IBJNews

Dems attack Mourdock on Chrysler bankruptcy fight

Back to TopCommentsE-mailPrintBookmark and Share

Indiana Democrats attacked Republican Senate candidate Richard Mourdock on Monday for opposing the 2009 Chrysler bankruptcy, a position they see as his biggest weakness.

Mourdock was state treasurer when Chrysler filed for bankruptcy.

Democratic Party Chairman Dan Parker released legal invoices from Mourdock's attempt to block the Chrysler deal, which he says put the state in a bad spot. Democrats plan to follow the rollout of the legal invoices in the next six weeks with a statewide tour targeted at communities that would have lost the most jobs if Mourdock's 2009 legal challenge was successful.

"I think this goes to the judgment of the two candidates," Parker said, shortly after ticking through a legal document Monday. "Richard Mourdock was politically motivated. They wanted to blow up the company; it would have cost us thousands of jobs."

Mourdock has credited his 2009 fight against the Chrysler bankruptcy with building his national profile. He has said consistently since then, including throughout his successful primary battle against U.S. Sen. Richard Lugar, that he would do the same thing again if given the chance.

Mourdock "stood on principle and fought for Indiana's retired teachers and state police officers against the federal government takeover of Chrysler," Mourdock spokesman Chris Conner said in a prepared statement.

The state Democratic party released a series of invoices it says shows the fight cost the state $2.8 million. The treasurer's office contests that figure, saying only $2.05 million was spent on the case after the law firm, White and Case, agreed to reduce its costs.

Both campaigns are entering a critical final stretch, with four months to go before November's election. The equivalent play by Republicans has been grilling the Democratic candidate, U.S. Rep. Joe Donnelly, for voting in favor of the federal health care law.

The new push from the Democrats came as Donnelly's campaign announced it raised roughly $900,000 in the last three months and has $1.2 million cash in the bank. The Mourdock campaign announced it raised $1.6 million in that same period but did not immediately say how much cash it had on hand.

ADVERTISEMENT

  • Bumper sticker
    Where can I get one of the "don't blame me I voted for Lugat" bumper stickers
  • Bumper sticker
    Care to send me one?
  • bond holders
    Let's face facts, Mr. Murdock was grandstanding for the tea party and will continue to waste our tax dollars grandstanding whenever he can (whether it be $2.05 or $2.8MM is really not the issue - he spent a LOT of our money on a wasted cause that only benefited him and some attorneys). We need someone like Mr. Donnelly who is willing to understand what it takes to get things done, not someone who believes that compromise and collaboration are bad words and will continue to do all he can to pander to the right wing of our party.
  • biggest weakness
    His biggest weakness is that he defeated Richard Lugar who is the greatest elected official in Indiana history. I am a Republican precinct committeeman. My Lugar yard sign remains in my front yard till November. I just had printed 2500 "Don't Blame Me, I Voted for Lugar" bumper stickers.
    • Not in State's interest
      regardless of how one feels about the C bk, it is clear that any alternative would have resulted in up to 10,000 OMB, Tier 1 and Tier 2 job losses in Indiana. The investment was stupid from the get go, and was not worth trying to protect at the expense of our citizens. There was no justification for RM's hopeless crusade. It was clear to every bk lawyer and Judge in the Country that C would not survive without the gov't deal. RM was advised on the bk issues at the very beginning, and chose to ignore the informal opinions provided by all the experts. He had to literally search for a firm willing to rep the State on this challenge.
    • Not in State's interest
      regardless of how one feels about the C bk, it is clear that any alternative would have resulted in up to 10,000 OMB, Tier 1 and Tier 2 job losses in Indiana. The investment was stupid from the get go, and was not worth trying to protect at the expense of our citizens. There was no justification for RM's hopeless crusade. It was clear to every bk lawyer and Judge in the Country that C would not survive without the gov't deal. RM was advised on the bk issues at the very beginning, and chose to ignore the informal opinions provided by all the experts. He had to literally search for a firm willing to rep the State on this challenge.
    • dumb
      The point is, Chrysler went through a govt-backed expedited bankruptcy and the plan was approved (regardless of how various entities were treated under it). Done deal. Mourdock was playing politics when he brought this case, which any competent bankruptcy attorney would tell you was a loser, and he took this loser case all the way to the supreme court, where it (drumroll) ... lost. So yea, he made a name for himself from it in front of the tea party, but he also wasted a whole bunch of taxpayer money. A bunch. So now the moderate voters get to see this for what is.
    • So.......
      Mr. Murdock was trying to make sure the bondholders (State Police & teacher pension plans along with the other fund involved) did not lose the principal they invested in Chrysler. A normal bankruptcy plan would have thrown out all the labor and wage agreements on both sides and new ones that the company could financially handle be negotiated. However, the UAW got what they wanted and the pension funds got screwed which the taxpayers may have to make up the difference. That decision by the bankruptcy court should make any investor (indiviudal, investment company, or govt pension fund) think twice about investing in Chrysler or any other company's debt as they may not get their principal investment back which was s standard in common law for the prior 400 or so years. Then the only source would be the govt (taxpayers) which would suit the Democrats very much-no more private investment.
      • So.......
        Mr. Murdock was trying to make sure the bondholders (State Police & teacher pension plans along with the other fund involved) did not lose the principal they invested in Chrysler. A normal bankruptcy plan would have thrown out all the labor and wage agreements on both sides and new ones that the company could financially handle be negotiated. However, the UAW got what they wanted and the pension funds got screwed which the taxpayers may have to make up the difference. That decision by the bankruptcy court should make any investor (indiviudal, investment company, or govt pension fund) think twice about investing in Chrysler or any other company's debt as they may not get their principal investment back which was s standard in common law for the prior 400 or so years. Then the only source would be the govt (taxpayers) which would suit the Democrats very much-no more private investment.

