Read about it here and here. Oh, you thought I was talking about this?
As the crisis has receded this year, the government has remained aggressive, seeking business outcomes it finds desirable with some apparent indifference to contractual rights. In Chrysler’s bankruptcy negotiations in April, for example, Treasury’s plan offered the automaker’s senior-debt holders 29 cents on the dollar. Some debt holders, including the hedge fund Xerion Capital Partners, believed they were contractually entitled to a much better deal as senior creditors holding secured debt. But four TARP banks—JPMorgan Chase, Citigroup, Morgan Stanley, and Goldman Sachs—which owned about 70 percent of the Chrysler senior debt at par (100 cents on the dollar), had agreed to the 29-cent deal. By getting these banks and the other senior-debt holders to accept the 29-cent deal and give up their rights to push for the higher potential payout they were entitled to, the government could give Chrysler’s workers, whose contracts were general unsecured claims—and therefore junior to the banks’—a payout far more generous than would otherwise have been possible or likely. Essentially, the government was engineering a transfer of wealth from TARP bank shareholders to auto workers, and pressuring other creditors to go along.
On April 30, when President Obama announced the bankruptcy, he forcefully stated the White House position: “While many stakeholders made sacrifices and worked constructively,” he said, “I have to tell you, some did not. In particular, a group of investment firms and hedge funds decided to hold out for the prospect of an unjustified taxpayer-funded bailout. They were hoping that everybody else would make sacrifices, and they would have to make none. Some demanded twice the return that other lenders were getting. I don’t stand with them. I stand with Chrysler’s employees and their families and communities.”
In the face of this kind of political pressure, Perella Weinberg, the owner of Xerion, backed down. “In considering the President’s words and exercising our best investment judgment,” the firm said in a statement, “we concluded that the risks of potentially severe capital loss that could arise from fighting this in bankruptcy court far outweighed any realistic potential upside.” Tom Lauria, an attorney who was representing the firm during the negotiations, said in a May 1 radio interview that his client had been told by the administration that the White House press corps would destroy Perella Weinberg’s reputation if it continued to fight the deal. He later told ABC News that Treasury adviser Steven Rattner had made the threat. (The White House denied making any threats, and Perella Weinberg denied Lauria’s account of events, without elaboration.) Lauria said, in his radio interview, “I think everybody in the country should be concerned about the fact that the president of the United States, the executive office, is using its power to try to abrogate that contractual right.”
A somewhat similar story played out during GM’s bankruptcy—the government again put together a deal that looked to many like a gift to the United Auto Workers at the expense of bondholders, who were pressed hard to quickly take a deal that would leave them with 10 percent of the equity of the reorganized company (plus some out-of-the-money warrants) when they likely would have been able to negotiate for more in a less well-orchestrated bankruptcy proceeding. The Obama administration also famously browbeat AIG employees, who had a contractual right to some $165 million in bonuses, to void that right. (In the face of the government’s pressure and the public outcry, some 15 of the top 20 recipients of the retention bonuses agreed to give back a total of more than $30 million in payments.) Curiously, the government has put no pressure on Merrill executives to return their $3.6 billion in bonuses that were paid out in December 2008, even though the company had suffered those huge losses.
“The rules as to how the government will act are not what we learned,” explained Gary Parr, the deputy chairman of Lazard and one of the leading mergers-and-acquisitions advisers to financial institutions. “In the last 12 months, new precedents have been set weekly. The old rules often don’t apply as much anymore.” He said the recent examples of the government’s aggression are “a really big deal,” but adds, “I am not sure it is going to last a long time. I sure hope not. I can’t imagine the markets will function properly if you are always wondering if the government is going to step in and change the game.” One former Treasury official in the Bush administration told me he believes that the Obama administration has been disturbingly heavy-handed with the automobile companies and those who have lent to them. “It’s very easy, when you’re holding all the cards, to impose your will,” he said. “And when you are the only source of financing, forget it.”
