senior shareholders in the Chrysler bankruptcy swindled after Obama called them "speculators" who "refused to sacrifice."OK...Obama is certainly an anti-business jerk, who would not hesitate to use the bully-pulpit to bash business to further his union buddies. You'll have no argument from me on that. However, the point where the secured creditors lost their standing is that they all appointed JP Morgan Chase to negotiate for them. And Chase wanted to settle.
Now, the whole business of this affair may stink, but they already waived their rights...just like the Citi account holders waived their rights to jury trials.
However, the point where the secured creditors lost their standing is that they all appointed JP Morgan Chase to negotiate for them. And Chase wanted to settle.Hmmm. I didn't see any news reports that all the investors had caved, although some of them did. Legal analysts may have been wrong, but they were reporting that the Chrysler bankruptcy reversed 150 years of contract law precedents.
Now, the whole business of this affair may stink
Indeed. There is no bigger liar around than Bill Burton. A leading bankruptcy attorney representing hedge funds and money managers told ABC News Saturday that Steve Rattner, the leader of the Obama administration's Auto Industry Task Force, threatened one of the firms, an investment bank, that if it continued to oppose the administration's Chrysler bankruptcy plan, the White House would use the White House press corps to destroy its reputation. The White House and a spokesperson for the investment bank in question challenged the accuracy of the story. "The charge is completely untrue," said White House deputy press secretary Bill Burton, "and there's obviously no evidence to suggest that this happened in any way."