Chrysler's Investment Bank Changes Tune

On Wednesday night, President Obama indulged a "rare flash of anger," the New York Times reports, and blamed "a small group of speculators"—namely Peter Weinberg and Joseph Perella—for leading Chrysler to bankruptcy. Facing mounting criticism for rejecting the administration's terms of business, Perella Weinberg Partners finally changed course Thursday evening. But it was too late. Fairly or not, the Times characterizes the whole mess as "yet another public relations disaster for Wall Street." And now that Chrysler has filed for Chapter 11 protection, "some industry executives worry the administration will try to turn this episode to its political advantage."