Friday, May 1, 2009

The loan sharks have taken over

If I were a hedge fund manager with a secured loan from Chrysler, I'd be so pissed off right now. They are getting all but raped in order to give Chrysler to Fiat and the UAW.

Fiat? Are they the only car company greedy (or insane) enough to get in bed with this merger?

If it was my hedge fund, I'd insist on getting the asset or a 100% payoff, just on the principle of the matter. With asset in hand, you can at least threaten to box it up and ship it to China, or scrap it.

I used to think it was the Republican neo-cons that wanted business socialism. I had no idea that the neo-lib Democrats were in on it too.

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