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Old 04-30-2009, 07:57 PM
 
Location: LEAVING CD
22,974 posts, read 26,917,432 times
Reputation: 15644

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Whats sad is that "joe public" just lost BILLIONS of $$$$$$$$$ thanks to Bush/Obama and it's about to be waaaaaaaaaaay more if/when GM goes down the BK trail!

Wasn't it just a few months ago we were told this couldn't/shouldn't happen? Then in the last 3 days it became "ok" for it to happen?
Nice, playing fast and loose with YOUR and my money...
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Old 04-30-2009, 09:10 PM
 
48,505 posts, read 96,629,449 times
Reputation: 18304
Well if you look at the agteement as stated the taxpayers are said to now be the first in line if chryler now fails . But before the bondholders were and the agreement chahnged that except for those who didn't agree. But noiw Fiat is getting three of eight places ont eh bvoard in a sweet deal. Then teh governamnt is putting more billons into the new parntership. I am more worried that Fait who left the american market because they didn't seel and the goveranmnt wil control the board. Five politically appointed baord members from governamnt and three from Fiat. So contracts and noraml bankrupsy laws seem to be avoided here but will be contested in court by the bondholders that didn't agree.Its said that many are hedge funds that bascially were given worse terms altho they were first as payees in bankrupsy laws. The unions who were lower on the laws actually got more.But it also seems that bondhlders in many caes may actually be insured aginst these losses.It smel ls of strong arm tactics to try to avoid laws ;politcal favor and a mess that could effect business from wantign to take governamnt as a partner in the future like the toxic assets plan.Government can't be trusted to follow the law or not to change the terms after setting them in the first place. Basically the president commnet that the bondholders wre wrong before the courts have even heard the case. That hasn't been done since Nixon. No comment because it likely to be a subject of court case would have been better instewad of inflaming the pulbic.I am asure this will come up in court if it gets there.
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Old 05-01-2009, 05:31 AM
 
12,867 posts, read 14,876,786 times
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the bad part about merging with fiat is that fiat cars are unreliable and i don't think americans are going to be looking for unreliable cars in an economic downturn.

just so people know what the government is doing:
Debt holders have expressed agitation about Fiat, itself weakened by the global recession. As designed, the Turin company would get 20% of the auto maker WITHOUT PUTTING A DOLLAR OF ITS OWN CAPITAL AT RISK. Fiat's main commitment to Chrysler would be to provide some technology and to share the guts, or "platforms," of certain models.

The U.S. government has already agreed to forgive the $4 billion it lent Chrysler and to inject another $6 billion into the auto maker to finance its possible bankruptcy and operations.

that 4 billion is the 4 billion that united states taxpayers lost! the 6 billion will probably be the next 6 billion that the taxpayers lose.
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