Spitzer is back. hoooray

[Coronita]

Allan,

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???

http://finance.yahoo.com/news/Group-drops-fight-against-apf-15190149.html?sec=topStories&pos=4&asset=&ccode=
———–

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…

[Allan from Fallbrook]

FLU: I know you’re a good deal more centrist than I am, but let me ask you something: If Bush and Co. were pulling the shit that Obama is, what do you think the reaction would be?

I really did try to keep an open mind with this guy but, Jesus! Is he truly expecting that we’re all this stupid?

I’m going to buy one of those fur hats with the little red star on the forehead. I figure I’m beating the rush, since we’re all gonna be wearing them soon enough.

Workers of the World, Unite!

[Allan from Fallbrook]

FLU: I know you’re a good deal more centrist than I am, but let me ask you something: If Bush and Co. were pulling the shit that Obama is, what do you think the reaction would be?

I really did try to keep an open mind with this guy but, Jesus! Is he truly expecting that we’re all this stupid?

I’m going to buy one of those fur hats with the little red star on the forehead. I figure I’m beating the rush, since we’re all gonna be wearing them soon enough.

Workers of the World, Unite!

[Allan from Fallbrook]

FLU: I know you’re a good deal more centrist than I am, but let me ask you something: If Bush and Co. were pulling the shit that Obama is, what do you think the reaction would be?

I really did try to keep an open mind with this guy but, Jesus! Is he truly expecting that we’re all this stupid?

I’m going to buy one of those fur hats with the little red star on the forehead. I figure I’m beating the rush, since we’re all gonna be wearing them soon enough.

Workers of the World, Unite!

[Allan from Fallbrook]

FLU: I know you’re a good deal more centrist than I am, but let me ask you something: If Bush and Co. were pulling the shit that Obama is, what do you think the reaction would be?

I really did try to keep an open mind with this guy but, Jesus! Is he truly expecting that we’re all this stupid?

I’m going to buy one of those fur hats with the little red star on the forehead. I figure I’m beating the rush, since we’re all gonna be wearing them soon enough.

Workers of the World, Unite!

[Allan from Fallbrook]

FLU: I know you’re a good deal more centrist than I am, but let me ask you something: If Bush and Co. were pulling the shit that Obama is, what do you think the reaction would be?

I really did try to keep an open mind with this guy but, Jesus! Is he truly expecting that we’re all this stupid?

I’m going to buy one of those fur hats with the little red star on the forehead. I figure I’m beating the rush, since we’re all gonna be wearing them soon enough.

Workers of the World, Unite!

[patientrenter]

I am not sure that differences between the Dems and the Reps on the bailouts are as big as the similarities. Both will bail out the banks for as much as is needed. It is true that Reps let one large bank (Lehman) go to the wall, and that count is really two when you count Bear Stearns being forced to sell itself to JPM. But both are determined to flood the economy with whatever it takes to reflate asset prices, and keep 90% of the banks afloat. Maybe it’s 99% for Dems (counted by size of assets), but that’s not much difference.

I am sure there are people on both sides who are convinced that only one party is right, but I think they are both wrong.

[patientrenter]

I am not sure that differences between the Dems and the Reps on the bailouts are as big as the similarities. Both will bail out the banks for as much as is needed. It is true that Reps let one large bank (Lehman) go to the wall, and that count is really two when you count Bear Stearns being forced to sell itself to JPM. But both are determined to flood the economy with whatever it takes to reflate asset prices, and keep 90% of the banks afloat. Maybe it’s 99% for Dems (counted by size of assets), but that’s not much difference.

I am sure there are people on both sides who are convinced that only one party is right, but I think they are both wrong.

[patientrenter]

I am not sure that differences between the Dems and the Reps on the bailouts are as big as the similarities. Both will bail out the banks for as much as is needed. It is true that Reps let one large bank (Lehman) go to the wall, and that count is really two when you count Bear Stearns being forced to sell itself to JPM. But both are determined to flood the economy with whatever it takes to reflate asset prices, and keep 90% of the banks afloat. Maybe it’s 99% for Dems (counted by size of assets), but that’s not much difference.

