Mourdock Talks About Chrysler Bankruptcy
July 28, 2016 at 4:25 p.m.
Mourdock Talks About Chrysler Bankruptcy
By Jennifer [email protected]
He spoke to a crowd of approximately 80 Republicans during the Kosciusko County Republican Hall Of Fame Dinner at Noa Noa Restaurant, Warsaw.
He was elected as the 53rd state treasurer in 2006 and serves as the state's chief investment officer.[[In-content Ad]]Mourdock said the government bypassed bankruptcy laws and violated the Constitution during the Chrysler bankruptcy.
Mourdock was at the center of the national debate on the automobile industry bailout as he pursued a case all the way to the U.S. Supreme Court on behalf of Indiana pensioners and taxpayers. He said he stood up for the rules of law, the U.S. Constitution and individual rights.
"I never thought when I sought this office three years ago that we would be in the largest meltdown in financial history," Mourdock said.
He said when the U.S. government began running the Chrysler Corp. this year, for the very first time secured creditors were not first in line. A select group of secured creditors received 29 cents on the dollar for an investment. However, unsecured creditors received 59 cents on the dollar for an investment.
"The government put the whole package of assets together where there would only be one bidder at the sale and they were the same people setting the prices," Mourdock said.
The Constitution was violated during the bankruptcy, according to Mourdock.
"The U.S. Constitution says no U.S. citizen shall lose their wealth or property without due process of law," he said.
Mourdock said the Constitution says Congress shall establish a uniform bankruptcy law, and Congress has the authority to make bankruptcy law.
"In this case executives made laws and decided how businesses should be treated," Mourdock said.
He said the treasurer's office went back to the U.S. Supreme Court and put an appeal in early September for the Chrysler bankruptcy case. If four justices sign the appeal, the case will be heard by the court.
He said he has learned through the Chrysler bankruptcy that things are being defined and re-defined.
"Things that are being redefined are a sense of values that have long been the cornerstone of American life," Mourdock said.
He said places like Gettysburg, Beaches of Normandy, Iwo Jima and Shiloh define America.
"These are places that spread over more than 230 years of our history separated by half the circumference of our globe, and one thing they have in common is that they are the blood of young America," Mourdock said.
Also during the dinner, candidates seeking re-election in 2010 announced their candidacy.
Dave Wolkins is seeking re-election to the State Rep. Dist. 18 seat; Bob Conley is seeking re-election to the Kosciusko County Commissioners; Marsha McSherry is seeking re-election to the county auditor seat; John Kinsey is seeking re-election to the county council; and Bill Friend is seeking re-election to the State Rep. District 23.
Other candidates include Jim Banks, Columbia City, seeking the District 17 State Senator seat; Charlie White, Fishers, seeking the Secretary of State seat; Bill Ruppel seeking re-election to the State Rep. Dist. 22 seat; and Mourdock seeking re-election as state treasurer.
Cindy Nolton, Kosciusko County chief deputy treasurer, and Mike Gavin, senior vice president of credit administration for Lake City Bank and a former Kosciusko County Republican Party chair, received the Republican Hall Of Fame Awards. The awards are presented to a man and woman who have contributed to the Republican Party. Jean Northenor presented the awards.
He spoke to a crowd of approximately 80 Republicans during the Kosciusko County Republican Hall Of Fame Dinner at Noa Noa Restaurant, Warsaw.
He was elected as the 53rd state treasurer in 2006 and serves as the state's chief investment officer.[[In-content Ad]]Mourdock said the government bypassed bankruptcy laws and violated the Constitution during the Chrysler bankruptcy.
Mourdock was at the center of the national debate on the automobile industry bailout as he pursued a case all the way to the U.S. Supreme Court on behalf of Indiana pensioners and taxpayers. He said he stood up for the rules of law, the U.S. Constitution and individual rights.
"I never thought when I sought this office three years ago that we would be in the largest meltdown in financial history," Mourdock said.
He said when the U.S. government began running the Chrysler Corp. this year, for the very first time secured creditors were not first in line. A select group of secured creditors received 29 cents on the dollar for an investment. However, unsecured creditors received 59 cents on the dollar for an investment.
"The government put the whole package of assets together where there would only be one bidder at the sale and they were the same people setting the prices," Mourdock said.
The Constitution was violated during the bankruptcy, according to Mourdock.
"The U.S. Constitution says no U.S. citizen shall lose their wealth or property without due process of law," he said.
Mourdock said the Constitution says Congress shall establish a uniform bankruptcy law, and Congress has the authority to make bankruptcy law.
"In this case executives made laws and decided how businesses should be treated," Mourdock said.
He said the treasurer's office went back to the U.S. Supreme Court and put an appeal in early September for the Chrysler bankruptcy case. If four justices sign the appeal, the case will be heard by the court.
He said he has learned through the Chrysler bankruptcy that things are being defined and re-defined.
"Things that are being redefined are a sense of values that have long been the cornerstone of American life," Mourdock said.
He said places like Gettysburg, Beaches of Normandy, Iwo Jima and Shiloh define America.
"These are places that spread over more than 230 years of our history separated by half the circumference of our globe, and one thing they have in common is that they are the blood of young America," Mourdock said.
Also during the dinner, candidates seeking re-election in 2010 announced their candidacy.
Dave Wolkins is seeking re-election to the State Rep. Dist. 18 seat; Bob Conley is seeking re-election to the Kosciusko County Commissioners; Marsha McSherry is seeking re-election to the county auditor seat; John Kinsey is seeking re-election to the county council; and Bill Friend is seeking re-election to the State Rep. District 23.
Other candidates include Jim Banks, Columbia City, seeking the District 17 State Senator seat; Charlie White, Fishers, seeking the Secretary of State seat; Bill Ruppel seeking re-election to the State Rep. Dist. 22 seat; and Mourdock seeking re-election as state treasurer.
Cindy Nolton, Kosciusko County chief deputy treasurer, and Mike Gavin, senior vice president of credit administration for Lake City Bank and a former Kosciusko County Republican Party chair, received the Republican Hall Of Fame Awards. The awards are presented to a man and woman who have contributed to the Republican Party. Jean Northenor presented the awards.
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