As you all know by now Chrysler has filled for Chapter 11-bankruptcy protection. I won’t regurgitate the details that you can easily find elsewhere but I do want to mention some points that the drive-by-media won’t because it would interfere with knowing what “charmed” Obama most in the first 100 days.
No Company ever goes into bankruptcy because things are going great, they go into it because they can’t pay bills and the debt holders do not agree with any of terms imposed by the company. So when you read on CNBC or CNN that “Chrysler Filling for Bankruptcy to Finish Overhaul” its all complete hog wash (There is so much of that going on in this country today that its no wonder we have Pig Flu) . Chrysler filled for bankruptcy because certain creditors did not like the terms that they were offered.
So who are these creditors and what were the offensive terms?
Now I am not privileged to inside info on this but the White House and its lackeys such as CNBC ( no not the one or two commentators that refuse to bend over for Obama, the rest of the Obomunists who make up the large majority of that pig sty) report that its “a small group of hedge funds holding Chrysler debt” and then they go on to mention ” Oppenheimer Funds, Perella Weinberg Partners and Stairway Capital.” You did of course note that prefacing the naming of the creditors with the moniker “hedge funds” is meant to diminish, insult and demonize the them. Has the term “hedge fund” been used by this White House in any manner other than a demeaning one? So what dastardly acts have these evil hedge funds committed? Well apparently they had to audacity to purchase “fully secure” bank debt issued by Chrysler to provide working capital for the past few months, the nerve! I am tempted to say that it serves them right for being stupid enough to trust the Obamunists, and for probably having given him a boat load of campaign donations but the issue at hand is transcendental and needs to be protected regardless of who benefits. The issue is that these are not bond holders but they are holders of “fully secured debt” or so they were told by everyone including we assume and hope the White House. After all Obama gave Chrysler over $4B of our money so I sure hope that he had a clue as to what was going on with about $2B of additional financing , after all its not like we’re talking about the whereabouts of Air Force One! Anyway, these people, the evil hedge funds, bought all this “fully secured debt” knowing that if worse came to worse they would have their principal reimbursed to them before any other creditor got paid. This is a basic covenant of doing business in this this country of ours and it is just another basic covenant of American business trampled under foot by the Obama administration to the detriment of us all! After all who would ever purchase “secured debt” if a judge will rule that there is in fact no such animal?
Obama failed to talk secured debt holders into giving the company to the unions
What the Obamunists tried to do is talk the “secured debt” holders in un-securing themselves of about half of their money which was then to be given to the Unions! Workers of the world unite!- Under Obama! Obviously the evil dastardly hedge funds had, and as of now still have no reason to accept that their money and that of their clients be given willy-nilly to the proletariat of the Chrysler union. Why would they? So the Obama led Chrysler Corporation is going to court and a judge will decide if “secured” means just that, or if there is ‘quantum” interpretation of the word. The judge will decide if this secured debt like all secured debt will be repaid, in full, 100% by any means necessary including selling the last paper clip as it should be and as it has always been or if Obama has the power to destroy American Capitalism. Because folks that’s what this is all about. The basic tenant of capitalism is that a company issues debt to get money to build a product and make a profit. No one will lend anyone money if a a judge can just decide that there is no reason to pay it back.
Who is Obama representing
Another equally troubling issue here is that Obama is championing the cause of the Chrysler’s UAW. Silly me I thought that he was supposed to be the president of the United States of America, even of those who aren’t union members. We gave Chrysler $4B of our hard earned money, why would anyone believe that giving half the company over to the union proletariat would be the best way to safeguard our investment? Obama took money form people, some , making under $10 per hour to save jobs of people making over $70 per hour and now he wants to give them the company! WTF?
And by the way, you know who else is a Chrysler creditor? You are! Yet Obama sided with the unions over you.
This is the most clear example that Obama is an out right communist extremist , would be dictator, just like his daddy and just like Rahm Emanuel’s daddy and just like Maxine Waters and Acorn, just like Chavez, Castro, King Abdullah Bin Abdul Azizand of Saudi Arabia to whom Obama curtseyed , and a big big chunk of the Democrat party.
If this judge doesn’t stop Obam here the end of capitalism is much hastened.