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Tom Au, CFA
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In the early 1990s, during the middle of a secular bull market, I began work on "A Modern Approach To Graham and Dodd Investing," that was not particularly suited for the decade of the 1990s, but was ideally suited for the following "Lost Decade" of the 2000s. In the early... More
My company:
Carryl Capital Management
My book:
A Modern Approach to Graham and Dodd Investing
  • Hands Were Laid On (Chrysler) 0 comments
    Jun 10, 2009 10:11 AM

    That's by the Supreme Court, with regard to the purchase of Chrysler by Fiat. And that's the most important thing.

    The nine justices declined to grant "certiori" (hear the case) of the Indiana Pension dissidents, regarding the priority of their bond holdings. That's understandable, because the HIgh Court's concern is with issues that are predominantly legal, rather than economic, in nature. Chrysler is now free to proceed (and is in fact proceeding), with its merger with Fiat.

    But the Court did re-assert its authority in such a case, which is to say that it reserves the right to hear the next one, if there are more substantative legal issues involved. Thus, it upheld the principle of "checks and balances," embodied in the "separation of powers" established by America's Founding Fathers.

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