Posted on 04/30/2009 8:55:39 AM PDT by St. Louis Conservative
Bondholders say Obama is trying to screw them
Join the club, we’ve got jackets”
And hats, and lapel pins, and secret decoder rings, and most of all:
EMPTY bank accounts. !!!
Agreed. This needs to be taken to court.
Wonder how all those Democrat teachers unions members are feeling this AM/
This is straight out of Atlas Shrugged.
I have no intentions of buying a death trap to save 10 bucks a week on gas. No thanks.
And what in the HECK is Obambi doing making the announcement at a televised event that Chrysler is filing Chapter 11?’
NObama loves the limelight and the podium. He engineered this whole debacle, and he is taking credit for it, but very few realize that, except for those of us here at Free Republic.
It will be interesting (to say the least) to see what the administration does here. I am concerned that law will not matter to the President and they will simply steal from these bondholders that which they cannot legally negotiate out of.
In any event, Chrysler and GM seem to me to be dead already, the question will be how much taxpayer money the administration will spend to keep his union slaves voting.
bankruptcy is a section 363 to allow asset transfer to new company
(just passing info here)
Obama said last night he had “CREATED OR SAVED!” 150,000 jobs, so far.
I’m sure that’s comfort to the 2+ MILLION Americans laid off since Obama took over, and the 27,000 LAID OFF TODAY.’
Rush was just talking about a Cessna plant in Bend, Oregon, that is shutting down, really before it got into production. The plant was to be producing a newer type corporate size jet, and they had over %50 million in deposits for the planes, which they will return to prospective buyers. ALL the workers, white and blue collar are getting their pink slips, and I missed the number of workers. This includes the ancilliary people who provide the sub-contracted items, like seat upholstery.
Let him demonize away.
“We have a fiduciary responsibility to all those teachers, pensioners, retirees and others who have entrusted their money to us. We are legally bound to protect their interests. Much as we empathize with Chrysler’s other stakeholders, the capital is just not ours to contribute to their cause by accepting a deal that is outside the well established legal framework and cannot be rationalized as being commercially reasonable. “
These folks are first in line. They have every right to protect their interests. If Obama isn’t happy, so be it.
Nardelli is leaving - Fiat executive to take over
I have no intentions of buying a death trap to save 10 bucks a week on gas. No thanks.’
Nor I-— I have to have a vehicle large enough to haul my 2 horse and my 4 horse trailers.
Guess the next vehicle I go looking for will be in the TRUCK TRADER!!
OTOH- this is all part of the plan—If you get killed in your Easter Egg sized car, then you won’t be drawing your Social Security and your government health benefits!!!!
If you think I am kidding-—think again...this has been talked about for years among the Environazis...reduce the number of citizens..increase the wolves and the bears.
“a small group of speculators endangering Chrysler’s future”
BS. These are bondholders. They loaned money to Chrysler. If we start calling bondholders speculators, there are going to be no more folks lending money to corporate America. If we are going to treat them like dogs and take away their rights, without due process of law, they aren’t going to lend their money anymore.
In the end, there will be a strong class action suit to represent these particular parties and, unless they are mistating their position and the wrongs being done them, I cannot imagine how, as senior creditors, they will not gain satisfaction for their claims.
Rush just clarified the number of workers jobs lost:
1600 in Bend Oregon. Not that big a town to lose those jobs.
That is unless you are the Zero administration! That statement alone, is a shot across the bow of the Zero administration!
How about Rudy and Newt heading a group of lawyers to challenge these ‘bankruptcies’????
I also commend the Wall Street Journal for publishing the entire statement.
I suffered thru his announcement and he said that the bondholders have to “sacrifice” like everyone else.
What sacrifices are the obamas making with parties every weds and private schools. Let him and Michelle drink tea or teabag but keep your “sacrifice advice” for your family
I feel kind of sorry for this investment group, caught between a "fiduciary responsibility" and their customers who obvious (should) know exactly what kind of government their customers elected.
They ought to be writing this letter to the @#$%!! unions that put them in this bind, explaining how those idiots' STUPID election choice flushed their own retirements down the toilet!
(I know, I'd never make it in the customer service industry.)
As I remember, when Fiats were sold in the U.S., they were crap. I don’t see any benefit here for Chrysler.
I call him swivelhead.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.