Regime Uncertainty at its best
Greetings from Carolina! I’m bored to tears at work so I decided to browse your site on my iphone during lunch break. I enjoy the info you present here and can’t wait to take a look when I get home. I’m surprised at how quick your blog loaded on my mobile .. I’m not even using WIFI, just 3G .. Anyhow, amazing site!
Hello! Quick question that’s totally off topic. Do you know how to make your site mobile friendly? My weblog looks weird when viewing from my iphone4. I’m trying to find a template or plugin that might be able to resolve this issue. If you have any suggestions, please share. Thank you!
I’ve been surfing online more than three hours nowadays, but I never discovered any interesting article like yours. It is beautiful value sufficient for me. In my view, if all webmasters and bloggers made good content material as you probably did, the web will be much more useful than ever before.
I have been exploring for a little bit for any high quality articles or blog posts on this sort of space . Exploring in Yahoo I at last stumbled upon this website. Studying this info So i’m happy to show that I have an incredibly good uncanny feeling I discovered just what I needed. I most indubitably will make certain to don’t disregard this web site and give it a glance regularly.
Thanks for your useful post. Over time, I have come to be able to understand that the actual symptoms of mesothelioma are caused by the actual build up of fluid regarding the lining of your lung and the torso cavity. The sickness may start from the chest spot and get distributed to other body parts. Other symptoms of pleural mesothelioma include fat reduction, severe inhaling trouble, nausea, difficulty swallowing, and infection of the face and neck areas. It needs to be noted that some people living with the disease tend not to experience virtually any serious indicators at all.
Hi my friend! I want to say that this post is amazing, great written and come with approximately all vital infos. I’d like to peer extra posts like this .
I like this blog so much, saved to my bookmarks.
Dead pent articles, thankyou for entropy.
Hey very nice website!! Man .. Beautiful .. Amazing .. I’ll bookmark your blog and take the feeds also…I am happy to find so many useful information here in the post, we need develop more strategies in this regard, thanks for sharing. . . . . .
499901 29611you make running a blog glance 206676
222623 473720I believe you did an awesome job explaining it. Certain beats having to research it on my own. Thanks 772220
This is one awesome blog article.Thanks Again. Cool.
It’s truly very difficult in this full of activity life to listen news on Television, soI just use internet for that reason, and obtain the hottestnews.
Krmyvo – writing out numbers in essays Stfguk gvhxaa
686206 715192I like this web site because so considerably beneficial stuff on here : D. 941394
Hi, after reading this awesome article i am also cheerful to share my familiarity here with mates.
Very nice post and right to the point. I don’t know if this is truly the best place to ask but do you guys have any thoughts on where to employ some professional writers? Thank you
Thanks for any other magnificent post. The place else may just anyone get that kind of information in such an ideal way of writing? I’ve a presentation next week, and I am on the search for such info.
I really liked your blog post.Really looking forward to read more. Awesome.
Thanks a lot for the article.Really thank you! Really Cool.
Major thankies for the blog article.Much thanks again. Really Cool.
Awesome article.Really looking forward to read more. Awesome.
Thank you for your blog.
I really like and appreciate your article post.Much thanks again. Want more.
Really informative blog. Great.
Good blog you have here.. Itís hard to find quality writing like yours nowadays. I truly appreciate individuals like you! Take care!!
Really appreciate you sharing this post.Thanks Again. Really Cool.
Great information. Lucky me I discovered your blog by accident (stumbleupon). I’ve book marked it for later.
It as hard to find educated people on this topic, but you sound like you know what you are talking about! Thanks
A fascinating discussion is definitely worth comment. I do believe that you ought to write more on this subject matter, it might not be a taboo matter but usually people do not talk about these subjects. To the next! All the best.
Nicely put, Kudos!how to write a successful college essay essay writing services need a ghostwriter
Now I am ready to do my breakfast, once having my breakfast coming yet again to read further news.
