Chrysler Bankruptcy Aside

I've previously posted (here and here) about the distortion of the Bankruptcy Code in the General Motors and Chrysler Chapter 11 bankruptcies. But here's a link to download an article written in 2010 by James J. White. White along with Robert Summers has written the leading treatise on American commercial law. I used the second edition when I was in law school and they're now up to the fifth edition so you know they're doing something right.

You can get a sense of White's wit from the article's abstract:

The interesting issue in Chrysler is not the lawyers’ manipulation of the law; it is the politicians’ use of the bankruptcy to launder money. Had the President simply announced that the federal government would give $4 billion to the UAW, the public, even the public in the UAW’s home state of Michigan, would have been up in arms. By laundering the money through the Chapter 11 process, the administration disguised the payment and avoided the outrage