When I opted to seek the office of Treasurer of State, I never intended to be a part of a national news story. But neither did I expect that I would ever see the United States government act in a way that would take money away from retired Hoosiers. But it has done so.
The Obama administration has arbitrarily abandoned more than 100 years of law. Long-established legal precedent dictates that secured creditors are the first to have their interests protected in a bankruptcy. But not this time. This time the administration said the law was less important than the urgency of the situation and they threw away the rights of those they called “greedy speculators” and “unpatriotic”.
As The Wall Street Journal recently noted, retired Hoosier policemen and retired teachers are neither greedy speculators nor unpatriotic. They are hard working people who saved and expected their funds to be protected by those with the responsibility to do so. That is the essence of my job.
Indiana is the only party to intervene in the massive Chrysler bankruptcy. We are attempting to re-establish the rule of law that protects investors from arbitrary acts of government officials in depriving citizens of their property. It is a point of utmost importance.
Some believe Indiana should not have intervened in the bankruptcy. They feel the state is threatening the future of Chrysler. When we bought the millions of dollars of Chrysler bonds on behalf of retirees, we didn’t do so hoping Chrysler would fail. We bought them so they might succeed. But the action of the federal government is wrong and cannot be ignored.
I take my oath of office and fiduciary responsibilities very, very seriously. Indiana’s State Troopers, millions of Hoosier taxpayers and over 100,000 retired teachers have legal rights that are to be protected. As difficult as my actions have been I would have failed in my duties if I had not acted to intervene.
Sincerely,
Richard Mourdock
Indiana State Treasurer
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But wait, the Urinal Gazette said the Treasure is all wrong!
The press will go to any lengths to protect this dip wad that we have as President. Secured bonds are just that, secured with the assets of the business, they get there money right after the unpaid wages, that is why so many pension funds are required to invest in them. The Obama administration just tossed all that out the window by bulling the Banks they bailed out, who had secured bonds in Chrysler, to take 29 cents on the dollar thus screwing the rest of the bond holders. This man and his team of change is wrecking the whole financial system; Urinal Gazette, do you home work before you write such an asinine response. Go get them Treasure Mourdock, finally a elected official with moral fiber to call it as it is.
Uh . . . Hello! Mourdock has been treasurer since February 2007, so he is responsible for approving the investment of pension funds into the Chrysler LLC bonds. Its called fiduciary responsibility. In 2007 Daimler-Chrysler was purchased by Chrysler LLC because Daimler wanted out of the unprofitable company with monstrous legacy costs.
thanks to richard mourdock for standing up for what is right ,fair and legal we need many more to do the same. Today we have so many politicians that walk in lock step with the special interest and could give a hoot about the average citizen. contributions and the next election are thier greatest concern. president obama feels our economic situation allows him to change the bankrupcy laws . we are headed in the wrong direction in this country simply we elected a president who really feels he has the knowledg and expierence to be all knowing. i think not