Obama Won’t Stand With Renegade Speculators: Who Want to Take Down Chrysler

April 30, 2009

(ChattahBox)—Obama just announced that despite Chrysler working hard to get concessions from unions and stakeholders, as well as coming to a deal with Fiat, the beleaguered carmaker will file a Chapter 11 bankruptcy. Obama noted the huge concessions and sacrifices made by the unions and a group of financial institutions led by JP Morgan, but blasted a small group of rogue hedge funds who refused to make concessions, demanding twice the return of other stakeholders.

Obama blasted the holdout hedge funds. Obama said a small group of investment firms and hedge funds, refused to budge when huge sacrifices were made by unions and other stakeholders and that he won’t stand with a group of speculators whose aim was to endanger the future of Chrysler.

Obama also said, at the same time, it was not acceptable to infuse Chrysler with another round of taxpayer money and that bankruptcy in this instance should be viewed as a positive step for the future survival of Chrysler. Obama said he is pleased that Chrysler has an opportunity to remake itself and that things look better now for Chrysler than they did 30 days ago.

Obama went on to say that as a nation of people who make shared sacrifices with a shared purpose, the result will be a rebuilt economy and we will see Chrysler rise again. Most of the Chrysler stake holders and the unions made shared sacrifices, while the selfish hedge fund group refused to jump on board.

The bonds held by the hedge funds were said to be insured, and they decided to hold out for as much as they could get to their utter shame. This defiant group of renegade speculators just now received a full measure of President’s Obama’s wrath and will soon be viewed with disdain by the American public, as soon as their identity becomes known, and it will.

The major lenders and union concession agreements would be honored in bankruptcy court. Obama is siding with lenders who made concessions, the unions and Chrysler, while blasting the rogue group of hedge funds.

The Bankruptcy was just filed in NY federal court. No plant closings or job losses are planned. Taxpayers must be paid back before Fiat receives earnings from its deal.

So, who are these renegade speculators? That right now is the million dollar question. And the other question that comes to mind: Did any of those rogue hedge funds take TARP money?


Comments

2 Responses to “Obama Won’t Stand With Renegade Speculators: Who Want to Take Down Chrysler”

  1. Hard Money Lenders, Hard Money Lender - Obama Won’t Stand With Renegade Speculators: Who Want to Take Down - Chattahbox.com « Hard Money Lenders on April 30th, 2009 7:14 pm

    […] Obama Won’t Stand With Renegade Speculators: Who Want to Take Down – Chattahbox.com(ChattahBox)—Obama just announced that despite Chrysler working hard to get concessions from unions and stakeholders, as well as coming to a deal with Fiat, the beleaguered carmaker will file a Chapter 11 bankruptcy. Obama noted the huge […]

  2. Obama Won’t Stand With Renegade Speculators: Who Want to Take Down Chrysler < It’s all about the trends on May 1st, 2009 9:24 am

    […] to make concessions, demanding twice the return of other stakeholders. Obama blasted the holdout h click for more var gaJsHost = ((“https:” == document.location.protocol) ? “https://ssl.” : […]

Got something to say? **Please Note** - Comments may be edited for clarity or obscenity, and all comments are published at the discretion of ChattahBox.com - Comments are the opinions of the individuals leaving them, and not of ChattahBox.com or its partners. - Please do not spam or submit comments that use copyright materials, hearsay or are based on reports where the supposed fact or quote is not a matter of public knowledge are also not permitted.