This is a Cato special podcast. I'm Caleb Brown. The Chrysler bankruptcy

overseen by the Obama White House circumvented long-established bankruptcy

procedures and left bondholders out in the cold.

Richard Murdoch, Indiana's state treasurer, filed suit to stop the Chrysler bankruptcy

on behalf of Indiana State employees whose retirements were tied to the performance of Chrysler

bonds. He detailed the real world consequences of abandoning the rule of law

related to the Chrysler bankruptcy at the Cato Institute's Hayek Auditorium, October 15th.

Well, I'm really honored to get to be here to tell you a part of the story today, and I do want to say very

much to Cato Institute, thank you for filing the amicus brief on our

behalf in this case. As Dan was going through that chronology at the beginning

probably many of you were thinking back to the television stories you saw at the time or the

radio reports or you were thinking of the newspaper headlines from those days in May and June.

As I heard that, I was having the experience I was going through a train wreck all over again.

A friend of mine survived a terrible airplane crash a few years ago and he said, you know, it was a horrifying

experience, but I'll always remember it as one of the most interesting experiences of my life.

And that's kind of what this case has been.

I noticed several eyebrows go up when Dan gave my resume and he mentioned that I happened to be a geologist and I will tell you it was a geologist.

I never imagined I would end up at the United States Supreme Court.

If someone had told me when I sought this office in 2006 that while I served the state

treasurer I'd be part of the biggest financial meltdown in history and be involved with

a Supreme Court case that has what I think are just huge implications for

where we go forward in finance, I probably would have thought find somebody else to

...