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]
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
this is just appalling. BO and friends are out of line. Small band of speculators? GFY
Why does EP have so much hostility to this process? Not sure I understand.
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
rule of law? that was SO 2008…
CalPERS ftw! Man Franzia is the new Grey Goose…
Mind those Pension Funds
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.
How did the UAW rise from the dead like thia?
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!
http://tinyurl.com/av9n3o new theme song?
We, the populist proxy for the hedge funds, think you should listen to them… I mean, us.
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.
I love it when HF’s pull the “my investors are pension funds and not-for-profits” card.
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?
“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…”
All they have to do is buy the rest of the company. Shouldn’t be too hard.
First the Germans, now the Italians. You could not make this stuff up.
@15
Fiat has improved dramatically. They actually make good cars – Fiat 500/Punto, Alfa Romeo, Maserati, Ferrari, etc.
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?
@18 Maserati has done the dirty with Chrysler before. Here’s what we can look forward to: http://www.allpar.com/model/tc.html