Home › Forums › Financial Markets/Economics › Spitzer is back. hoooray
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Aecetia.
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May 8, 2009 at 11:00 AM #395744May 8, 2009 at 12:37 PM #395157
ucodegen
ParticipantFor example, he said that he knew nothing about the Merill losses and bonuses…However as part of an acquisition, you’d think they’d be doing their due dilligence.
You have to remember that the acquisition is done in two steps. The intent to acquire was announced. What was not announced and was alluded to by Ken Miller, was that BofA wanted to back out the acquisition in terms of materiel grounds. This means that there was a large discrepancy of how Merrill was portraying itself and what BofA discovered when they ran the audit as a result of intent to acquire. I remember hearing the intent to back out.. and the next day I heard it was going through.. kind of strange (I think it was Nov/Dec 08 time frame). Shortly after I heard that there may be an additional 20Bil from the gov. for the merger. Really weird.
I think that the gov. can’t let BofA fail now because their fingerprints would be found all over the ‘murder weapon’..
May 8, 2009 at 12:37 PM #395409ParticipantFor example, he said that he knew nothing about the Merill losses and bonuses…However as part of an acquisition, you’d think they’d be doing their due dilligence.
You have to remember that the acquisition is done in two steps. The intent to acquire was announced. What was not announced and was alluded to by Ken Miller, was that BofA wanted to back out the acquisition in terms of materiel grounds. This means that there was a large discrepancy of how Merrill was portraying itself and what BofA discovered when they ran the audit as a result of intent to acquire. I remember hearing the intent to back out.. and the next day I heard it was going through.. kind of strange (I think it was Nov/Dec 08 time frame). Shortly after I heard that there may be an additional 20Bil from the gov. for the merger. Really weird.
I think that the gov. can’t let BofA fail now because their fingerprints would be found all over the ‘murder weapon’..
May 8, 2009 at 12:37 PM #395628ParticipantFor example, he said that he knew nothing about the Merill losses and bonuses…However as part of an acquisition, you’d think they’d be doing their due dilligence.
You have to remember that the acquisition is done in two steps. The intent to acquire was announced. What was not announced and was alluded to by Ken Miller, was that BofA wanted to back out the acquisition in terms of materiel grounds. This means that there was a large discrepancy of how Merrill was portraying itself and what BofA discovered when they ran the audit as a result of intent to acquire. I remember hearing the intent to back out.. and the next day I heard it was going through.. kind of strange (I think it was Nov/Dec 08 time frame). Shortly after I heard that there may be an additional 20Bil from the gov. for the merger. Really weird.
I think that the gov. can’t let BofA fail now because their fingerprints would be found all over the ‘murder weapon’..
May 8, 2009 at 12:37 PM #395681ParticipantFor example, he said that he knew nothing about the Merill losses and bonuses…However as part of an acquisition, you’d think they’d be doing their due dilligence.
You have to remember that the acquisition is done in two steps. The intent to acquire was announced. What was not announced and was alluded to by Ken Miller, was that BofA wanted to back out the acquisition in terms of materiel grounds. This means that there was a large discrepancy of how Merrill was portraying itself and what BofA discovered when they ran the audit as a result of intent to acquire. I remember hearing the intent to back out.. and the next day I heard it was going through.. kind of strange (I think it was Nov/Dec 08 time frame). Shortly after I heard that there may be an additional 20Bil from the gov. for the merger. Really weird.
I think that the gov. can’t let BofA fail now because their fingerprints would be found all over the ‘murder weapon’..
May 8, 2009 at 12:37 PM #395824ParticipantFor example, he said that he knew nothing about the Merill losses and bonuses…However as part of an acquisition, you’d think they’d be doing their due dilligence.
You have to remember that the acquisition is done in two steps. The intent to acquire was announced. What was not announced and was alluded to by Ken Miller, was that BofA wanted to back out the acquisition in terms of materiel grounds. This means that there was a large discrepancy of how Merrill was portraying itself and what BofA discovered when they ran the audit as a result of intent to acquire. I remember hearing the intent to back out.. and the next day I heard it was going through.. kind of strange (I think it was Nov/Dec 08 time frame). Shortly after I heard that there may be an additional 20Bil from the gov. for the merger. Really weird.
