Hedge Fund Manager Talks of Fear on Obama's Chrysler Cramdown

#4
#4
loved it

"If they give away their clients' money to share the 'sacrifice,' they are stealing."
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"Most importantly, it is not an owned lackey of the oval office to be scolded for disobedience by the President."
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#5
#5
elect this guy president!

"Last but not least, the President screaming that the hedge funds are looking for an unjustified taxpayer-funded bailout is the big lie writ large," he wrote. "Find me a hedge fund that has been bailed out."
 
#6
#6
droski said:
elect this guy president!

"Last but not least, the President screaming that the hedge funds are looking for an unjustified taxpayer-funded bailout is the big lie writ large," he wrote. "Find me a hedge fund that has been bailed out."
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This was the most beautiful comment in the whole piece.

Bottom line is the man is being told to take an arbitrary cramdown amount rather than see what he gets in the bankruptcy process. As a senior secured creditor, I like his chances of beating the garbage he was offered. He's dead right that taking anything less than what he would reasonably expect in that process should open him up to vicious lawsuits from all of his investors.
 
#8
#8
I'll say I am pretty disappointed with Obama. I thought the one glimmer of hope he had was surrounding himself with the best people for the job. Wonder who it was that actually put that campaign staff together was?
 
#9
#9
MontereyVol said:
I'll say I am pretty disappointed with Obama. I thought the one glimmer of hope he had was surrounding himself with the best people for the job. Wonder who it was that actually put that campaign staff together was?
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He should have hired CLK to do that for him.
 
#11
#11
Sounds like he is still catering to the same tired polices that created the financial mess to start with.

It is being proven that Corporate greed is not going to be futher tolerated.

As much crap as these kind of people have shoved
down working people's throats.I wonder How much out of control they feel about their own lives,jobs,living conditions,income and the future.

Welcome to the bright and shinning new world.
 
#13
#13
orangeblooded2 said:
Sounds like he is still catering to the same tired polices that created the financial mess to start with.

It is being proven that Corporate greed is not going to be futher tolerated.

As much crap as these kind of people have shoved
down working people's throats.I wonder How much out of control they feel about their own lives,jobs,living conditions,income and the future.

Welcome to the bright and shinning new world.
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what does any of this have to do with Obama's overt socialism in hammering senior secured creditors in favor of the deathblow wielding unions?

If you're trying to imply that senior secured lenders had something to do with the economic meltdown, you should simply back away from the keyboard and find a new topic. The day that a first position in the capital stack becomes meaningless, we can kiss capitalism goodbye.
 
#14
#14
orangeblooded2 said:
Sounds like he is still catering to the same tired polices that created the financial mess to start with.

It is being proven that Corporate greed is not going to be futher tolerated.

As much crap as these kind of people have shoved
down working people's throats.I wonder How much out of control they feel about their own lives,jobs,living conditions,income and the future.

Welcome to the bright and shinning new world.
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So your saying investors wanting the best return on their investment = corporate greed. And managers who look out for the best interest of their investors are evil?

Letting one man determine what is a fair return on the investments of others is a good thing? I can hardly imagine a more infantile view of business and investments.
 
#15
#15
orangeblooded2 said:
Sounds like he is still catering to the same tired polices that created the financial mess to start with.

It is being proven that Corporate greed is not going to be futher tolerated.

As much crap as these kind of people have shoved
down working people's throats.I wonder How much out of control they feel about their own lives,jobs,living conditions,income and the future.

Welcome to the bright and shinning new world.
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ummm how is it corporate greed to want obama to follow 100+ years of US bankruptcy law?
 
#16
#16
I can't find the logic of this being about "greed." Is it "greed" to expect an income for performing your job, too?
 
#17
#17
maybe not greed per se... but really? 76 bucks an hour in total salary to turn a bolt? Yes, labor needs a voice to be heard, but the UAW has taken that to an extreme that should never be traveled to. Not only does GM/Chrysler/Ford have to account for that huge hourly cost of their laborers, but they also have to factor in the cost to pay the ones that are retired which is a huge chunk too. This would be akin to the investors expecting 50% returns on their investments in company stock... if that were the case people would be screaming bloody murder.
 
#18
#18
orangeblooded2 said:
Sounds like he is still catering to the same tired polices that created the financial mess to start with.

It is being proven that Corporate greed is not going to be futher tolerated.

As much crap as these kind of people have shoved
down working people's throats.I wonder How much out of control they feel about their own lives,jobs,living conditions,income and the future.

Welcome to the bright and shinning new world.
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Is Union greed to be tolerated?
 
#19
#19
wbailey7 said:
Is Union greed to be tolerated?
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hold up. Wanting something for nothing can be construed as greed? More for less is greedy?

I don't get it. Union bosses with no other reason for existence than self perpetuation in a verifiably frictional expense only role are greedy? Who'da thunk it.
 
#21
#21
BigPapaVol said:
hold up. Wanting something for nothing can be construed as greed? More for less is greedy?

I don't get it. Union bosses with no other reason for existence than self perpetuation in a verifiably frictional expense only role are greedy? Who'da thunk it.
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I think I'm starting to understand. It's greed if you are a white collar worker (unless a union member), and if you are a blue collar worker, you are a victim of every white collar worker's greed, so you deserve some sort of reparations.

One of my math teachers explained it quite well:

Pournelle's Iron Law of Bureaucracy states that in any bureaucratic organization there will be two kinds of people: those who work to further the actual goals of the organization, and those who work for the organization itself.

Examples in education would be teachers who work and sacrifice to teach children, vs. union representative who work to protect any teacher including the most incompetent. The Iron Law states that in all cases, the second type of person will always gain control of the organization, and will always write the rules under which the organization functions.
 
#23
#23
wbailey7 said:
I think I'm starting to understand. It's greed if you are a white collar worker (unless a union member), and if you are a blue collar worker, you are a victim of every white collar worker's greed, so you deserve some sort of reparations.

One of my math teachers explained it quite well:

Pournelle's Iron Law of Bureaucracy states that in any bureaucratic organization there will be two kinds of people: those who work to further the actual goals of the organization, and those who work for the organization itself.

Examples in education would be teachers who work and sacrifice to teach children, vs. union representative who work to protect any teacher including the most incompetent. The Iron Law states that in all cases, the second type of person will always gain control of the organization, and will always write the rules under which the organization functions.
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Interesting post. I think that sums things up quite well.
 
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