This is encouraging news and suggests the Obama administration has had enough of the Wall Street extremists who are only too happy to sponge from taxpayers. They all thought they were going to get a better deal and Obama told them to drop dead. Hell yeah and good for him.
"For too long," Obama said at the White House, "Chrysler moved too slowly to adapt to the future, designing and building cars that were less popular, less reliable and less fuel efficient than foreign competitors."I'm with Obama on this one. It's not perfect and maybe the White House should have taken a harder line but it's a change in the right direction. Better late than never.
The Obama administration had long hoped to stave off bankruptcy for Chrysler LLC, but it became clear that a holdout group of creditors wouldn't budge on proposals to reduce Chrysler's $6.9 billion in secured debt. Obama praised all the constituencies that have offered sacrifices and blasted those that did not.
He said a group of investment firms and hedge funds were holding out for the prospect of an unjustified taxpayer bailout.
"I don't stand with them," Obama said at the White House event.
