What Would An Activist Do?

A month ago President Obama famously threatened a group of bankers, telling them that "My administration is the only thing between you and the pitchforks".

Now Thomas Lauria, an attorney for the Chrysler creditor hold-outs, claims that Team Obama threatened the holdouts with public humiliation, which Obama went on to provide in his remarks announcing the Chrysler filing.  Of course, a White House flack implausibly denied everything.

Mr. Lauria specifically cited the firm of Perella Weinberg, which belatedly accepted Obama's terms of surrender.  Seeking Alpha has more:

What is very odd is that Perella Weinberg could possibly have veered away from the administration's path in the first place: Zero Hedge readers know that P-W is the very firm advising the rapidly sinking FDIC "on transactions and strategies to stabilize the banking system, and also on the proper way to dispose failed institutions and how to handle delinquent securities assumed from banks, as well as the creation of the aggregator bank."

This leads to the conclusion that this was really the work of one Dan Arbess, who runs the recently acquired by P-W, Xerion Capital, but nonetheless does not explain the lack of strategic integration at this most critical of advisors to Sheila Bair, and by implication the U.S. administration. How is it possible that one's core advisor would go against its client, even if offset by a Chinese Wall, is likely the big story here, and speaks volumes about the chaos behind the scenes currently occurring with regard to Wall Street's sentiment for the ruling administration.

It's clearly a case of the left hand not knowing what the far left hand was doing.  And on that topic, has anything happened in the last few days that would prompt any private investor to consider seriously the Public-Private Investment Partnerships that the FDIC and Treasury are supposedly putting together to buy up problematic bank assets?  Conor Clarke has the same question.

So where has bankruptcy law gone, and why are senior creditors getting less than junior creditors, sorry, "stakeholders"?   C'mon, Obama is in charge.  We don't need to know bankruptcy law, we need to know Alinsky's Rules.

Comments

[bad]

Smarmy, nasty Bill Burton... why am I not surprised that he's the one sent out to issue the denial.

Disposable....

[sbw]

From our "Rule of Law" editorial yesterday:,blockquote>The economy of this country is based on the rule of law and the sanctity of contracts — including the right to have an independent court settle bankruptcy.

If lenders are legally entitled to higher priority claims according to the terms of their contracts -- rights they earned when they provided financing -- then President Obama is not only legally wrong, he is offensively wrong to imply the lenders are uncooperative by not turning over to him and to the unions more than they are legally obliged.

For all of the administration’s anguish that terrorist interrogation techniques ignored the rule of law, Obama’s administration shows precious little respect for the rule of law when it subverts Bank of America stockholders by misrepresenting Merrill Lynch, strong arms employees who signed retention contracts with investment firms, and cheats those whose precious savings were invested in Chrysler bonds.

[sbw]

Aargh! Typhuspad!

Well, you can figure it out.

[Rick Ballard]

Have the Hedge Hogs adopted a "Just Say NO" response to Turbo's 'Partners in Fascism' plan? That might explain the crudity of Ogabe's ham handed approach.

Union Thugs are currently oppressing only about 13% of the American workforce (and mostly in government unions to boot). I know they're the cruddy core of Ogabe's support but turning public opinion more strongly against them isn't that difficult a task. "Look for the Union Label - And Shun It" tied to "Don't Let the Unions Steal YOUR Pension" could work fairly well.

[Cecil Turner]

A month ago President Obama famously threatened a group of bankers, telling them that "My administration is the only thing between you and the pitchforks".

Reminiscent of the bad ol' days of the Clintons, where "little people" had their reputations destroyed by the Administration PR attack dogs, whilst the complicit press corps lap poodles piled on. The fact that the White House has the power to do so is dangerous to democracy, the fact that they recognize and are willing to use it is two steps on the road to tyranny.

[Danube of Thought]

"Don't buy any car made by the UAW" is my new rallying cry.

I'm not sure I would go so far as to say that Obama is ignoring the rule of law, although it's close. In pre-filing negotiations, and interested party can propose and negotiate any deal he wants, right? (The real question, to me, is whether it's appropriate for the president to involve himself in the negotiations--but he is, after all, a stakeholder of sorts.)

Does anyone disagree with the proposition that the whole thing comes down to (1) whether 2/3 of the secured creditors sign on to the deal in the bankruptcy court, and (2) if they do, will a challenge to the good faith of their agreement succeed?

Any predictions?

[DrJ]

That's exactly how I read it, DoT.

