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Street Journal","showNameId":"","brightcoveID":"","formattedCreationDate":"6/13/2012 6:37:11 PM","youtubeID":"","tickers":"","column":"Clip from Opinion Journal Live","titletag":"Opinion Journal: How Obama & the UAW Fleeced Taxpayers -- Todd Zywicki on President Obama and UAW","video2564kMP4Url":"http://m.wsj.net/video/20120613/061312opinionzywicki/061312opinionz...;:["United States"],"hls":"http://wsjvod-i.akamaihd.net/i/video/20120613/061312opinionzywicki/...: How Obama & the UAW Fleeced Taxpayers","mw-subchannel":"Commentary","bwc-package":"","thumbnail960x540URL":"http://m.wsj.net/video/20120613/061312opinionzywicki/061312opinionz...;:["UAW","GM","Chrysler","bailout","Detroit"],"video128kMP4Url":"http://m.wsj.net/video/20120613/061312opinionzywicki/061312opinionz...;:[{"fps":29.97,"width":1280,"height":720,"url":"http://m.wsj.net/video/20120613/061312opinionzywicki/061312opinionz...;},{"fps":29.97,"width":960,"height":540,"url":"http://m.wsj.net/video/20120613/061312opinionzywicki/061312opinionz...;},{"fps":29.97,"width":640,"height":360,"url":"http://m.wsj.net/video/20120613/061312opinionzywicki/061312opinionz...;},{"fps":29.97,"width":640,"height":360,"url":"http://m.wsj.net/video/20120613/061312opinionzywicki/061312opinionz...;},{"fps":29.97,"width":416,"height":234,"url":"http://m.wsj.net/video/20120613/061312opinionzywicki/061312opinionz...;},{"fps":15,"width":416,"height":234,"url":"http://m.wsj.net/video/20120613/061312opinionzywicki/061312opinionz...;},{"fps":10,"width":416,"height":234,"url":"http://m.wsj.net/video/20120613/061312opinionzywicki/061312opinionz...;}],"rssURL":"http://feeds.wsjonline.com/wsj/video/opinion/feed","videoURL":"rtmp...;... on that to Opinion Journal Live ... tortoise in University law professor times wiki joins me now ... I'd to sell ... another twist ... I'd to the GM Chrysler bailout which is ... the idea of printing part it looks like if the Obama campaign's positive message for re-election ... Saddam welcome ... primary great beer great Daddy with us ... I'm so that the GM Chrysler bankruptcy just for ... the review ... was unusual because secured creditors were paid first ... as they usually are ... but you and in in your coauthor of the Heritage Foundation James Sherk ... is put out a recent paper on heritage dot org ... uncovered another sort of ... unusual aspects ... of the taxpayer should care about ... tells LaVette about it ... absolutely Mary up on the way it works is that the UN in bankruptcy if your design priority is another credit or say Jake record creditors ... be sure your spouse to share an equal proportion of what's going on in the case ... and that didn't happen in Chrysler or GM and in particular happened for the benefit of the UAW ... so if you're ... really talking about you then the logic or whether it's justified for the government get involved with the with the Dow ... on what we're talking about here is that once the American taxpayers but that money into those companies ... were suppose to get it that were supposed to do is be ... taking our loan ... they don't our claims to be good for a loving giving it away you go in and that's basically what happened here a variety of ways ... UAW is preferred over other creditors and who preferred his employees compared to the way in which I did the Employees usually are treated in bankruptcy case of ... at times with the George Mason University law professor about the GM Chrysler bailout some new information ... on inside you say the United Auto workers union was preferred ... got paid ... out what exactly what exact benefits I did they get ... items this deal what did you what did he discover ... what were they were there are three things that we show are three ways in which they got far better treatment than in any typical bankruptcy case first ... as creditors there on their their pension funds the so-called of ... the year is ... on or unsecured creditors and to stay in response to share equally with other unsecured creditors in those cases including ... unsecured bondholders and General Motors ... on trade creditors ... are and that people like that instead the IQ actually preferential treatment ... on base ... compared to what they should've done in those cases ... is the causing the government when in over twelve billion dollars more to go beyond our is more than we otherwise would ... be awesome receive preferential treatment as employees which is it's quite common in typical bankruptcy cases ... that ended the day when you file bankruptcy due to a workforce like this you write down the wages ... to market which saw me she deference to the American Airlines case which is going on right now ... instead what happened here is that ... of these guys can of much better than General Motors to munch better ... of the new salary structure then the transplanted to well this is one of the things that Senator Corker another is to demand it is part of a condition of the Belle Isle ... we never gonna ... tie you say yes go ahead quickly so I ... the third thing that song really over water when things is that for some reason General Motors on changing guaranteed ... the pension fund's of Delphi ... we Geezeo by General Motors is not anymore and in fact many so question all we have never get answers about that ... that the odd ... that the ... of the big guy inspector general for the car is actually been looking into that what we try to figure out how that came about Todd and I just a couple moments leapt ... to very high fire questions ... how much intelligence as costs taxpayers ... and did this need to be done ... to save GM and Chrysler ... we were at least twenty three billion dollars on on on these cases our estimate is that our estimates that forty six and a half billion dollars ... we've been recovered and even treated the way they should have been bankruptcy ... the other thing is this is this completely unnecessary to rehabilitate these companies this was ... a journey about the UAW it did not in any way increase the deluge companies is that the transfer from the taxpayers to this interest ... and ultimately ... probably makes GM and Chrysler less competitive because they keep those higher wages ... and Visa V there's other domestic and foreign competitors ... by George Mason University law professor at odds with the ... he's got a great paper up on heritage dot Arnie's dot an op ed in the queue ... for Wall Street Journal side it's great to agree to have you with us ...","editor":"amorris","videoStillURL":"http://m.wsj.net/video/20120613/061312opinionzywicki/061312opinionz... Mason University law professor Todd Zywicki on President Obama's $26 billion gift to United Auto Workers.","relatedLinkHref":"","industries":"","guid":"A51ECF26-F98D-484E-9EBD-B500350E82B7","doctypeID":"115","video1064kMP4Url":""}" data-guid="{A51ECF26-F98D-484E-9EBD-B500350E82B7}" data-video-size="D" data-dj-live-widget="video.MicroPlayer">