WASHINGTON, April 30 (Reuters) - A small group of hedge funds rejected a final opportunity to restructure auto maker Chrysler LLC outside of bankruptcy in negotiations with the U.S. Treasury, an Obama administration offical said on Thursday.
U.S. officials had offered Chrysler's secured lenders $2.25 billion in cash in exchange for forgiving their first lien debt, the official said.
"Their failure to act in either their own economic interest or the national interest does not diminish the accomplishments made by Chrysler, Fiat and its stakeholders nor will it impede the new opportunity Chrysler now has to restructure and emerge stronger going forward," the official said.
The secured lenders group held almost 7 billion dollars in Chrysler debt (an amount the press enjoys calling "substantial," but it's not), and were not only right to reject the terms of "sacrifice" being called for by our dictator, Barry Obama, but down right heroic to set their own terms in the face of all of this Castro-esque Nationalization of two of the Big Three.
"Screw you. We want 2.5 billion." I love it.
Our Great Leader, along with his #1 accomplice, Michigan Governor Jennifer Granholm, furious by the pissing match drawn out by the "Hedge Fund Holdouts" are now comfortable applying every smear printable, and imply-able, on the group. UAW members were quickly informed that the greedy Holdouts are responsible for Chrysler being forced to file for bankruptcy, when that option was inevitable even if the Group forgave every dime Chrysler owed. What possible outcome was Obama, Granholm and the UAW hoping for with that move? Installing a little hatred, maybe? Yah, I think.
Obama, the Great American Dictator, gave a public spanking to the Hedge Fund Holdouts during the press conference announcement, when silence would have much better served his purpose and proposed goals. Dictators make it all about them, and Obama is no exception.
Friends, we have a bonafide state sanctioned scapegoat in America: Wall Street. Hide your general ledgers, dudes.
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