My brother suggested I might like this blog. He was totally right. This put up actually made my day. You cann’t believe just how so much time I had spent for this info! Thanks!
constantly i used to read smaller posts which as wellclear their motive, and that is also happening with this article which I am reading at thistime.
I am extremely impressed with your writing skills as well as with the layout on your blog.Is this a paid theme or did you modify it yourself?Either way keep up the nice quality writing, it’s rareto see a nice blog like this one nowadays.
Wow, great blog post.Really thank you! Fantastic.
magnificent issues altogether, you simply received a logo new reader. What would you recommend in regards to your post that you simply made a few days in the past? Any sure?
Readers will want to hear what you have to say about the topic because you will be knowledgeable and passionate.
I like reading through an article that will make people think.Also, thank you for allowing for me to comment!
Elite Private proxy store https://DreamProxies.com – your best private proxies you could find to get most affordable prices!
I really like looking through an article that will make men and women think. Also, thanks for permitting me to comment!
Really Appreciate this blog post, can you make it so I receive an email sent to me when you write a new update?
Im grateful for the blog article. Keep writing.
Does aanybody herе how many puffs on a cbd cigarettes can you smoke138.240 wants to bec᧐me a Hempand CBD reviewer ᴡith us and revew hemp infused productslіke CBD Edibles ƊM mｅ if inteгested
Link Alternatif QQ ialah agen yang menyediakan banyak informasi mengenai link – link dari berbagai bandar judi bola online seperti bandar QQVIPER
Thanks for sharing, this is a fantastic article post.Really looking forward to read more. Much obliged.
Generally I don’t read article on blogs, but I wish to say that this write-up very forced me to try and do so! Your writing style has been amazed me. Thanks, very nice post.
I was curious if you ever thought of changing the layout of your website? Its very well written; I love what youve got to say. But maybe you could a little more in the way of content so people could connect with it better. Youve got an awful lot of text for only having 1 or two pictures. Maybe you could space it out better?
I loved as much as you’ll receive carried out right here. The sketch is tasteful, your authored material stylish. nonetheless, you command get got an nervousness over that you wish be delivering the following. unwell unquestionably come more formerly again as exactly the same nearly very often inside case you shield this increase.
Hey would you mind letting me know which web host you’re utilizing? I’ve loaded your blog in 3 completely different web browsers and I must say this blog loads a lot faster then most. Can you suggest a good web hosting provider at a honest price? Thanks, I appreciate it!
Whoa! This blog looks just like my old one! It’s on a totally different subject but it has pretty much the same layout and design. Excellent choice of colors!
F*ckin’ remarkable things here. I’m very satisfied to see your post. Thank you a lot and i’m having a look ahead to touch you. Will you please drop me a e-mail?
I’m not sure exactly why but this site is loading incredibly slow for me. Is anyone else having this issue or is it a issue on my end? I’ll check back later and see if the problem still exists.
You actually make it appear so easy with your presentation however I to find this matter to be really one thing that I think I might never understand. It kind of feels too complex and extremely large for me. I am having a look ahead for your next submit, I will attempt to get the cling of it!
I was suggested this web site by my cousin. I am not sure whether this post is written by him as nobody else know such detailed about my problem. You are incredible! Thanks!
I am no longer positive where you’re getting your info, but great topic. I must spend a while learning more or figuring out more. Thanks for magnificent info I used to be on the lookout for this info for my mission.
What a material of un-ambiguity and preserveness ofvaluable know-how concerning unpredicted emotions.
Thanks-a-mundo for the post.Really thank you! Much obliged.
Its like you learn my mind! You seem to grasp so much approximately this, like you wrote the e-book in it or something. I feel that you could do with some percent to pressure the message house a little bit, however other than that, this is wonderful blog. A great read. I’ll definitely be back.
Teenage Mutants Elle Sombre Bonheur Hispanos In Space Marbella Ibiza Mallorca Misty Mountain Through The Bottom Of A Glass
superb post.Never knew this, appreciate it for letting me know.
