Obama called the Hedge Funds' bluff... and now they're upset

[scheming daemons]

I'm guessing they thought he was a pushover.

Peter A. Weinberg and Joseph R. Perella are part of a band of Wall Street renegades — “a small group of speculators,” President Obama called them Thursday — who helped bankrupt Chrysler.
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But now the two men, along with a handful of other financiers, are being blamed for precipitating the bankruptcy of an American icon. As Chrysler’s fate hung in the balance Wednesday night, this group refused to bend to the Obama administration and accept steep losses on their investments while more junior investors, including the United Automobile Workers union, were offered favorable terms.

In a rare flash of anger, the president scolded the group Thursday as Chrysler, its options exhausted, filed for bankruptcy protection. “I don’t stand with those who held out when everyone else is making sacrifices,” Mr. Obama said.

Chastened, and under intense pressure from the White House, the investment firm run by Mr. Weinberg and Mr. Perella, Perella Weinberg Partners, abruptly reversed course. In a terse statement issued shortly before 6 p.m. Thursday, Perella Weinberg Partners announced it would accept the government’s terms.

It was too late.
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http://www.cnbc.com/id/30517139/


Have I mentioned lately how awesome our President is? ;-)

[Jim Sagle]

1. Chrysler tubed. How awesome is that?

:shrug:

[The Magistrate]

2. Not Nearly Enough Heads Are Rolling, Sir, But It Is Nice To See a Couple Bouncing Down The Pavement

[jenmito]

3. I saw Jim Cramer on tv last night say that the stock market fell yesterday because

Obama chewed out hedge funds. :D

[havocmom]

4. Tantrums. We get so tired of tantrums. Glad there is a good parent in the Oval Office

Bet he knows how to deal with tantrums.

[Pirate Smile]

5. There were a few hissy fits on CNBC at the end of Obama's kick ass speech.

On MSNBC, they were saying they had never heard bankruptcy sound so good. After listening to Obama, everybody would want one.

On CNBC, one anchor/reporter said "he (Obama) never misses a chance to just stick it to wall street" and "he always gets all pouty when he doesn't get his way". They were in "how dare he" chastise the few lenders who refused to accept the government deal, the banks only did it because they had a TARP gun held to their heads. The Hedge Funds didn't take TARP $$$ so they thought they could push Obama. They learned that that doesn't work out too well sometimes. Waahhhhhhh!

[jenmito]

6. Yeah-I saw on MSNBC where they said they never heard bankruptcy sound so good.

They also praised Obama for being a masterful communicator. Too bad Wall St. (and CNBC) didn't like it.

[Phx_Dem]

7. ROLF. You've been publicly called out, jerks!

:cry:

[Igel]

8. I have to disagree.

They're defending their rights, not giving in to pressure from the president, and insisting upon due process under the law. This, apparently, makes them asses.

Am I talking about the folk fighting warrantless wiretapping or the Chrysler creditors? (Silly: Trick question. The answer is, "Both.")

Those things are good, when we like the purpose and those defending their rights, and hate the president involved; they're bad when they get in our way, when we like the president involved and hate the purpose and those defending their rights.