"Indiana Treasurer Richard Mourdock revealed this week that his state's police and teacher pension funds have lost millions of dollars in the Chrysler `restructuring.' Indiana's State Police Fund and Major Moves Construction Fund, which finances roads and bridges, together lost more than $1 million. And the Teacher's Retirement Fund 'suffered, at a minimum, a loss of $4.6 million due to the action of the Federal government,' reports Mr. Mourdock. Far from being speculators, these funds represent retired public employees, including cops and teachers. The funds paid a premium to buy 'secured' status, only to discover that they were politically outranked by the United Auto Workers in the White House hierarchy. `In the past, to be secured meant an investor was first in line in the event of a bankruptcy and `non-secured' creditors would receive value after secured-creditors were paid,' Mr. Mourdock says. `In the Chrysler bankruptcy, however, secured creditors received $.29 on the dollar even as non-secured creditors [the UAW] received higher values and ended up with a 55% ownership of the new company, which is fundamentally wrong and a dangerous precedent to the capital markets.'"