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Granholm to hedge fund companies: stop being ‘greedy’
Michigan Messenger ^ | April 30, 2009 | Todd A. Heywood

Posted on 04/30/2009 10:38:51 AM PDT by reaganaut1

Michigan Gov. Jennifer Granholm lashed out at three of the nation’s leading hedge fund companies saying their holding out for more in negotiations with Chrysler were leading the car company down the road towards bankruptcy.

“I m strongly urging those who are hedge fund managers to ensure that Chrysler is not forced into bankruptcy because they are holding out,” she said. “The hedge funds, those are the ones that have been previously charged with having made a lot of money by flipping paper, they are holding out as we speak–right now. The future of Chrysler is in the hands of some of these hedge funds who want to hold out for a greater profit. So on behalf of Michigan and on behalf of the thousands of people who will be effected if this company were forced into bankruptcy, I am publicly asking these hedge funds to not be greedy.”

She named three companies — Perella Weinberg Partners, Stairway Capital, Oppenheimer Funds — saying they were among the funds holding out.


TOPICS: Business/Economy; News/Current Events; US: Michigan
KEYWORDS: chrysler; granholm; greed; hedgefunds
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The war on investors continues. Since Granholm's comments, Chrysler has declared bankruptcy. I wonder how the left will try to politicize the bankruptcy process.
1 posted on 04/30/2009 10:38:51 AM PDT by reaganaut1
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To: reaganaut1

If I were not greedy, I would be on welfare and in public housing....greed is good.


2 posted on 04/30/2009 10:40:49 AM PDT by DonaldC
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To: reaganaut1

Hussein has already lectured those funds....telling the world that they have not sacrificed enough in his name!


3 posted on 04/30/2009 10:41:38 AM PDT by roses of sharon (Pray Hussein fails!)
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To: reaganaut1

If those hedge funds hold out and do force Chryslyer into Chapter 11, they will have done a service for this nation.


4 posted on 04/30/2009 10:42:18 AM PDT by JamesP81 (When Obama signed an order providing tax dollars to murder children, he stopped being my president)
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To: reaganaut1
Perella Weinberg Partners, Stairway Capital, and Oppenheimer Funds response to Governor Granholm:

"F*** you Madame Governor."

Man Granholm's got some brass ones. They bondholders are being offered 33 cents on the dollar and they're understandably not happy with being robbed. Because they want to be paid back the money they lent in good faith to Chrysler they're "greedy".

Unreal.

5 posted on 04/30/2009 10:43:44 AM PDT by Lurker (The avalanche has begun. The pebbles no longer have a vote.)
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To: reaganaut1

You first government.


6 posted on 04/30/2009 10:44:14 AM PDT by mnehring
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To: reaganaut1

It slays me when any politician, especially liberal ones, call anyone “greedy”


7 posted on 04/30/2009 10:44:40 AM PDT by A_Former_Democrat
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To: reaganaut1
stop being ‘greedy’

"Jermaine, stop teasing!"

8 posted on 04/30/2009 10:45:48 AM PDT by dfwgator (1996 2006 2008 - Good Things Come in Threes)
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To: reaganaut1
It makes little difference, the non agreement will still be funded by the tax payers, as I heard the bond holders had their position insured by that great company AIG.. Bunch of crooks.
9 posted on 04/30/2009 10:47:18 AM PDT by org.whodat (Auto unions bad: Machinists union good=Hypocrisy)
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To: reaganaut1
The war on investors continues.

She sounds like a lot of FReepers.

10 posted on 04/30/2009 10:47:29 AM PDT by Moonman62 (The issue of whether cheap labor makes America great should have been settled by the Civil War.)
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To: dfwgator

“Hand me a tissue.”


11 posted on 04/30/2009 10:47:33 AM PDT by gthog61
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To: reaganaut1

Greed must be redefined by us. Greed is taking from other people what they earned. We the people to Uncle Sam: Don’t be so greedy also don’t be so envious.

We have allowed the left to define everything and make the language over to be code words for their concepts. Now they merely have to use a word or two to trigger their mindless minions.


12 posted on 04/30/2009 10:47:38 AM PDT by Anima Mundi
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To: reaganaut1
I heard an analyst this morning state that the funds who will not give in to Obama have a sizable amount of teacher pension plans in their mix.
13 posted on 04/30/2009 10:47:48 AM PDT by elpadre (Afganista)
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To: reaganaut1

Those car companies, greed built those. All the buildings, computers, houses, EVERYTHING in this country was built by greed. Because somewhere, someone, thought they could make some money, to buy things that might make their life more comfortable and secure, which some other greedy bastard was selling for the same reason.

Greed works. Like everything else in life, unchecked greed destroys, but in moderation, it works every time, all the time.


14 posted on 04/30/2009 10:49:30 AM PDT by Republic of Texas (Socialism Always Fails)
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To: reaganaut1

those are the ones that have been previously charged with having made a lot of money by flipping paper, t

The Socialist are changing the language. Note that she use the term charged with,as if a firm whose purpsose is to make money is somehow criminal in nature when it does what it is supposed to do.


