From Clusterstock:
Perhaps the most surprising aspect of Obama's remarks on the automakers today was how strongly the president blasted the hedge funds who decided not to play ball with the Chrysler rescue plan. The funds, which hold senior debt of Chrysler, argued that their interests were being unfairly subordinated to junior creditors, including the autoworkers union.
Negotiations aimed at preventing a bankruptcy filing fell apart when the funds refused to agree to the Obama administration's deal and the administration refused to offer them a bigger return. Obama came out swinging hard today. He basically stopped short of calling them un-American.
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More boondoggle:
Gov't is backing 75% of entire U.S. economy
University professor gives Obama an "F" for botched bailout
Jim Rogers slams Washington: "They're making it worse"