Im thankful for the blog.Thanks Again. Much obliged.
It’s actually a nice and helpful piece of information. I am glad that you simply shared this useful information with us. Please stay us informed like this. Thanks for sharing.
A fascinating discussion is worth comment. There’s no doubt that that you should publish more on this subject, it may notbe a taboo subject but generally people do not speak about such subjects.To the next! All the best!!
I wish I had a dime for every bad article I ave read lately. I also wish other writers had your talent and style. Thank you.
Thank you for your blog post.Really looking forward to read more. Fantastic.
Awesome article post. Keep writing.
side effects of hydroxychloroquine is hydroxychloroquine over the counter
I really enjoy the blog article.Really looking forward to read more. Great.
Im obliged for the article post.Thanks Again. Will read on…
Hello There. I discovered your blog the use of msn. This is an extremely well written article.I will be sure to bookmark it and come back to read moreof your helpful info. Thank you for the post. I will definitelycomeback.
being a blogger myself . i can see someone with great potential”
518118 209663A persons Are usually Weight loss is certainly a practical and flexible an eating plan method manufactured for those that suffer that want to weight loss and therefore ultimately conserve a much much more culture. weight loss 682146
careprost eyelash growth careprost rx careprost eyelash growth solution
I appreciate you sharing this article post.Thanks Again. Awesome.
Major thanks for the article.Really thank you! Keep writing.
Thank you for your blog article.Really thank you! Keep writing.Loading…
I truly appreciate this blog post.Much thanks again. Want more.
Thanks for sharing, this is a fantastic blog post.Much thanks again. Keep writing.
This is one awesome blog article. Want more.
Very efficiently written article. It will be useful to anyone who usess it, as well as yours truly :). Keep up the good work – for sure i will check out more posts.
Thank you ever so for you blog. Cool.
Thank you ever so for you blog article. Cool.
Thanks again for the blog article.Thanks Again. Cool.
I do consider all of the ideas you’ve offered in your post. They’re very convincing and can definitely work. Still, the posts are too quick for novices. May you please extend them a bit from subsequent time? Thanks for the post.
Thank you for your blog.Really thank you! Great.
Major thankies for the blog article.Much thanks again. Will read on…
wow, awesome article post.Really looking forward to read more. Keep writing.
Very good material, Kudos.help with writing a essay social studies homework custom coursework writing
Thanks for the marvelous posting! I seriously enjoyed reading it, you can be a great author.I will always bookmark your blog and will come back laterin life. I want to encourage that you continue your great job, have a nice holiday weekend!
Hello, I enjoy reading through your post. I like to write a little comment tosupport you.
I do believe all of the ideas you’ve introduced on your post. They’re very convincing and will definitely work. Nonetheless, the posts are too quick for newbies. May you please prolong them a bit from next time? Thanks for the post.
A fascinating discussion is definitely worth comment.I think that you ought to publish more on this issue,it may not be a taboo matter but generally folks don’t speak about these subjects.To the next! Many thanks!!
At this moment I am going away to do my breakfast, afterward having my breakfast coming over again to read additional news.
Thanks so much for the article post.Really looking forward to read more. Cool.
If you want to obtain much from this post then you have to apply such techniques to your won blog.
whoah this blog is magnificent i love reading your articles. Keep up the good work! You know, lots of people are searching around for this information, you can aid them greatly.
Thanks a lot for the post. Keep writing.
modafinil online provigil medication modafinil provigil
Thank you ever so for you blog. Awesome.
quertermous acyclovir yamaokaViolencia en la Plaza del Teatro
Hi, this weekend is fastidious in favor of me, for thereason that this time i am reading this fantastic educational piece of writing here atmy house.
I am so grateful for your article.Much thanks again. Really Cool.
Say, you got a nice post.Really thank you! Really Cool.