[verner]

The guy is sounding more like Huey P. Long everyday.

[DrJ]

Beyond the potential challenge by secured creditors, I'd be interested to know what will be done with the DIP financing. The initial $1.4 billion has been committed, but the remainder will be spent once Chrysler emerges from bankruptcy. There will be strings with that. Ropes might be a better term.

[PeterUK]

"A month ago President Obama famously threatened a group of bankers, telling them that "My administration is the only thing between you and the pitchforks".

"The guy is sounding more like Huey P. Long everyday."

Obama is sounding more like Danton.

[bad]

But General Motors’ creditors number in the tens of thousands and include pension funds that bought the company’s unsecured bonds. G.M. bondholders have no claim on its plants or inventory, but they will probably attract more sympathy than Chrysler’s Wall Street lenders did.

We'll see about that... LUN

[Rick Ballard]

"I'd be interested to know what will be done with the DIP financing."

I've got my fingers crossed that they'll take up my idea for SoLunar Windmill engines. They're just GreenPerfect (as long as the sun is shining and the wind is blowing).

Bad,

At least the NYT slipped up and admitted that the GM BK will involve Union Thugs mugging pensioners. I'm really intrigued by the idea that TurboZero's 'Partners in Fascism' project may be unraveling. President Ogabe's attack on his erstwhile partners for not toeing the line ought to have every Hog on the planet checking their hole cards.

[DrJ]

Speaking of Green, see here for a wonderful parody.

[narciso]

And now Jodi Cantor, with the brain slug, firmly in place, tries to make a virtue out of amorality, but Steve Gilbert won't allow it.

[bad]

Heh, Rick, add into the mix Gettlefingers announcement that he plans to dump the stock as soon as possible:

I'm sure those with half a brain already see how stupid Gettelfinger was for making this statement. When you own shares in a company, especially a lot of them, you don't announce to the world that you need to sell those shares fast. Why? Because it drives down the value of the shares. Let's say you put your house on the market. What happens to the value of that house if you tell everyone who comes to view it that you've got to sell it as soon as possible because you've got to pay your bills? You'll get offers that are a fraction of what you asked.

It's difficult enough for a company's stock to gain any value when it first comes out of bankruptcy, but thanks to Gettelfinger's stupid comments, he has helped make it even more difficult. That's not a smart way to make a profit, but we are talking about the president of the UAW.

The tightly wrapped message is falling apart. LUN

[RichatUF]

bad-

The UAW could be price-fixing so Fiat can take a bigger stake on the cheap.

[Captain Hate]

Smallest subset in the world: Mensas of the UAW

[narciso]

Bill Dyer, who vouched for the Swift Boaters
and for Sarah, delivers yet another
smackdown to the pretensiousness of the Cantor piece in the LUN

[rse]

bad-

The ending of the NYT article points out the popularity AND the profitability of the "gas guzzling" large vehicles and SUVs. It then wonders whether the smaller cars BO wants GM to be manufacturing can be made profitable.

Thought it was telling that there was no need to question whether they will be popular with the public. Why not?

[Captain Hate]

Thanks for those links narciso. Seriously Pinch, why not hire Jayson Blair back; he wrote more interestingly than Jodi (doncha love how more *sophisticated* that looks to the snots that read the NYT than Jody) Cantor with as much factual basis.

[bad]

Rich, are you suggesting collusion between UAW and Fiat?

[bad]

RSE, perhaps even the NYT felt no need to state the obvious.

[rse]

bad-

Makes you want to trade in your 10 year old SUV for a new non-UAW SUV so you can make it through the years of coming mandates with room and a safety margin.

[jimmyk]

My favorite line in the Kantor article:

This may be his distinguishing quality as a legal thinker: an unwillingness to deal in abstraction, a constant desire to know how court decisions affect people’s lives…

Translations:
abstraction = rule of law

unwillingness to deal in = inability to understand or care about

constant desire to know how court decisions affect people’s lives = exclusive concern with redistribution of income toward unions and special interests regardless of the law

[RichatUF]

rse-

Someone had a article out the other day that said GM has sunk over a billion dollars in the Volt and that they won't be able to turn a profit on it even with a mid-30k price point. An LA Times story a few weeeks back laid out some details on hybrid production and sales-even the Prius loses money.

