http://islandturtle.blogspot.com/2009/05/white-house-uses-strong-arm-tactics-to.html
Those if you who have been following this blog lately know that I have been horrified by the way Barry and his merry band have been dealing with the private investors in the corporate bonds for both GM and Chrysler. Once you read the above article you have to really start worrying about the future of the American economy.
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3 comments:
This one was silly, Mark. Chrysler, with USA DIP financing, is negotiating with bondholders. They are play hardball. So too are the lenders. It is typical of BK negotiations.
Really, can you tell me another time in recent history where the executive branch of the US government is telling private investors that they better take the deal or they will trash them in the media? Doesn't sound like something that meets the definition of typical in my dictionary.
These are extraordinary times.
The only atypical part of Chrysler/bondholder negotiations is that Chrysler has USA DIP financing. And yes, that is extraordinary.
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