An interesting dialogue is undoubtedly worth comment. I do feel that you should publish more about this topic, it might not be a taboo subject but generally people don’t converse about such challenges. To another! Many thanks!!
Muchos Gracias for your post.Really looking forward to read more. Fantastic.
Thanks-a-mundo for the article.Thanks Again. Awesome.
Enjoyed every bit of your blog.Much thanks again. Great.
Great, thanks for sharing this post.Thanks Again. Want more.
I am so grateful for your blog.Really looking forward to read more. Fantastic.
I can’t really help but admire your blog, your blog is so adorable and nice ,
It’s difficult to find knowledgeable people for this topic, however, you seem like you know what you’re talking about!Thanks
Im grateful for the blog post.Much thanks again. Want more.
I don’t even know the way I stopped up here, but I assumed this post was good.I don’t realize who you are however definitely you’re goingto a famous blogger if you aren’t already. Cheers!
Really enjoyed this blog article.Much thanks again. Will read on…
bactrim tablets flagyl antibiotic – how to get zithromax
I really liked your post.Thanks Again. Awesome.
I was recommended this blog by my cousin. I amnot sure whether this post is written by him as no one else know such detailedabout my trouble. You’re incredible! Thanks!
stromectol tablets for humans – ivermectin for sale ivermectin 8000 mcg
I really enjoy the blog article.Much thanks again. Really Great.
Thanks for the marvelous posting! I actually enjoyed reading it, you’re agreat author.I will always bookmark your blog and may come back later on.I want to encourage you to definitely continue your great writing,have a nice morning!
Thanks for sharing, this is a fantastic article post.Much thanks again. Really Great.
I do trust all of the ideas you have presented in your post. They are really convincing and can certainly work. Nonetheless, the posts are very quick for beginners. May you please prolong them a bit from next time? Thank you for the post.
Many thanks. Ample information. finasterida
Hello my loved one! I wish to say that this article is amazing, great written and include almost all significant infos. I would like to peer extra posts like this.
Great blog post.Really thank you! Want more.
Hi, I do believe this is an excellent blog. I stumbledupon it I’m going to come back once again since i have saved as a favorite it. Money and freedom is the greatest way to change, may you be rich and continue to guide other people.
Awesome blog post. Great.
It’s nearly impossible to find well-informed people on this topic, but you seem like you know what you’retalking about! Thanks
Im thankful for the blog article.Really thank you! Will read on…
In the poll asking 2,426 people their plans regarding Disney Springs, 32 of respondents said they planned to go. Some 51 said they were glad to hear of the reopening but planned to stay home. And 17 said it was simply too soon to reopen.
898796 22983Ive applied the valuable points from this page and I can undoubtedly tell that it gives a lot of assistance with my present jobs. I would be really pleased to maintain getting back in this internet page. Thank you. 533856
walmart pharmacy online refill pharmacy technician school online
I cannot thank you enough for the blog.Thanks Again. Cool.
Really appreciate you sharing this post.Really thank you! Want more.
I loved your post.Much thanks again. Fantastic.
ivermectin online
Remarkable! Its genuinely awesome piece of writing, I have got much clear idea on the topic of from this paragraph.
768724 358890Pretty! This was a truly great post. Thank you for your provided data. cool desktop 233799
Hey, thanks for the blog. Keep writing.
Very neat blog post.Really thank you! Fantastic.
whoah this blog is wonderful i really like studying your posts. Keep up the good work! You know, lots of persons are searching round for this info, you could help them greatly.
Really informative article post.Much thanks again. Really Cool.
Hi, its fastidious article on the topic of media print, we all know media is a wonderful source of information.
There’s definately a lot to know about this subject. I love all of the points you made.
Very informative blog post.Thanks Again. Awesome.
This information is magnificent. I have been looking everywhere for this! Your article has proven useful to me. Just about every timeI goonlineI’moverwhelmedwith junk fake newsbut I dependon thisblogfor the freshest dailynews.