15 posted on 04/30/2009 10:49:32 AM PDT by SECURE AMERICA (Coming to You From the Front Lines of Occupied America)
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To: Republic of Texas

Oh, and who is greedier, Obama for trying to TAKE OVER EVERYTHING? Or businesses who are simply trying to make money?


16 posted on 04/30/2009 10:50:47 AM PDT by Republic of Texas (Socialism Always Fails)
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To: reaganaut1

The hedge fund managers are doing the right thing: maximizing the return for their investors. If they didn’t, the investors would take their money elsewhere.


17 posted on 04/30/2009 10:51:03 AM PDT by gieriscm (07 FFL / 02 SOT - www.extremefirepower.com)
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To: DonaldC
welfare and in public housing are good for Zero and the DimocRATS. Keeps them in power because it you are on welfare and in public housing you have no doubt where this originates.
18 posted on 04/30/2009 10:54:16 AM PDT by Cheerio (Barack Hussein 0bama=The Complete Destruction of American Capitalism)
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To: org.whodat
So, what is wrong with that? A company purchases insurance to protect itself from a loss and now it is wrong to collect on the insurance when the loss is incurred?

Class warfare is for socialists.

19 posted on 04/30/2009 10:54:34 AM PDT by CharacterCounts (November 4, 2008 - the day America drank the Kool-Aid)
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To: reaganaut1

the left is actually relishing this. They have been looking to get their hooks into hedge funds for a long time.


20 posted on 04/30/2009 10:54:56 AM PDT by Buckeye McFrog
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To: gieriscm

Granholm is an economic illiterate and can’t leave office soon enough. More than any single individual, she has crushed Michigan’s economy. Please tell me she is term-limited or not seeking re-election in 2010.


21 posted on 04/30/2009 10:56:06 AM PDT by mwl8787
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To: reaganaut1

I’m greedy cause I’m buying up all the ammo.


22 posted on 04/30/2009 10:56:23 AM PDT by Sir Gawain ("Let every man make known what kind of government would command his respect" - Thoreau)
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To: mwl8787

Granny is term limited.


23 posted on 04/30/2009 10:57:50 AM PDT by Paladin2 (Big Ears + Big Spending --> BigEarMarx, the man behind TOTUS)
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To: reaganaut1

IOW the Socialist Governor of Michigan wanted to TAKE without compensation the property rights of the SECURED credit holders.

The UAW is an UNSECURED creditor and was trying to obtain a preferential position via pure thuggery.

Now it is up to the bankruptcy judge and the creditors to push back and push back HARD.


24 posted on 04/30/2009 10:58:01 AM PDT by longtermmemmory (VOTE! http://www.senate.gov and http://www.house.gov)
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To: CharacterCounts
It is illegal to enter into a contract and not be able to meet the terms of that agreement. If it is not I have a few thousand acres I'd like to sell you.
25 posted on 04/30/2009 10:58:26 AM PDT by org.whodat (Auto unions bad: Machinists union good=Hypocrisy)
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To: Sir Gawain

Those hedge funds represent a lot of account holders and are bound by law to do their upmost to recover invested funds. They could and should be sued by investors if they fail to demand the best deal possible.
In fact..I bet that a lot of State retirement funds have money invested with them.


26 posted on 04/30/2009 10:58:38 AM PDT by Oldexpat
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To: reaganaut1

You mean they are not willing to give the company to the UAW?
What horrible people they must be. /s


27 posted on 04/30/2009 11:00:15 AM PDT by edge10 (Obama lied, babies died!)
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To: CharacterCounts
Oh, and you can stick that class warfare BS where the sun don't shine.
28 posted on 04/30/2009 11:00:16 AM PDT by org.whodat (Auto unions bad: Machinists union good=Hypocrisy)
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To: org.whodat

Insurance is just that, insurance, and was probably purchased a long time ago.

Are you a crook when you collect on your insurance policy for an auto accident? In the past you insured against the financial damages which are the result of such an accident. Bondholders in the past insured against financial damages resulting from a bankruptcy. Purchasing insurance is not being “a crook”, it is being prudent.


29 posted on 04/30/2009 11:00:38 AM PDT by keepitreal (Obama brings change: an international crisis (terrorism) within 6 months)
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To: org.whodat

So, these bondholders acted criminally? Please cite the statute.


30 posted on 04/30/2009 11:01:08 AM PDT by CharacterCounts (November 4, 2008 - the day America drank the Kool-Aid)
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To: org.whodat

Its not BS! You are an expert at it?