I think that the gov. can’t let BofA fail now because their fingerprints would be found all over the ‘murder weapon’..
May 8, 2009 at 3:43 PM #395293
CoronitaParticipant[quote=Allan from Fallbrook]
FLU: Hells yeah! I’ll need to clear out my Christmas Club Account and sell my scooter, but I’m in. Hey, if we buy a bank, do we get a toaster?
[/quote]Haven’t you heard? They stopped handing out toasters, and replaced them with a few shares of AIG common stock.
$ 1billion donation = 1 million AIG common shares….
The AIG shares of course are restricted and have no cash value, and an only be used to redeem a toaster….
May 8, 2009 at 3:43 PM #395545CoronitaParticipant[quote=Allan from Fallbrook]
FLU: Hells yeah! I’ll need to clear out my Christmas Club Account and sell my scooter, but I’m in. Hey, if we buy a bank, do we get a toaster?
[/quote]Haven’t you heard? They stopped handing out toasters, and replaced them with a few shares of AIG common stock.
$ 1billion donation = 1 million AIG common shares….
The AIG shares of course are restricted and have no cash value, and an only be used to redeem a toaster….
May 8, 2009 at 3:43 PM #395764CoronitaParticipant[quote=Allan from Fallbrook]
FLU: Hells yeah! I’ll need to clear out my Christmas Club Account and sell my scooter, but I’m in. Hey, if we buy a bank, do we get a toaster?
[/quote]Haven’t you heard? They stopped handing out toasters, and replaced them with a few shares of AIG common stock.
$ 1billion donation = 1 million AIG common shares….
The AIG shares of course are restricted and have no cash value, and an only be used to redeem a toaster….
May 8, 2009 at 3:43 PM #395817CoronitaParticipant[quote=Allan from Fallbrook]
FLU: Hells yeah! I’ll need to clear out my Christmas Club Account and sell my scooter, but I’m in. Hey, if we buy a bank, do we get a toaster?
[/quote]Haven’t you heard? They stopped handing out toasters, and replaced them with a few shares of AIG common stock.
$ 1billion donation = 1 million AIG common shares….
The AIG shares of course are restricted and have no cash value, and an only be used to redeem a toaster….
May 8, 2009 at 3:43 PM #395960CoronitaParticipant[quote=Allan from Fallbrook]
FLU: Hells yeah! I’ll need to clear out my Christmas Club Account and sell my scooter, but I’m in. Hey, if we buy a bank, do we get a toaster?
[/quote]Haven’t you heard? They stopped handing out toasters, and replaced them with a few shares of AIG common stock.
$ 1billion donation = 1 million AIG common shares….
The AIG shares of course are restricted and have no cash value, and an only be used to redeem a toaster….
May 8, 2009 at 3:46 PM #395281CoronitaParticipantAllan,
More Obama/Government strongarming at it’s finest….
The latest on the Chrysler “deal”. Unbelievable….
I’m not that the financial wizard but looks like senior creditors got screwed versus more junior creditors…All in the name of the big bad evil “hedge funds, and wall street”…Main street loves this. “Good versus evil” this administration has portrayed.I’m just finding this administration bending rules and stepping all over the place. Is this administration really better than the previous???
NEW YORK (AP) — The group of dissident Chrysler bond holders challenging Chrysler LLC’s government-backed restructuring plans, said Friday that it is dropping its court fight.
The dissolution of the group — at least on an official basis — clears away the largest obstacle standing in the way of Chrysler LLC’s plans to sell the bulk of its assets of Italy’s Fiat Group SpA and could pave the way for the quick exit from bankruptcy protection that the automaker and the federal government desire.
Geoffrey Gwin, principal of the Group G Capital Partners LLC hedge funds, said that after weighing the obstacles ahead and along with the opposition they had faced before, the group’s five remaining members realized that they couldn’t mount an effective legal challenge.
