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Did The Obama Team Abuse Chrysler's Creditors, or
Justly Target Evil "Speculators"?
After previously refusing the government's settlement offer, a group of
Chrysler's creditors gave in - rather than taking their case through the
bankruptcy processes. The decision by the so-called non-TARP lenders is a
victory for the Obama Administration and avoids the potential for a
protracted court battle......
But at what cost?
Critics like hedge fund manager Cliff Asness say the Obama administration
abused power by threatening Chrysler's creditors - either directly or merely
rhetorically, depending on whom you ask. The President had some harsh words
for the "speculators" who originally refused to play ball while car czar
Steve Rattner has been accused of threatening to ruin the reputations of
certain hedge fund managers, most notably the principals of Perella Weinberg
Partners.
Perhaps more importantly than who said what is the undeniable fact the
administration effectively rewrote the contracts governing Chrysler's
obligations, fundamentally altering how creditors have historically been
treated in a bankruptcy situation.
If you recall, the "sanctity of contract law" was cited by Obama's team
during the scandal over the AIG bonuses. The fact some contracts are
apparently more "sacred" than others raises an interesting question: Why the
tough love for autos and their creditors and kid gloves for the financials
and their lenders counterparties?
That this double standard is continuation of the prior administration's
policies suggests very little change has come to Washington D.C., at least
when it comes to bailouts. And if it was economic gangsterism when
Bush-Paulson were running the show, can't the same be said of the Obama-Geithner-Rattner
team?
Posted by Aaron Task
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