31 posted on 04/30/2009 11:03:40 AM PDT by CharacterCounts (November 4, 2008 - the day America drank the Kool-Aid)
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To: CharacterCounts
You have a reading problem , if the crooks in the special products division, of AIG, sold coverage to the bond holders, due to the bailout we the tax payers are still going to pay and so far, they, the fools at treasury have been paying 100% on the dollar.
32 posted on 04/30/2009 11:05:00 AM PDT by org.whodat (Auto unions bad: Machinists union good=Hypocrisy)
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To: keepitreal
Actually insurance requires a license, the derivatives trading didn't and there was no reserve fund.
33 posted on 04/30/2009 11:06:13 AM PDT by org.whodat (Auto unions bad: Machinists union good=Hypocrisy)
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To: Oldexpat
Correct, and since the tax payers have been paying a hundred percent on the dollar to everyone else why should they be treated different.
34 posted on 04/30/2009 11:07:52 AM PDT by org.whodat (Auto unions bad: Machinists union good=Hypocrisy)
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To: reaganaut1
Yes those Greedy Hedge fund managers and CEO's trying to help people create wealth...(How dare they..without barry's approvalAAA!)
35 posted on 04/30/2009 11:09:35 AM PDT by jakerobins
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To: org.whodat
My reading is fine. AIG acts irresponsibly and you want to punish the people they acted irresponsibly toward. Investors purchase bonds because of the lowers risk and are willing to accept a lower return on their investment to obtain that lower risk. They further reduce their risk by purchasing insurance.

Turning low - risk, low - return investments into high - risk, low - return investments is economic stupidity.

36 posted on 04/30/2009 11:11:45 AM PDT by CharacterCounts (November 4, 2008 - the day America drank the Kool-Aid)
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To: Lurker

In the mean time....... How much have the unions sacrificed?


37 posted on 04/30/2009 11:11:46 AM PDT by WomBom (I wonder if my gear is down? We would have touched by now.......Right?)
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To: reaganaut1
"OneVike to Granholm: stop being stupid!"
38 posted on 04/30/2009 11:12:58 AM PDT by OneVike (Just a Christian waiting to go home)
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To: reaganaut1

Off with their heads! Kill the borgious!


39 posted on 04/30/2009 11:16:25 AM PDT by CSM (Smokers, the most patriotic of Americans!)
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To: reaganaut1
Profit = Greed

Confiscation = Love

40 posted on 04/30/2009 11:16:51 AM PDT by E. Pluribus Unum (Islam is a religion of peace, and Muslims reserve the right to kill anyone who says otherwise.)
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To: Paladin2

Thank God thank God thank God.


41 posted on 04/30/2009 11:18:51 AM PDT by Niuhuru
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To: reaganaut1

Congratulations Governor Granholm! You have helped destroy Michigan.

I know several people who are abandoning the state. These folks, the exact type the state needs, have had enough. I am hoping that enough Republicans forsake that Liberal Democrat toilet and move to states that have a chance of going RED.


42 posted on 04/30/2009 11:19:15 AM PDT by LeonardFMason
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To: Buckeye McFrog
the left is actually relishing this. They have been looking to get their hooks into hedge funds for a long time.

See also: John Edwards, employment history

43 posted on 04/30/2009 11:26:26 AM PDT by Cletus.D.Yokel (FreepMail me if you want on the Bourbon ping list!)
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To: org.whodat

Get lost—you and your little crusade against AIG don’t belong on this thread.


44 posted on 04/30/2009 11:27:46 AM PDT by Arguendo
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To: CharacterCounts
My statement

It makes little difference, the non agreement will still be funded by the tax payers, as I heard the bond holders had their position insured by that great company AIG.. Bunch of crooks.

Now where does my calling AIG a bunch of crooks say anything about the bond holders.

Actually I said, the tax payers were on the hook no matter what and they should get the same as the stupid Treasury department has been paying others.

And if they had all went to bankruptcy, like they should have none of them would have got spit!

And you would not have been running around with your class warfare nonsense.

45 posted on 04/30/2009 11:28:13 AM PDT by org.whodat (Auto unions bad: Machinists union good=Hypocrisy)
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To: reaganaut1

Isn’t this a case of the pot calling the kettle black?


46 posted on 04/30/2009 11:32:17 AM PDT by mort56 (He who would sacrifice freedom for security deserves neither. - Ben Franklin)
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To: Arguendo

Ask Jim If you run the place and let me know the answer!!


47 posted on 04/30/2009 11:39:21 AM PDT by org.whodat (Auto unions bad: Machinists union good=Hypocrisy)
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To: LeonardFMason

The Water Winter Welfare Wonderland.

I’m waiting for them to launch pirate ships on Lake Michigan.


48 posted on 04/30/2009 11:43:44 AM PDT by nascarnation
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To: org.whodat

Obviously you can post if you choose to. But you’re clearly unbalanced and disturbed, and it’s evident to everyone who’s actually discussing this article.


49 posted on 04/30/2009 11:53:43 AM PDT by Arguendo
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To: Arguendo
Uneducated little turps like yourself should stay in the back ground.
50 posted on 04/30/2009 11:56:49 AM PDT by org.whodat (Auto unions bad: Machinists union good=Hypocrisy)
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