Given what passes for thought in the Republican party these days, it is refreshing to see at least a little bit of reason emanating from that party in the House. True, about their only redeeming quality right now (or at all, for that matter) is that they are the opposition party. True, Cliff Asness he isn’t, but Congressman Scott Garrett at least has something to say:
I am troubled by President Obama’s statements that single out a certain class of Chrysler’s creditors. The president’s comments display complete disregard for the rule of law, as well as the practices which govern our bankruptcy code.
The actions of the hedge fund managers in exercising their fiduciary responsibilities to their investors is not the reason why Chrysler is in jeopardy, and their acceptance of the government’s offer would not have guaranteed the company’s success. I think the president should think about who he’s attacking when he makes these statements. Many of those invested in these funds were seniors, school teachers, and others whose pension funds are an important component in maintaining a healthy standard of living throughout their retirement.
This demonization of investors comes at the same time when the administration’s Treasury Department is begging for participation from the private sector in its Public-Private Investment Program. The president’s comments beg the question: why would private investors enter into a partnership with the government when there is the future possibility of being publicly scolded for making business decisions the government dislikes?
It’s time for the government to stop interfering in the marketplace. It simply creates greater uncertainty, facilitates the choosing of winners and losers, and prevents private capital from entering the marketplace.
Are you ready for your personalized tax rate, Congressman?
Garrett Statement on Hedge Funds [house.gov]
One of the lowest tax rates in the nation AND we’ve got a couple wonderful congressmen that would put this Garrett guy to shame.
I’d say that my state is a value play of the highest order.
The Guy From Delaware
It’s hilarious how EP has stopped
- Posting events from the Chrysler bankruptcy proceeds now that the dissident holders got steamrolled
- Posting the “Obama Index” now that it’s up 30% or whatever it is
If the Chrysler lenders want a better deal, put together a bid worth more than the Fiat bid – it’s that simple.
Lets not forget that this senator is from New Jersey ,which most likely will be the first state to go bankrupt from it’s out of control borrowing and corruption
EP,
Really making the rounds this afternoon, talking shit about readers’ geographic areas! Me like.
@3 Cali might beat NJ.
Lets not forget that this senator is from New Jersey ,which most likely will be the first state to go bankrupt from it’s out of control borrowing and corruption
NY’s Governor Patterson outclasses almost all other Governors, Congressmen, and Senators for that matter.
Proud in NYC
Don’t trust him. He dresses like an 8th grade science teacher.
-Nominate me
Anyone see the noted hooker-fucker’s latest brain-fart on Slate?
@3 @5 – Did you read the post? He is a Congressman.
You should know that Garrett is the puppett of the Club for Growth (look it up – Kudlow is involved). Despite his goofy off the reservation views (on other issues, not necessarily this one) he ran in a district that was super safe, snatching it away from Marge Roukema, the epitome of a moderate Republican, befitting the genteel high income nature of the district. Garrett is basically a libertarian on economic issues, but really interested in interfering when it comes for example to a womans right to choose. Guns too are his best friend. The epitome of a hypocrite, I would say.
5 – Um, he’s not a Senator. That makes this that much more impressive.
He reps the 5th district.
@11- No, I didn’t see it.
-Dave “The only hooker fuckers I know are lobbyists” Paterson
@14 I’m a little confused about how
being pro-gun and pro-growth make him a hypocrite? Even on abortion I would say the libertarian party is split- at best.
Garrett workships at the altar of Jude Wanninski in nearby Morristown, NJ, (actually, did, since JW is dead), an economist and big time believer in supply side. Hence his embrace by club for growth. Put it all together and this pablum that he offered up (light on details, heavy on harumph) makes sense.
“If the Chrysler lenders want a better deal, put together a bid worth more than the Fiat bid – it’s that simple.”
You’re an idiot #2. But then, you knew that.
Why are you guys always saying “hooker fucker” like its a bad thing?
Does anyone disagree with his statement?
17 I have problems with the combos of libertarian/pro-life and pro-gun/pro-life. But we’re not gonna solve that here, so don’t bother.
new jersey = armpit of America…
How did someone with an ounce of common sense get elected in NJ? I mean besides Cory Booker??
21 This part is dead wrong: “Many of those invested in these funds were seniors…..and others whose pension funds are an important component in maintaining a healthy standard of living throughout their retirement.” Wrong because the pension payments are not in any way tied to the performance of the hedge funds in question, since in pension plans performance risk is borne by the plan sponsor, not the plan beneficiaries. Likewise, the sponsor and not the beneficiaries (those poor seniors) are the “investors”.
24 This guy is 180 degrees from Cory Booker. He’s basically a hard core libertarian, which is very easy to swallow in his largely rural district. As David Brooks pointed out in yesterdays Times, the closer people live to each other (i.e. urban, close in suburban), the more rugged individualism gives way to concern over community and the rules that bind us to each other.
22, then do you have a problem with anti-gun, pro-choice?
Idiot.
Intelligent Design proponent? Well at least he did a good job at copy/pasting the “Non-TARP Lenders” press release.
26,
Brooks is dead wrong. I live in this shitty city, and could give two fucks about anyone around me.
-Misanthropic Fun Guy
@11 – slate is a joke and a waste of time
Once the banks and hedge funds pay back all the money they cost us then they can have their rights back, until then, f ‘em.
Sincerely, John Q. Public
“If the Chrysler lenders want a better deal, put together a bid worth more than the Fiat bid – it’s that simple.”