      Post a comment to this story

      COMMENTS POLICY
      We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
       
      You are legally responsible for what you post and your anonymity is not guaranteed.
       
      Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
       
      No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
       
      We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
       

      Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

      Sponsored by
      ADVERTISEMENT

      facebook - twitter on Facebook & Twitter

      Follow on TwitterFollow IBJ on Facebook:
      Follow on TwitterFollow IBJ's Tweets on these topics:
       
      Subscribe to IBJ
      1. I had read earlier this spring that Noodles & Co was going to open in the Fishers Marketplace (which is SR 37 and 131st St, not 141st St, just FYI). Any word on that? Also, do you happen to know what is being built in Carmel at Pennsylvania and Old Meridian? May just be an office building but I'm not sure.

      2. I'm sorry, but you are flat out wrong. There are few tracks in the world with the history of IMS and probably NO OTHER as widely known and recognized. I don't care what you think about the stat of Indy Car racing, these are pretty hard things to dispute.

      3. Also wondering if there is an update on the Brockway Pub-Danny Boy restaurant/taproom that was planned for the village as well?

      4. Why does the majority get to trample on the rights of the minority? You do realize that banning gay marriage does not rid the world of gay people, right? They are still going to be around and they are still going to continue to exist. The best way to get it all out of the spotlight? LEGALIZE IT! If gay marriage is legal, they will get to stop trying to push for it and you will get to stop seeing it all over the news. Why do Christians get to decide what is moral?? Why do you get to push your religion on others? How would legalizing gay marriage expose their lifestyle to your children? By the way, their lifestyle is going to continue whether gay marriage is legalized or not. It's been legal in Canada for quite a while now and they seem to be doing just fine. What about actual rules handed down by God? What about not working on Sundays? What about obeying your parents? What about adultery? These are in the 10 Commandments, the most important of God's rules. Yet they are all perfectly legal. What about divorce? Only God is allowed to dissolve a marriage so why don't you work hard to get divorce banned? Why do you get to pick and choose the parts of the Bible you care about?

      5. Look at the bright side. With the new Lowe's call center, that means 1000 jobs at $10 bucks an hour. IMS has to be drooling over all that disposable income. If those employees can save all their extra money after bills, in five years they can go to the race LIVE. Can you say attendance boost?

      ADVERTISEMENT