I am sure there are people on both sides who are convinced that only one party is right, but I think they are both wrong.

[patientrenter]

I am not sure that differences between the Dems and the Reps on the bailouts are as big as the similarities. Both will bail out the banks for as much as is needed. It is true that Reps let one large bank (Lehman) go to the wall, and that count is really two when you count Bear Stearns being forced to sell itself to JPM. But both are determined to flood the economy with whatever it takes to reflate asset prices, and keep 90% of the banks afloat. Maybe it’s 99% for Dems (counted by size of assets), but that’s not much difference.

I am sure there are people on both sides who are convinced that only one party is right, but I think they are both wrong.

[patientrenter]

I am not sure that differences between the Dems and the Reps on the bailouts are as big as the similarities. Both will bail out the banks for as much as is needed. It is true that Reps let one large bank (Lehman) go to the wall, and that count is really two when you count Bear Stearns being forced to sell itself to JPM. But both are determined to flood the economy with whatever it takes to reflate asset prices, and keep 90% of the banks afloat. Maybe it’s 99% for Dems (counted by size of assets), but that’s not much difference.

I am sure there are people on both sides who are convinced that only one party is right, but I think they are both wrong.

[Allan from Fallbrook]

[quote=patientrenter]I am not sure that differences between the Dems and the Reps on the bailouts are as big as the similarities. Both will bail out the banks for as much as is needed. It is true that Reps let one large bank (Lehman) go to the wall, and that count is really two when you count Bear Stearns being forced to sell itself to JPM. But both are determined to flood the economy with whatever it takes to reflate asset prices, and keep 90% of the banks afloat. Maybe it’s 99% for Dems (counted by size of assets), but that’s not much difference.

I am sure there are people on both sides who are convinced that only one party is right, but I think they are both wrong.[/quote]

PR: Only one party is right: The Communist Party! Workers of the World, Unite!

[Allan from Fallbrook]

[quote=patientrenter]I am not sure that differences between the Dems and the Reps on the bailouts are as big as the similarities. Both will bail out the banks for as much as is needed. It is true that Reps let one large bank (Lehman) go to the wall, and that count is really two when you count Bear Stearns being forced to sell itself to JPM. But both are determined to flood the economy with whatever it takes to reflate asset prices, and keep 90% of the banks afloat. Maybe it’s 99% for Dems (counted by size of assets), but that’s not much difference.

I am sure there are people on both sides who are convinced that only one party is right, but I think they are both wrong.[/quote]

PR: Only one party is right: The Communist Party! Workers of the World, Unite!

[Allan from Fallbrook]

[quote=patientrenter]I am not sure that differences between the Dems and the Reps on the bailouts are as big as the similarities. Both will bail out the banks for as much as is needed. It is true that Reps let one large bank (Lehman) go to the wall, and that count is really two when you count Bear Stearns being forced to sell itself to JPM. But both are determined to flood the economy with whatever it takes to reflate asset prices, and keep 90% of the banks afloat. Maybe it’s 99% for Dems (counted by size of assets), but that’s not much difference.

I am sure there are people on both sides who are convinced that only one party is right, but I think they are both wrong.[/quote]

PR: Only one party is right: The Communist Party! Workers of the World, Unite!

[Allan from Fallbrook]

[quote=patientrenter]I am not sure that differences between the Dems and the Reps on the bailouts are as big as the similarities. Both will bail out the banks for as much as is needed. It is true that Reps let one large bank (Lehman) go to the wall, and that count is really two when you count Bear Stearns being forced to sell itself to JPM. But both are determined to flood the economy with whatever it takes to reflate asset prices, and keep 90% of the banks afloat. Maybe it’s 99% for Dems (counted by size of assets), but that’s not much difference.

I am sure there are people on both sides who are convinced that only one party is right, but I think they are both wrong.[/quote]

PR: Only one party is right: The Communist Party! Workers of the World, Unite!

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