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.

[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