Granholm to hedge fund companies: stop being ‘greedy’

Michigan Messenger ^ | April 30, 2009 | Todd A. Heywood

[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.

[reaganaut1]

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.

[DonaldC]

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

[roses of sharon]

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

[JamesP81]

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

[Lurker]

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.

[mnehring]

You first government.

[A_Former_Democrat]

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

[dfwgator]

stop being ‘greedy’

"Jermaine, stop teasing!"

[org.whodat]

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.

[Moonman62]

The war on investors continues.

She sounds like a lot of FReepers.

[gthog61]

“Hand me a tissue.”

[Anima Mundi]

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.

[elpadre]

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.

[Republic of Texas]

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.

[SECURE AMERICA]

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.

[Republic of Texas]

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

[gieriscm]

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.

[Cheerio]

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.

[CharacterCounts]

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.

[Buckeye McFrog]

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

[mwl8787]

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.

[Sir Gawain]

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

[Paladin2]

Granny is term limited.

[longtermmemmory]

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.

[org.whodat]

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.

[Oldexpat]

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.

[edge10]

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

[org.whodat]

Oh, and you can stick that class warfare BS where the sun don't shine.

[keepitreal]

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.

[CharacterCounts]

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

[CharacterCounts]

Its not BS! You are an expert at it?

[org.whodat]

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.

[org.whodat]

Actually insurance requires a license, the derivatives trading didn't and there was no reserve fund.

[org.whodat]

Correct, and since the tax payers have been paying a hundred percent on the dollar to everyone else why should they be treated different.

[jakerobins]

Yes those Greedy Hedge fund managers and CEO's trying to help people create wealth...(How dare they..without barry's approvalAAA!)

[CharacterCounts]

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.

[WomBom]

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

[OneVike]

"OneVike to Granholm: stop being stupid!"

[CSM]

Off with their heads! Kill the borgious!

[E. Pluribus Unum]

Profit = Greed

Confiscation = Love

[Niuhuru]

Thank God thank God thank God.

[LeonardFMason]

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.

[Cletus.D.Yokel]

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

[Arguendo]

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

[org.whodat]

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.

[mort56]

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

[org.whodat]

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

[nascarnation]

The Water Winter Welfare Wonderland.

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

[Arguendo]

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.

[org.whodat]

Uneducated little turps like yourself should stay in the back ground.