I should scan this old magazine I found when I was cleaning up my parents shed. A Road and Track from March 1974-"Hydrogen: New and Clean Fuel for the Furure" and the big glossy section on "Energy, Environment, and the Automobile". I also found a book on car production that had pictures of the first electric car-built by Damlier in the early 1900's (the back story was that in the early 1900's there was a European race between a gasoline internal combustion engine and an electric car and the gas powered car won). I'll see if I can dig up that book again or find anything about it on google.

[Charlie (Colorado)]

as long as the sun is shining and the wind is blowing

Um, DrJ, us Injuns know betterthan to buy into something that's good as long as the Sun shines and the winds blow. A contract with the government that's good "as long as the grass grows and the water flows" has a half-life of about 4 years.

[Neo]

Some how this seems appropriate here ...

Can People Distinguish Pâté from Dog Food?

[Captain Hate]

A Road and Track from March 1974-"Hydrogen: New and Clean Fuel for the Furure"

Hindenberg II

[Captain Hate]

Not to be confused with Hindenburg II

[RichatUF]

bad-

are you suggesting collusion between UAW and Fiat?

Pretty much. Nothing is jumping out at me at the moment, but I'm puzzling over the Canada aspects of the Chrysler deal and how an agreement with Fiat could be inked without Fiat putting in any money. Another angle I'm looking at is with Chysler Financial being folded into GMAC Financial maybe their is a side agreement which would give Fiat access to GMAC from which they could get access to FDIC insured financing (it'd give them a competitive advantage over Damiler if Fiat could price their products in dollars and give them much better rates than what an Italian concern would get in the Eurozone).

In the Lehman bankruptcy, Barkley's wanted the brokerage operations and building and bought them for around 2 or 3 billion dollars. If Fiat wants the Chrysler dealerships and access to US plants, why aren't they forking over some cash. It is as if the dealerships don't even exist in this iteration of the Chrysler bankruptcy.

[RichatUF]

Darn it...

Barkley's-> Barclays

[DrJ]

as long as the sun is shining and the wind is blowing

Um, DrJ, us Injuns...

Um, Charlie, how do you attribute that to me?

[Rick Ballard]

Rich,

It ain't as if Fiat doesn't understand corporativismo. They've been at it for 85 years. Maybe that's the real "expertise" they bring to the table.

[Ralph L]

Rich, GM is building the Volt solely so they can sell more (profitable) trucks and SUVs under the ridiculous CAFE rules. Profit was never an option.

[Semanticleo]

"claims that Team Obama threatened the holdouts with public humiliation"

Mayhaps they should be threatened....

Corporate America hss become as inbred
as the Aristocracy.

They steal, copy and imitate one another's
buzz words, Mission Statements and have made
employee retention the absolute highest priority.

The higher echelons of Management are populated with the best and brightest of nubile thinkers straight out of the most prestigious learning institutions, whose graduates have been pushed through like
puppy mills.

Those selfsame 'graduates' have been recruited with signing bonuses and promises of quick advancement,up the ladder, so rapid as to faithfully dissuade the fickle candidate from jumping ship to a competitor.

Such advancement precludes any depth of understanding about the real world, and denies them any street creds that might come from learning a lower level job to sufficient degree.

Now the idiots are framing policies, strategies and tactics, based upon their limited knowledge, which broadly define the long-term viability and profitability of their Host Corporation.

Now they screw everyone and wonder why
they are being threatened.

Amazing Grace.....

[Mustang0302]

OT -

Aww, but he did it for the children...

[bad]

Now they screw everyone and wonder why
they are being threatened.

At least you don't deny they were threatened. You're making progress.

[Ralph L]

Seman, you could say the same thing about government.

[Captain Hate]

bwak. All those words and nary a coherent thought that isn't dripping with envy. The voice of Borat Obammers.

[Gmax]

I was always under the impression that a BK "cramdown" of secured lenders would only be successful if there was fresh money brought into the deal, even to the point that I have heard it referred to as the "new money exception".

Lots of deals by lenders are structured to require secured assets to be held in a SPE ( special purpose entity ) with only those assets to make it bankruptcy remote.

Anyone seen any new money in the Chrysler deal? Fiat does not appear to be remotely interested in doing so, and there is some question about their own longterm viability.

So where is the new money, and how is this anything other than a purchase of a flat tire by the US govt.?

[jimmyk]

Now they screw everyone and wonder why
they are being threatened.

So who exactly is screwing whom here? By refusing to give away property that is theirs by law they are "screwing" others? Interesting concept.

