Hedge Funds Irate Over Presidental Truth-telling

[babylonsister]

In Chrysler Saga, Hedge Funds Cast As Prime Villain
Firms Say They Were Right to Hold Out



President Obama said hedge funds were "speculators" who refused "to sacrifice like everyone else." (By Bill O'leary -- The Washington Post)

President Obama's harsh attack on hedge funds he blamed for forcing Chrysler into bankruptcy yesterday sparked cries of protest from the secretive financial firms that hold about $1 billion of the automaker's debt.

Hedge funds and investment managers were irate at Obama's description of them as "speculators" who were "refusing to sacrifice like everyone else" and who wanted "to hold out for the prospect of an unjustified taxpayer-funded bailout."

"Some of the characterizations that were used today to refer to us as speculators or to say we're looking for a bailout is really unfair," said one executive who spoke on condition of anonymity because of the sensitivity of the matter. "What we're looking for is a reasonable payout on the value of the debt . . . more in line with what unions and Fiat were getting."

George Schultze, the managing member of the hedge fund Schultze Asset Management, a Chrysler bondholder, said, "We are simply seeking to enforce our bargained-for rights under well-settled law."

"Hopefully, the bankruptcy process will help refocus on this issue rather than on pointing fingers at lenders," he said.

more...

http://www.washingtonpost.com/wp-dyn/content/article/2009/04/30/AR2009043004141.html

[annabanana]

1. Oh Waaa Waaa Waaaa. . .

Who pissed in their cornflakes?

First rate 'dishers-out' not being able to take it..

[Auggie]

2. Wait until the proletariat get irate...

We'll reform your sorry asses out of business