But that doesn’t mean that the deal reached before Chrysler’s Chapter 11 filing — which would exchange the automaker’s total of $6.9 billion in secured debt for $2 billion — has the group’s support.
“We’re still opposing this and not signing the consents, but the active fight has been more challenging,” Gwin said.
Thomas Lauria, the group’s lead attorney, said in a statement that the lenders he represented, and others, felt undue pressure from President Barack Obama’s administration to accept the deal.
The group eventually came to the conclusion that there wasn’t enough of them to “withstand the enormous pressure and machinery of the U.S. government,” he said.
In addressing Chrysler’s Chapter 11 filing last week, Obama said the lenders were seeking an “unjustified taxpayer-funded bailout” after Chrysler and his auto task force cleared the company’s other hurdles, including the Fiat deal and a cost-cutting pact that the United Auto Workers ratified last week.
….
“As American taxpayers, we appreciate the unprecedented efforts taken by the current administration to stabilize the economy and the auto sector; but as fiduciaries to our investors we take exception to being compelled, as Chrysler senior secured lenders, to unfairly shoulder the burden relative to various junior creditors,” Stairway said…….
……….
Fvcker….Boycott Chrysler/Fiat, I’d say…May 8, 2009 at 3:46 PM #395532CoronitaParticipantAllan,
More Obama/Government strongarming at it’s finest….
The latest on the Chrysler “deal”. Unbelievable….
I’m not that the financial wizard but looks like senior creditors got screwed versus more junior creditors…All in the name of the big bad evil “hedge funds, and wall street”…Main street loves this. “Good versus evil” this administration has portrayed.I’m just finding this administration bending rules and stepping all over the place. Is this administration really better than the previous???
NEW YORK (AP) — The group of dissident Chrysler bond holders challenging Chrysler LLC’s government-backed restructuring plans, said Friday that it is dropping its court fight.
The dissolution of the group — at least on an official basis — clears away the largest obstacle standing in the way of Chrysler LLC’s plans to sell the bulk of its assets of Italy’s Fiat Group SpA and could pave the way for the quick exit from bankruptcy protection that the automaker and the federal government desire.
Geoffrey Gwin, principal of the Group G Capital Partners LLC hedge funds, said that after weighing the obstacles ahead and along with the opposition they had faced before, the group’s five remaining members realized that they couldn’t mount an effective legal challenge.
But that doesn’t mean that the deal reached before Chrysler’s Chapter 11 filing — which would exchange the automaker’s total of $6.9 billion in secured debt for $2 billion — has the group’s support.
“We’re still opposing this and not signing the consents, but the active fight has been more challenging,” Gwin said.
Thomas Lauria, the group’s lead attorney, said in a statement that the lenders he represented, and others, felt undue pressure from President Barack Obama’s administration to accept the deal.
The group eventually came to the conclusion that there wasn’t enough of them to “withstand the enormous pressure and machinery of the U.S. government,” he said.
In addressing Chrysler’s Chapter 11 filing last week, Obama said the lenders were seeking an “unjustified taxpayer-funded bailout” after Chrysler and his auto task force cleared the company’s other hurdles, including the Fiat deal and a cost-cutting pact that the United Auto Workers ratified last week.
….
“As American taxpayers, we appreciate the unprecedented efforts taken by the current administration to stabilize the economy and the auto sector; but as fiduciaries to our investors we take exception to being compelled, as Chrysler senior secured lenders, to unfairly shoulder the burden relative to various junior creditors,” Stairway said…….
……….
Fvcker….Boycott Chrysler/Fiat, I’d say…May 8, 2009 at 3:46 PM #395751CoronitaParticipantAllan,
More Obama/Government strongarming at it’s finest….
The latest on the Chrysler “deal”. Unbelievable….
I’m not that the financial wizard but looks like senior creditors got screwed versus more junior creditors…All in the name of the big bad evil “hedge funds, and wall street”…Main street loves this. “Good versus evil” this administration has portrayed.I’m just finding this administration bending rules and stepping all over the place. Is this administration really better than the previous???
NEW YORK (AP) — The group of dissident Chrysler bond holders challenging Chrysler LLC’s government-backed restructuring plans, said Friday that it is dropping its court fight.
