeed, we owe those who gave their all during conflicts the highest of honors. But we should not forget those who choose to place themselves in harm's way, even in "peacetime". In most cases, the choice to bear the symbol of defender is an act of blind courage. For as some have learned, the distance between peace and war can be as brief as a single sip of tea.

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Every man and woman who dons the armor of the stars and stripes deserves your respect. From the ones who came back whole (and those who did not), as well as those who stood the homefront.

5 years of war and remembrance...

A cool, grey and rainy monday provide a somber backdrop for this morning here in Chicago. In contrast, I remember that bright sunny day five years ago when our collective consciousness was thrust upon the world stage, ill prepared for the revelation that the oceans no longer protected us from the world at large. Today, the bleak weather here falls like a requiem for our innocent dead. But what of our innocence as well?

This morning, as I have done every September 11th (now the national holiday called 'Patriot Day'), I pulled out my red and blue ribbon, adorned with white stars, dusted it off and proudly pinned it to the lapel of my jacket. It's nothing garish, styled much like so many 'ribbons' these days, just a little loop. You see them everywhere, pink for breast cancer, red for AIDS. Some are actually ribbons, others cloisenné, others printed magnets for your car and refrigerator. There's so many one can hardly keep track of what they all mean.

In the days and weeks following our collective tragedy, Americans and our friends and allies were anxious to show our resolve and unity through the overt display of our national colors. Everything from cars and homes, businesses and schools, and the people that came and went from them were festooned with red, white, and blue. Ribbons and banners and flags, oh my! You couldn't swing a CNN microphone without swiping something thusly attired. And we were all proud to show our allegiance. However, five years hence, I find a much different perception about such displays of patriotism and unity.

At the present, I'm still a college student, and spend a great deal of my time going back and forth from my near north neighborhood to my school's campus in the business district on public transit. And even though I've been living in Chicagoland since 1987, I'm still dismayed at the absolutely artificial distance people living in the city put between themselves and those they encounter in their daily comings and goings. Easily 8 in 10 (an unscientific number), both men and women, avoid eye contact. Sure, they'll 'eyeball' you quickly, just to size up your threat potential. But little else.

This morning, like most others, I dressed and headed out to class. The train stop is less than a block from my apartment. As mentioned, most everyone avoids making any form of personal contact. But today was somehow different. I noted many taking their obligatory glance as I passed them in the rain, but then noticed many also glancing at my ribbon. From my front door, all the way to the Loop, I was the only person sporting anything even closely resembling any sign of patrotism. And I perceived a sense of others being ill at ease at the overt symbolism of my ribbon. Only one person bothered to even inquire about it. A teacher, who, when I associated it with September 11th, remarked that such an overt display of 'the colors' reminded him of the Confederate flag, and not our own Stars and Stripes.

Have such displays of patriotism become passé (again)? I wonder if the damage that McFly and co. have done to the American image have made us as citizens ashamed to profess our allegience? Has it become garish to display American pride? Or have our symbols of identity become so synonymous with the levels of arrogance that are often attributed to be the source of world disdain?

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A work in progress.

Posting Lag...

Apologies to those of you who have followed this transition from my personal blog to this standalone one. Those who know me well, are already familiar with my rhythms, which ebb and flow with the academic quarter. Seems this quarter, my 'fluff' classes have proven to be more challenging than I gave them credit for. Consequently, there's a backlog of subject matter to comment on, and by the time I have a chance to get to it, it may well be 'old news'.

Never fear, I'll do my best to catch up shortly. However, if I am unable, rest assured, I'll return with a vengeance once the summer break ensues.

-- JMS

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Things I've been perusing lately but have had no time to comment on:
Specter wants to know about NSA phone database|Reuters.com

http://img.timeinc.net/time/cartoons/20060415/2.jpg

The Natural Bird Flu Cure THEY Don't Want You to Know About

The Cartoon Wars Are Over - CBS News

The push for RFID cards for US border crossings | TG Daily