Tuesday, May 12, 2009

It's Called CAPITAL-ism for a Reason

... as Bainbridge writes:

"The WSJ’s "USA Inc" series continues today with detail on how the US got secured lenders to abandon their fight to get paid more than 30% of their claims, as against giving more than half [Chrysler] to unsecured workers.... The Journal report quotes one anonymous -- but asinine -- Obama administration official as opining that: 'You don't need banks and bondholders to make cars," said one administration official."

Try telling that to Chrysler when they go to capital markets for further financing down the road.

Read the whole thing HERE, and the WSJ report HERE. And a keen observation HERE.

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