The dissolution of the group — at least on an official basis — clears away the largest obstacle standing in the way of Chrysler LLC’s plans to sell the bulk of its assets of Italy’s Fiat Group SpA and could pave the way for the quick exit from bankruptcy protection that the automaker and the federal government desire.
Geoffrey Gwin, principal of the Group G Capital Partners LLC hedge funds, said that after weighing the obstacles ahead and along with the opposition they had faced before, the group’s five remaining members realized that they couldn’t mount an effective legal challenge.
But that doesn’t mean that the deal reached before Chrysler’s Chapter 11 filing — which would exchange the automaker’s total of $6.9 billion in secured debt for $2 billion — has the group’s support.
“We’re still opposing this and not signing the consents, but the active fight has been more challenging,” Gwin said.
Thomas Lauria, the group’s lead attorney, said in a statement that the lenders he represented, and others, felt undue pressure from President Barack Obama’s administration to accept the deal.
The group eventually came to the conclusion that there wasn’t enough of them to “withstand the enormous pressure and machinery of the U.S. government,” he said.
In addressing Chrysler’s Chapter 11 filing last week, Obama said the lenders were seeking an “unjustified taxpayer-funded bailout” after Chrysler and his auto task force cleared the company’s other hurdles, including the Fiat deal and a cost-cutting pact that the United Auto Workers ratified last week.
….
“As American taxpayers, we appreciate the unprecedented efforts taken by the current administration to stabilize the economy and the auto sector; but as fiduciaries to our investors we take exception to being compelled, as Chrysler senior secured lenders, to unfairly shoulder the burden relative to various junior creditors,” Stairway said…….
……….
Fvcker….Boycott Chrysler/Fiat, I’d say…May 8, 2009 at 3:46 PM #395806CoronitaParticipantAllan,
More Obama/Government strongarming at it’s finest….
The latest on the Chrysler “deal”. Unbelievable….
I’m not that the financial wizard but looks like senior creditors got screwed versus more junior creditors…All in the name of the big bad evil “hedge funds, and wall street”…Main street loves this. “Good versus evil” this administration has portrayed.I’m just finding this administration bending rules and stepping all over the place. Is this administration really better than the previous???
NEW YORK (AP) — The group of dissident Chrysler bond holders challenging Chrysler LLC’s government-backed restructuring plans, said Friday that it is dropping its court fight.
The dissolution of the group — at least on an official basis — clears away the largest obstacle standing in the way of Chrysler LLC’s plans to sell the bulk of its assets of Italy’s Fiat Group SpA and could pave the way for the quick exit from bankruptcy protection that the automaker and the federal government desire.
Geoffrey Gwin, principal of the Group G Capital Partners LLC hedge funds, said that after weighing the obstacles ahead and along with the opposition they had faced before, the group’s five remaining members realized that they couldn’t mount an effective legal challenge.
But that doesn’t mean that the deal reached before Chrysler’s Chapter 11 filing — which would exchange the automaker’s total of $6.9 billion in secured debt for $2 billion — has the group’s support.
“We’re still opposing this and not signing the consents, but the active fight has been more challenging,” Gwin said.
Thomas Lauria, the group’s lead attorney, said in a statement that the lenders he represented, and others, felt undue pressure from President Barack Obama’s administration to accept the deal.
The group eventually came to the conclusion that there wasn’t enough of them to “withstand the enormous pressure and machinery of the U.S. government,” he said.
In addressing Chrysler’s Chapter 11 filing last week, Obama said the lenders were seeking an “unjustified taxpayer-funded bailout” after Chrysler and his auto task force cleared the company’s other hurdles, including the Fiat deal and a cost-cutting pact that the United Auto Workers ratified last week.
….
“As American taxpayers, we appreciate the unprecedented efforts taken by the current administration to stabilize the economy and the auto sector; but as fiduciaries to our investors we take exception to being compelled, as Chrysler senior secured lenders, to unfairly shoulder the burden relative to various junior creditors,” Stairway said…….
……….
Fvcker….Boycott Chrysler/Fiat, I’d say… -
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