Fiat-Chrysler deal clears Supreme Court; good news for workers and dealers

After all the surprise yesterday when the Supreme Court decided not to rubber stamp the approval of Fiat's acquisition of Chrysler, we now have a jolt of joy -- the Supreme Court took a little time to contemplate the arguments of the Indiana pension funds and decided to approve the deal.

Those who were hoping that a couple of pension funds holding $14.2 million of senior debt that they bought at 43 cents on the dollar last July would hold up the government's $8 billion effort to keep Chrysler from a liquidation must be deeply disappointed. Of course I have not heard these same voices wailing and gnashing their teeth about the $12.8 trillion the U.S. spent to bail out Wall Street.