Meet the evil villains that won't let Chrysler just escape its obligations to pay its creditors:
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.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.
Perhaps showing a seven season West Wing marathon wasn't the best Oval Office training film after all?
Statement From Non-Tarp Lenders of Chrysler [The Wall Street Journal - Deal Journal]
Posted by guest , Apr 30, 2009 1:31PM
EP as i know you heart Ackman, you should enjoy this
http://curbed.com/archives/2009/04/30/floorplan_porn_hedge_funders_phat_115_central_park_west.php
Posted by guest , Apr 30, 2009 1:33PM
this is just appalling. BO and friends are out of line. Small band of speculators? GFY
Posted by guest , Apr 30, 2009 1:34PM
Why does EP have so much hostility to this process? Not sure I understand.
Posted by guest , Apr 30, 2009 1:34PM
EP as i know you heart Ackman, you should enjoy this
http://curbed.com/archives/2009/04/30/floorplan_porn_hedge_funders_phat_115_central_park_west.php
Posted by guest , Apr 30, 2009 1:35PM
rule of law? that was SO 2008...
Posted by guest , Apr 30, 2009 1:36PM
CalPERS ftw! Man Franzia is the new Grey Goose...
Mind those Pension Funds
Posted by guest , Apr 30, 2009 1:41PM
Rule 2019 - any questions?
Posted by guest , Apr 30, 2009 1:42PM
clearly these kids were not paying attention during the Ken Lewis v. Paulson/Bernanke drama. You just don't win in he said/he said match with the despots.
Posted by guest , Apr 30, 2009 1:46PM
How did the UAW rise from the dead like thia?
Posted by guest , Apr 30, 2009 1:50PM
The funny thing is these assholes voted for Obama.
You get what you deserve, now we all think you suck. Obama made you look like greedy monsters last night and we believe everything Obama says so fuck you, give Chrysler your hard earned money damnit. Stop thinking of yourself its for the nation! The good of the Fatherland. We all must make sacrafices.
Obama wanted 5 new york fly overs for the photo op for Airforce One and had to settle for just one cameo with Lady Liberty...sacrafice!
Posted by guest , Apr 30, 2009 1:55PM
http://tinyurl.com/av9n3o new theme song?
Posted by guest , Apr 30, 2009 2:15PM
We, the populist proxy for the hedge funds, think you should listen to them... I mean, us.
Posted by chernevik , Apr 30, 2009 2:41PM
I wonder if the stress standards, and the internal documents on their development, could be obtained with a FOIA request?
I got to thinking about it wondering how loans to automakers and auto suppliers were handled, but of course the whole thing would be interesting.
Posted by guest , Apr 30, 2009 3:16PM
I love it when HF's pull the "my investors are pension funds and not-for-profits" card.
Posted by guest , Apr 30, 2009 3:53PM
You invested in Chrysler shit, now eat it.
And ... and the new ChryFiat will make the old Chrysler look good. Fiat is a piece of shit too. Ever drive a fiat?
Posted by guest , Apr 30, 2009 4:08PM
"The Italians have a saying, Lemon: 'keep your friends close, and your enemies closer.' And although they've never won a war or mass-produced a decent car, in this case, they are correct..."
Posted by guest , Apr 30, 2009 4:21PM
All they have to do is buy the rest of the company. Shouldn't be too hard.
Posted by guest , Apr 30, 2009 5:05PM
First the Germans, now the Italians. You could not make this stuff up.
Posted by guest , Apr 30, 2009 5:30PM
@15
Fiat has improved dramatically. They actually make good cars - Fiat 500/Punto, Alfa Romeo, Maserati, Ferrari, etc.
Posted by guest , Apr 30, 2009 5:46PM
This kind of BS is going to raise the cost of borrowing for all companies. Why take a lower coupon / spread for being senior secured if it doesn't count for Jack in Obamaland?
Posted by guest , Apr 30, 2009 5:58PM
@18 Maserati has done the dirty with Chrysler before. Here's what we can look forward to: http://www.allpar.com/model/tc.html