And what about the widows and orphans whose money was invested in those funds? Don't laugh--state pension funds have been investors in hedge funds. They may have been under the impression that they were investing in secured loans that were relatively safe. They should give away assets to the UAW, the very institution that drove the industry into bankruptcy in the first place?

[Semanticleo]

"At least you don't deny they were threatened."

Nor am I affirming they were threatened. But I don't have a problem with Obama kicking their incestuous behinds.

"you could say the same thing about government."

Yes, you could. Isn't the Free Market and Supply-sideism wonderful?

[Semanticleo]

"So who exactly is screwing whom here?"

Corporate America.....is screwing.....

"...the widows and orphans whose money was invested in those funds"

[jimmyk]

Corporate America.....is screwing.....

Playing dumb, are we? Obama is screwing them in favor of the overpaid UAW members. Thanks for playing. Next!

[Semanticleo]

"in favor of the overpaid UAW members."

To say nothing of the Engineers and the Legions of Vice-Presidents who failed to
provide genuine American innovation....

[RichatUF]

jimmyk-

And isn't Obama screwing one group of supporters for the benefit of a larger group of supporters? Bet all those Hedge Hogs and Wall Steet sharpies are feeling like Lando right now.

[jimmyk]

Bet all those Hedge Hogs and Wall Steet sharpies are feeling like Lando right now.

Not sure of the Lando reference, but I'm sure hoping some of those sharpies get a spine. If nothing else for the sake of their investors.

[RichatUF]

jimmyk-

Darth Vader to Lando Calrissian:

I am altering the deal. Pray I don't alter it any further.

[Gmax]

I took the enable function off greasmonkey briefly and it let me see the idiocy in action of both Semanticleo and TCO. I prefer not to read such bs, so I immediately put in back in enable mode and they again disappeared! What a wonderous tools, you should try it.

[Semanticleo]

"The fact that the White House has the power to do so is dangerous to democracy,"

Bologna.

You wee, chicken-little's spray your scary
Limbaugh spittle withe a Bush era Aplomb.

But it just don't fly.

[bad]

Mediablog:

The French magazine L’Express today reports that Israeli jets practiced a long-distance strike against Iranian nuclear targets over Gibraltar. If accurate, the report means the Israelis rehearsed a strike some 2,600 miles from home — a distance sufficient to simulate a strike on Iranian territory.

Oh my... LUN

[Semanticleo]

" What a wonderous tools, you should try it."

Luv dem trollblockers. They save me from the local trollops.

I encourage everyone to use it. Gives me free reign.

[jimmyk]

Vice-Presidents who failed to
provide genuine American innovation....

C'mon, don't you think Al Gore has taken enough abuse here?

But seriously: Bankrupcy is already punishing the capitalists. You don't find anyone here saying they should be bailed out. You want to reward the UAW by stealing from the secrured bond holders.

That aside, do you really think that the UAW and government meddling (like the ridiculous CAFE laws that hindered the industry from producing and selling the cars they could actually make a profit on) had nothing to do with the downfall of the Big Three?

[glasater]

I wonder what Zero is going to do to muni bonds.

[Fresh Air]

Gmax--

You are correct. There is no new money. Fix It Again Tony is putting up nothing. The big hang-up is producing a bonafide bid to show the lenders would get "less" in a sale/liquidation than in a continuing going concern. To make the expedited 363 work, Fiat has to pretend to make an offer so the judge can pretend that the fair market value of the corporation has been established.

All so the union shlubs can keep their vacation homes and afford second knees and tighten up their wives' funky-chicken necks...courtesy of the U.S. taxpayer.

[Semanticleo]

"(like the ridiculous CAFE laws that hindered the industry from producing and selling the cars they could actually make a profit on) had nothing to do with the downfall of the Big Three?"

What are you saying? Are Union assembly line workers responsible for the lack of foresight and innovation by their Psychlo handlers somehow responsible for Managements failure to develop technologies which addressed the Strip-Mining strategies of Corporate America?

[narciso]

A little honesty from Sra. Sotomayor, seemingly the frontrunner for Souter's seat,
showing her philosophy in the LUN: the point about this is if contracts aren't worth enforcing, than force is the prerogative, which is essentially the nature
of despotism. Whether by truncheon or govt. subpoena. Yes it would have to be Duke University, wouldn't it.

[Semanticleo]

When Big Business fails to keep the long view, Government must react. It's an on-going battle with mentalities which only concern themselves with short-term profitology.

