Posted on 04/30/2009 8:55:39 AM PDT by St. Louis Conservative
By Stephen Grocer The Obama administration on Wednesday failed to convince all of Chryslers lenders to agree to a debt-reduction deal. The administrations auto task force tried to get all 46 of Chryslers secured lenders to agree to a debt-reduction deal. But talks broke down, with a large number of the funds voting no. Now President Obama is expected to announce that Chrysler is going to seek reorganization in bankruptcy court. Here is the letter from the from non-TARP lenders to Chrysler explaining their decision to vote no.
April 30, 2009 As of last nights deadline, we were part of a group of approximately 20 relatively small organizations; we represent many of the countrys teachers unions, major pension and retirement plans and school endowments who have invested through us in senior secured loans to Chrysler. Combined, these loans total about $1 billion. None of us have taken a dime in TARP money.
As much as anyone, we want to see Chrysler emerge from its current situation as a viable American company, and we are committed to doing what we can to help. Indeed, we have made significant concessions toward this end although we have been systematically precluded from engaging in direct discussions or negotiations with the government; instead, we have been forced to communicate through an obviously conflicted intermediary: a group of banks that have received billions of TARP funds.
(Excerpt) Read more at blogs.wsj.com ...
Wasn't that what Tex Antoine said also?
Baraq is live on tv now talking about it.
"Welcome to the party, pal!"
Why do I suddenly feel the need to vomit?
Baraq is telling us about the Fiat fuel efficient cutting edge cars they will build.
He’s now demonizing the hedge funds and investment houses.
St. Baraq trying to save the US auto industry.
“a small group of speculators endangering Chrysler’s future”
BINGO! Something really kooky going on here. Apparently, the POTUS has nothing better to do. Someone should tell him that he's moved on from community organizing.
During discovery, someone should inquire as to the whereabouts of his birth certificate!
“Hes now demonizing the hedge funds and investment houses.”
Failing to mention that those hedge funds and investment houses are responsible for investing people’s retirement funds and 401-k’s in those bonds.
Why am I watching him and thinking of Hugo Chavez?
“Shouldnt the CEO of Chrysler be making the announcement of their bankruptcy filing? Certainly not Zero”
FASCISM-It’s what they voted for.
As of last night's deadline, we were part of a group of approximately 20 relatively small organizations; we represent many of the country's teachers unions, major pension and retirement plans and school endowments who have invested through us in senior secured loans to Chrysler. Combined, these loans total about $1 billion. None of us have taken a dime in TARP money... we have been systematically precluded from engaging in direct discussions or negotiations with the government; instead, we have been forced to communicate through an obviously conflicted intermediary: a group of banks that have received billions of TARP funds.
And he can take his “shared sacrifice” and stick it where the sun don’t shine.
I don’t see him doing much in the way of sacrifice...
Get a frikken lawyer...get the best one from the best firm, preferably a Republican.
It’s so weird to me watching the guy constantly pivot from left TOTUS to right TOTUS and never look at the camera
Its the credit default swaps. Bankruptcy is a default event. If Chrysler files, they get the insurance money to make them whole. If they cut a deal, they lose! Either way, if AIG is on the other side of those swaps, you and I, as tax payers, take it in the shorts...
“he along with this corrupt team and the corrupt elected officials in Washington, are screwing the entire American people.”
EVIDENCE:
Obama said last night he had “CREATED OR SAVED!” 150,000 jobs, so far.
I’m sure that’s comfort to the 2+ MILLION Americans laid off since Obama took over, and the 27,000 LAID OFF TODAY.
Santelli on CNBC saying what happened to the Constitution?
GO RICK!
The Left has controlled most law schools since the 1980s. You might have to hunt around a bit...
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