Write what you want, when you want. No apologies needed. Rosamund Mahmud Anna-Diana Shaylynn Gaelan Israel
This is a very good tip especially to those fresh to the blogosphere. Brief but very accurate informationÖ Appreciate your sharing this one. A must read article!
professional resume service online cover letter cum laude on resume
Hi there friends, good post and nice arguments commented at this place, I am in fact enjoying by these.
This has to be one of my favorite posts! And on top of thats its also very helpful topic for newbies. thank a lot for the information!
Thank you for your blog.Really thank you! Awesome.
Major thanks for the post.Really thank you! Awesome.
I truly appreciate this blog post.Really thank you! Fantastic.
This is one awesome blog article.Much thanks again. Keep writing.
Hi, I do think this is a great blog. I stumbledupon it I am going to come back once again since I book-marked it. Money and freedom is the best way to change, may you be rich and continue to help other people.
Im obliged for the blog article.Really thank you! Really Great.
Thanks in support of sharing such a good thinking, paragraph is nice, thats why i haveread it fully
It’s an remarkable article for all the online users; they will take benefit from it I am sure.
strategianews.net reviewed ivermectin over the counter ivermectin over counter ivermectin cena
I think this is a real great blog post.Really thank you! Will read on…
Im grateful for the blog post.Really thank you! Really Great.
I cannot thank you enough for the blog.Really looking forward to read more. Will read on…
A round of applause for your blog post.Really thank you! Want more.
wow, awesome article post. Awesome.
chloroquine death chloroquine phosphate over the counter
Becky’s “great hair” ain’t absolutely nothingwhen compared with Beyonce’sHair Styles – The Most Beautiful Hairstyle New Popular Hairstyleshair styles
Thanks-a-mundo for the blog post.Much thanks again. Awesome.
Very informative article post. Really Great.
Major thankies for the article post.Thanks Again. Want more.
wow, awesome blog post.Much thanks again. Really Cool.
Very good blog post.Really thank you! Fantastic.
I loved your blog.Much thanks again. Great.
Muchos Gracias for your blog.Really thank you! Will read on…
Great, thanks for sharing this article post.Really looking forward to read more. Great.
I really enjoy the blog.Much thanks again. Want more.
Really enjoyed this blog post.Really looking forward to read more. Great.
Really appreciate you sharing this blog.Really thank you! Keep writing.
Thanks so much for the article.Thanks Again. Will read on…
Thank you for your blog article.Thanks Again. Want more.
Great blog post.Much thanks again. Great.
wow, awesome post.Really looking forward to read more. Really Cool.
great points altogether, you just gained a new reader.What could you suggest in regards to your put up that you made a few days ago?Any positive?
I really enjoy the blog article.Really thank you! Fantastic.
Thank you, I have just been looking for info about this subject for ages and yours is the greatest I’ve discovered till now. But, what about the bottom line? Are you sure about the source?
Thanks for the article post.Really looking forward to read more. Fantastic.
Thanks for the post.Really thank you! Really Cool.Loading…
Fantastic post.Really thank you!
wow, awesome blog post.Much thanks again. Really Great.
Schwab Intelligent Portfolios invests in Schwab ETFs.
wow, awesome post.Really looking forward to read more. Cool.
Hey, thanks for the blog post.Really thank you! Really Great.
ivermectin tablet for sale durvet ivermectin horse paste
Very neat article post.Much thanks again. Cool.
Im grateful for the article. Fantastic.
Thank you ever so for you blog article.Really thank you!
I wanted to check up and let you know how really I liked discovering your blog today.
Thanks again for the blog article.Thanks Again. Will read on…
ridge apartments worthington apartments north creek apartments
That is really interesting, You are an overly skilled blogger.
Greetings! Very helpful advice within this article! It’s the little changes that make the greatest changes. Thanks for sharing!
Thank you ever so for you blog article.Really looking forward to read more. Great.
ivermectin generic ivermectin paste for sale