Statement From Non-Tarp Lenders of Chrysler (Bondholders say Obama is trying to screw them)

The Wall Street Journal ^ | April 30, 2009 | Stephen Grocer

[SonOfDarkSkies]

I don’t think Newt is a lawyer, but he would make a damn good expert witness. And Rudy isn’t a securities or bankruptcy lawyer, but OMG what a dream team he could assemble!

[nascarnation]

Bill Griffeth on CNBC just said it will take the “mother of all incentive programs” to get people to buy from Chrysler

[LADY J]

"How about Rudy and Newt heading a group of lawyers to challenge these ‘bankruptcies’????"

How about Mark Levin? He's a constituitional lawyer.

[iopscusa]

This is a David vs Goliath story and should be watched closely. The Contract Laws that are the Foundation of what's left of our Free Economy are at stake. I hope the Bondholders can manage to push Chrysler into the courts where they are likely to get some justice!

[grellis]

If you would like to be added or dropped from the Michigan ping list, please freepmail me.

[garbanzo]

And he can take his “shared sacrifice” and stick it where the sun don’t shine.

I couldn't bring myself to watch the travesty. Did he actually use the phrase "shared sacrifice"? Ayn Rand had a great line that went something like, "When men call for sacrifice, check to see who is collecting the sacrificial offerings".

[garbanzo]

These are bondholders. They loaned money to Chrysler.

People used to use phrases like "My word is my bond" to indicate that they were trustworthy individuals. People used to treat debts like sacred obligations which is why bankruptcy was so shameful. People saw it as tantamount to theft. But that was then and this is now.

[keepitreal]

I know. It’s disgraceful.

[Aloysius88]

The President of the United States referred to bondholders as speculators. Bonds are allegedly the most safe of investment vehicles. Now even those who invested most prudently are being condemned as wicked manipulators of the free market for their own selfish and greedy ends. Is this leadership? Can’t everyone see that this president is calling good stewardship bad citizenship and calling virtue vice?

[Vaduz]

Without Vaseline no doubt just salt.

[dearolddad]

Without Vaseline no doubt!!!

In Obummer's case it will need to be KY jelly.

[dearolddad]

“a small group of speculators endangering Chrysler’s future”

With Chrysler's (mis)Management and the UAW, there was no future to be endangered.

[PGalt]

Thanks for the ping; post. Great thread/comments. HOORAY Non-Tarp Lenders! BTTT!

[SunkenCiv]

fallout:

• Beckman talks with Tom Lauria, attorney for shareholders objecting to Chrysler sale (WJR audio)
• Chilling Audio "Whitehouse Threatened One Of My Clients"-Attorney For Chrysler Lenders (Audio)
• Obama White House: Play ball with us or we will destroy you (AUDIO/VIDEO)
• Lawyer For Chrysler Lenders "Whitehouse Directly Threatened My Client"-Audio
• White House Denies Charge By Attorney that Administration Threatened Investment Firm's Reputation
• White House Denies Threats To Chrysler Attorney's Clients, Shaazam What A Surprise (Full Story)
• Obama admin uses Chicago strong arm tactics on Chrysler holdouts

[Mr. K]

but this is like chicago style politics! and we were told Obama was the only virgin in that whorehouse!!

[Kozak]

The REAL joke here is much of the bonds are held by companies that fund retirement portfolios. This is ESPECIALLY true for Michigan teachers. Funny huh?