Actually, they, as secured lenders, would not want to own the assets, they want to sell them. And they would like to possibly sell them to someone willing to bid more for them than FIAT/Treasury, but they are not being allowed to do so.
Its been a couple of years since I logged on here. And I love the banter, as fresh and fast as it was in the summer of 2007 when this thing started.
@20, you made my day.
@25, right on. Its the industry’s way of saying, you don’t want granny to go hungry do you?
Still, the libs are out of control on this and the Cramdowns. Lets see if they get away with it.
dude looks like malkovich
@34 Where’ve ya been? Missed you, sweetie
The Guy From Delaware
The Congressman lifted this entirely from Monday’s WSJ Op-Ed, “Chrysler Goes to Court.”
Free online, http://online.wsj.com/article/SB124113484242375207.html
29 No, no.. Its not that you care about the people around you, but instead that you want rules that keep them at an appropriate distance. That would include co-op house rules, those things on the subway platforms that say “step aside”. On and on. Whereas in rural NJ, you can shoot anywhere you want, cause the chances are slim that you’ll hit someone. Just don’t try aborting a fetus or not believing in Intelligent Design. That’s going too far with the Libertarian thing.
38,
Puhlease. I perform an abortion on the moving platform in U^2 each morning, before hopping on the ol’ 4/5. You ask for dedication to my fellow countrymen/women, I give you service with a smile, including the “We
39 “moving platform” gave it away, otherwise my afternoon would have been ruined what U^2 (Union Square for the rubes in the room) was. Good on you, Lowly. Yr always there when I need a laugh.
I live in Hempstead. Am I prestigious?
Obama: That is a lucid, intelligent, well thought-out objection.
Garrett: Thank you, sir.
Obama: Overruled.
To 33 – #2 here. They are being allowed to sell them. The judge just set a date (May 21) for other bidders to emerge. If a bidder emerges with a deal better than what the US Gov / Fiat are offering for the entire company, the bankruptcy judgde will approve that deal.
The Fiat/USGov deal offers a higher total enterprise value than any other deal out there now (especially liquidation). Fiat/USGov are offering an unorthodox ownership structure, but since they are putting up the funds, they get to decide that. If someone wants to make a bid that pays out creditors first, they are welcome to.
Bess hails originally from NJ’s 11th. And that is part of the reason why I like her so much.
-NYC via NJ’s 7th
Do idiots really know that they are idiots? I pose the question.
44 Ever notice how everyone cool is from NJ. They don’t live there now, but they’re all from there originally. (Manhattan via Bergen County)
EP, Can you post something that wasn’t passed on from your contact at White & Case?
You were doing so much better yesterday. The chain letter post was even a little bit (almost) funny.
Now that Judge Gonzales denied Lauria’s request to file under seal, Dealbook has an article up called “Meet the Holdout Lenders,” and then it turns out to be just the same four: Oppenhiemer, Schultze, Group G, and Stairway. So I guess all the other funds got scared off?
@46- I have noticed. And a good afternoon to you, sir.
-44
@43, may I have a glass of that kool-aid, bottoms up
Ever notice that girls from NJ are all stacked?
and have big hair – still
@45 – Looks like you answered your own question.
Sounds like EP loves Congressman Scott Garrett. He also happens to be one of the most ultra right wing members of Congress. No surprise there.
What Garrett is saying was written by a fellow named Lauria, and it’s pure political posturing. That’s exactly what Garrett is known for.
You got taken, EP.
I am a horse’s ass.
The Guy From Delaware
I am a donkey’s ass.
The Guy From Delaware
the question is: WWJSS
What will John Stewart say?
PS He drives a Honda, but like every Democrat who has driven imports for their entire lives, he now is just in love with Chrysler and its poor employees.
Everyone should view the documentary titled “The Obama Deception” produced by Alex Jones
It’s an enlightening film on what the global agenda is really about and who is behind it. Please view and then judge for yourself – all the moves they are making and who really gains from this?
Everyone should view the documentary titled “The Obama Deception” produced by Alex Jones
It’s an enlightening film on what the global agenda is really about and who is behind it. Please view and then judge for yourself – all the moves they are making and who really gains from this?
Everyone should view the documentary titled “The Obama Deception” produced by Alex Jones
It’s an enlightening film on what the global agenda is really about and who is behind it. Please view and then judge for yourself – all the moves they are making and who really gains from this?
Everyone should view the documentary titled “The Obama Deception” produced by Alex Jones
It’s an enlightening film on what the global agenda is really about and who is behind it. Please view and then judge for yourself – all the moves they are making and who really gains from this?
Everyone should view the documentary titled “The Obama Deception” produced by Alex Jones
It’s an enlightening film on what the global agenda is really about and who is behind it. Please view and then judge for yourself – all the moves they are making and who really gains from this?
EP – you should be flattered that the White House and DNC follow your work so closely. How else to explain 14, 18 and 54? They could all be the same enlightened individual that uses such words and phrases like “puppett”, “worships at the altar” and “ultra right wing” without citing one source. I don’t blame them. Anyone who is guided by the dated concept of rule of law is a danger to progress and change we can believe in.
- Fixed Income
So, has anyone heard anything about this movie called “The Obama Deception”?
What’s it about? Should I go see it?
@64
Theirs would be the second death list I’ve been on. I was far more afraid of the first. The people behind it were much more credible.