[jimmyk]

Are Union assembly line workers responsible for the lack of foresight and innovation

No, but their leaders are responsible (along with management that gave in) for insisting on work rules that made them uncompetitive, unsustainable retirement benefits, and the like. The workers are only responsible for the crappy work habits that resulted in such low quality for so many years--not the design but in the implementation.

[Danube of Thought]

"Isn't the Free Market and Supply-sideism wonderful?"

Sure is. Enabled me to become a rich man. No such opportunity with these clowns in power. But I guess that's OK for Rahm; he took $20 million or so out of Parella in three-plus years in return for nothing but influence-peddling. Now, like I've got mine, he's got his, and neither of us cares much about what happens to the modern-day losers. Too late for them.

Does it seem a bit odd that Obama is going round the bend on behalf of 35,000 UAW folks, when about 2 million non-union people have lost their jobs on his watch?

[Rick Ballard]

"I wonder what Zero is going to do to muni bonds."

DoT's take on bond pricing is iterated fully here (with a slightly different forecast than that which bond peddlers are currently selling). I'd say that muni's would follow along in all but the dying metroplex areas. And CA, NY, NJ, MA, VT, RI, MI, IL, WI, OH and PA, of course. A slight risk premium of 30-80% should be applied to muni bonds in those states regardless of probable inflation increases.

[Semanticleo]

"not the design"

I agree Unions are part of the problem.

While I will say they got too much power, I add THAT is the nature of power..Don't forget the reasons Unions became necessary in the first place.

BTW; If the government had supported Unions
in the '30's instead of Organized Crime, things might have been different.

[Danube of Thought]

What would you expect them to do, now that they know they've got nothing to fear?

"Iraq is threatened by a new wave of sectarian violence as members of the 'Sons of Iraq' – the Sunni Awakening militias that were paid by the US to fight Al-Qaeda –begin to rejoin the insurgency.

"If the spike in violence continues, it could affect President Barack Obama’s pledge to withdraw all combat troops from Iraqi cities by the end of June. All US troops are due to leave the country by 2012."

Obama brought them the Hope and Change they could believe in.

[PeterUK]

"Playing dumb, are we?"

Playing?

[Ralph L]

Government and the UAW have taken the long view, and now they own 2 of the Big 3, but they can only keep them afloat with taxpayer money. By restricting drilling, and soon cap&trade, they squeezed sales of the only vehicles Detroit can build at a profit because of the UAW. They pay the UAW a fee for every car they import from non-union plants.

[DES]

Obama don't like bankers. Obama likes Buffet and selling cars to Italians. Obama don't like plagues. Obama don't like republicans.

Obama don't like things they happen cause we gotta make Obama happy. He's happy and laughing as you go broke. He's happy the plague thing got traded cause that wasn't obama trading plagues to Bush.

Obama has his powers and wants respect. When your broke he respects you. His crack head research scientist election troopers(like military people and everything)won't free the hostages and they are all over the world. Maybe other people will be upset.....

See the Derby! Lottery pay off is real high! See that swimsuit! Breathing is great and we all make shit, see shit and hear shit! We're all saving for that mortgage! Shorten that mortgage with some extra payments! The outbreak is tracked and monitored!! That van thing is handled!!!

[Danube of Thought]

"If the government had supported Unions
in the '30's instead of Organized Crime, things might have been different."

It was FDR. What else would one expect?

[Charlie (Colorado)]

Um, Charlie, how do you attribute that to me?

By screwing up?

Sorry.

[Charlie (Colorado)]

Nor am I affirming they were threatened. But I don't have a problem with Obama kicking their incestuous behinds.

Good. Then you won't have a problem with us kicking the incestuous behinds of the looters when we win again.

[Charlie (Colorado)]

I encourage everyone to use it. Gives me free reign.

To talk to yourself. But then you could have that with less effort.

[Danube of Thought]

I instructed my accountant to ensure in my last estimates that I did not overpay my CA income tax. I see a significant risk that they will be unable to make refunds with anything but IOU's. The collapse of this state is drawing nearer and nearer, and there is not a spine in sight. It won't be pretty, folks (actually, it's already quite ugly--unemployment is in double digits, and no one in Sacramento can possibly imagine why).

[Semanticleo]

"when we win again."

Whaddya mean 'we', white man?

[Semanticleo]

'To talk to yourself." I'm surprised a bright guy like you hasn't figured it out.

'Context for Lurkers'

[Charlie (Colorado)]

Whaddya mean 'we', white man?

To whom would you be speaking? Not me.

