http://www.washingtonexaminer.com/polit ... 15057.html
This is unreal. Chrysler and GM are doomed to be run by the Feds forever.Lauria represented one of the bondholder firms, Perella Weinberg, which initially rejected the Obama deal that would give the bondholders about 33 cents on the dollar for their secured debts while giving the United Auto Workers retirees about 50 cents on the dollar for their unsecured debts.
...
After that came a denunciation of the objecting bondholders as “speculators” by Barack Obama in his news conference last Thursday. And then death threats to bondholders from parties unknown.
The White House denied that it strong-armed Perella Weinberg. The firm issued a statement saying it decided to accept the settlement, but it pointedly did not deny that it had been threatened by the White House. Which is to say, the threat worked.
Who's going to want to invest when the UAW gets first dibs at the finances?
I hope Ford is watching this closely. If/when their time comes, they need to
go straight to bankruptcy court and bypass any money from Obama's crew.
