Battered Hedge Fund Managers’ Syndrome
Friday, May 8, 2009 : PermalinkFamily Security Matters – Greed is good — until it gets in the way of a union-friendly restructuring deal. President Obama, generous recipient of Wall Street largesse, angrily derided a group of hedge fund managers this week as "speculators." The miffed president suggested that uncooperative firms were selfish for holding out on the government’s Chrysler bankruptcy plans and refusing to make "sacrifices" to benefit the United Auto Workers.
The "sacrifices" involved Chrysler debt holders agreeing to sell the debt to the government at prices determined by union-beholden bureaucrats instead of bankruptcy courts. The hedge firms balked. Obama sneered that the dissenters were looking for an "unjustified taxpayer-funded bailout."