[Charlie (Colorado)]

'Context for Lurkers'

So your opinion of the reading audience is pretty low, poopsie. Now, imagine if you had your own instead of trying to live off the kindness of others.

[Teraton of the Vasty Deep]

Cryptic!

[Semanticleo]

I've seen yer bearded visage. Am I wrong to assume yer 'white'?

[Semanticleo]

"trying to live off the kindness of others."

I assume yer not speaking of yerself....

[bad]

TIME is blaming Scare Force One on Caldera. I wonder where they got that idea? Seems Caldera is lacking in intelligence and common sense and is TOTALLY out of step with the administration:

Trimming the trappings of power gives his Administration the credibility to seek sacrifices from other parts of the government, and from taxpayers too. But it appears that some folks — like Caldera, who as of this moment still heads the White House Military Office — still haven't gotten the message.

Thank goodness for anti-nausea pills.

LUN

[Mustang0302]

Gives me free reign.

The bit goes in the horse's mouth, not the horse's ass.

You've got free reign because nobody cares cleo, not because you're special.

[Semanticleo]

S'matter, Chaco?

Havin' a bad day?

[Rick Ballard]

"Gives me free reign."

Which is troublesome when it's someone too stupid to know reign from rein involved.

[Semanticleo]

"to know reign from rein involved."

Nice catch, Marmalard !

Didn't know you're the grammar nazi !

[peter jackson]

"Yes, you could. Isn't the Free Market and Supply-sideism economics wonderful?"

There, fixed it for you.

~p

[Semanticleo]

"There, fixed it for you."

Yeah. It's been noticed that the Right is running away from it's antiquated notions of economics.

Reaganomics is dead. Because 'trickle-down''s finally been found to be piss on yer head. No one believes it's rain anymore.
Except maybe for those who frequent JOM

[Semanticleo]

and 25% if those polled.

The future of the Republican Party is 25%?

[Mustang0302]

Speaking of "rein," cleo thinks BHO's serving lemonade.

Drink up, cleo!

[PeterUK]

"Reaganomics is dead. Because 'trickle-down''s finally been found to be piss on yer head."

With Obamanomics nothing is going to trickle past the nomenklatura.So join the queue for your turnip Septic,life is going to be hard on the collective.

[Fresh Air]

Turnip lines! What will Zero think up next?

[bad]

PUK, are Turnip lines racist?

[PeterUK]

"What will Zero think up next?"

The colectivisation of the turnip farmers,renaming Washington Turnipgrad,changing your flag to the Turnips and Stripes.The Young Turnip Diggers for Obama will recite the daily turnip production figures.Clarice Feldman will publish her recipe book,"A Thousand and One Interesting things to Do With a Turnip".In the mountains and Everglades stills will be producing Turnip moonshine for the downtrodden masses.
At last Septic will be in fashion.

[glasater]

Thanks Rick B.

In other news Portfolio is shutting down.
Included links provide other publications having revenue problems.

[PeterUK]

"PUK, are Turnip lines racist?"

No,they will be open to everyone regardless of colour creed,religion,sexual orientation and dislike of root vegetables.
Wear your turnip with pride!

[bad]

Turnip moonshine!!

[Mickey]

Wall street firms have been notoriously supportive of democrats over the years to include the one in the WH right now. I wonder if they are getting the change they can believe in?

[verner]

Can't we do potatoes instead PUK. Certainly they're just as easy to grow, and one can do so much more with them. Baked, Mashed, Fries, crisps, Vodka...

[Gmax]

Mickey

Ya think those high income folks of Jewish descent at Goldman Sachs are having a bit of buyers remorse right about now? Especially with their bonus held in limbo? I have to admit, Jewish heritage and supporting this mug makes no sense to me. But that describes about 3 out of 4 Jews. Somebody explain this one, please.

[SWarren]

Rick,
Do I understand this right? The bond owners get a lower rate of return because the secured bonds are considered low risk. So aren't the grannys/pensioners getting doubly-screwed, losing 2/3 of their original capital on which they didn't get much of a return anyway?

[Mustang0302]

Now, this is racist.

I can smell cleo's algore-like outrage from here.

Remember BHO's last privately-owned vehicle?
A Gaia-killing V-8 Chrysler 300C. I don't count the Ford Escape Hybrid...that was obviously chosen for him by a focus group.

Maybe he holds a grudge vs. Chrysler for suckering him?

[PeterUK]

"Can't we do potatoes instead PUK"

It's not up to me,it is down to the Turnip in Chief.