Obama Scolds Chrysler Lenders

Oh look, a new reason to hate hedge funds. “I don’t stand with those who held out when everyone else is making sacrifices,” President Obama said today when he announced that Chrysler would be filing for Chapter 11. “In particular, a group of investment firms and hedge funds decided to hold out for the prospect of an unjustified taxpayer-funded bailout,” he said. “They were hoping that everybody else would make sacrifices and they would have to make none.” Michigan Representative John Dingell, meanwhile, said “The rogue hedge funds that refused to agree to a fair offer to exchange debt for cash from the U.S. Treasury, firms I label as the ‘vultures,’ will now be dealt with accordingly in court.”