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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Giordano Bruno who wrote (385367)	5/2/2009 10:12:18 AM
From: MythMan	Read Replies (3) of 436258

The real deal on Chrysler.. >>PRESIDENT BARACK OBAMA BLAMED CHRYSLER'S BANKRUPTCY on "speculators," but the real problem was that the government's plan gave too much to the auto maker's unions and not enough to creditors. If the secured creditors holding $6.9 billion in claims had been offered anything close to what the administration wants to give the United Auto Workers, there would have been no bankruptcy filing by Chrysler. In the bizarre pecking order offered by the administration, the unions, which are at the bottom of Chrysler's capital structure, would get nearly full recovery value for their $10.6 billion retiree health-care claims, while the secured creditors at the top of the hierarchy would receive about 30 cents on the dollar. Credit that to politics and a likely desire by Obama to reward the powerful UAW. After all, who in America really cares about a group of deep-pocketed banks and investment firms holding the $6.9 billion of Chrysler debt? "I don't stand with them," as Obama said of the dissidents who derailed the deal.<< Oh and F the banks...

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