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Credit Default Swaps May Be Playing a Supporting Role in Chrysler Bankruptcy Filings

I don't have any sympathy for Chrysler or the unions. Secured lenders are exactly that . To get the short end of the stick because the adminstration decided that should be the case is wrong.

The bankruptcy process should protect the secured lenders and modify the union contracts to make them competitive with the contracts of domestic based non union auto manufacturers.

Why would anyone want to lend to Companies on a secured basis for the low interest rates that secured loans pay?