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More on Chrysler & Treasury wheeling and dealing
- Thread starter Ecomike
- Start date
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- MilkyWay Galaxy
Oh, and I have been reading speculation that the banks holding Chrysler bonds, may have previously bought credit default swap insurance on the bonds, so they may have little motivation to keep Chrysler out of bankruptcy. And AIG may have been the insurance Co. on the CDS!
WB9YZU
NAXJA Forum User
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- Madison, WI
Yah, posting a link to a story that you have to pay to view should piss someone off.
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- MilkyWay Galaxy
I had a link from an email, but I think I deleted the original link. Here is a version of the same story on Fidelity at:https://news.fidelity.com/news/news...COMBINED_WEN7647_1&cat=Top.Investing.RT&IMG=Y
The original one I was trying to post said Citibank was holding out for something like 45% cash plus a big slice of Chrysler stock plus a position on the board of directors. Some of this leaked stuff, not first hand.
Here is good detailed FREE article on the how the big banks are holding the Chrysler - Treasury bailout hostage!
http://www.thedetroitbureau.com/2009/04/treasury-rejects-chrysler-debt-proposal/
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- Location
- MilkyWay Galaxy
I had a link from an email, but I think I deleted the original link. Here is a version of the same story on Fidelity at:https://news.fidelity.com/news/news...COMBINED_WEN7647_1&cat=Top.Investing.RT&IMG=Y
The original one I was trying to post said Citibank was holding out for 65% cash plus a big slice of Chrysler stock plus a position on the board of directors. Some of this leaked stuff, not first hand.
Here is the part of the text I was originally trying to link to:
"The Treasury now proposes that the banks and other lenders accept as payment 22% of the $6.9 billion they are owed plus a 5% equity stake in Chrysler, said several people familiar with the matter. That's up from an earlier Treasury proposal that the banks and other lenders accept 15% of what Chrysler owes them and receive no Chrysler stock.
The lenders, which include Citigroup Inc. and J.P. Morgan Chase & Co., rejected that offer outright and instead proposed Monday they get paid about 65% of the debt, or about $4.5 billion. In addition, the lenders sought a 40% Chrysler stake and a seat on the company's board, according to a copy of the proposal provided by individuals outside the lenders' group.
The new government offer leaves the U.S. and Chrysler lenders at least $3 billion apart with one week left before an April 30 Treasury deadline to determine the auto maker's fate. The two sides are also far apart in how big an ownership stake the lenders would get in a restructured Chrysler."
WB9YZU
NAXJA Forum User
- Location
- Madison, WI
It doesn't piss me off, but it does make me rather said to think of all the American car making history wrapped up in that company.
Think about it. AMC was a conglomerate of American car companies (Keiser, Nash, Willys...) and was bought by Chrysler in the early 80's. Chysler was also a conglomerate of American car manufactures (Dodge, Desoto, Studibaker...). We think of Chrysler as one car manufacture dying, but in from a historical point of view, it's like all those car manufactures dying all over again!
Think about it. AMC was a conglomerate of American car companies (Keiser, Nash, Willys...) and was bought by Chrysler in the early 80's. Chysler was also a conglomerate of American car manufactures (Dodge, Desoto, Studibaker...). We think of Chrysler as one car manufacture dying, but in from a historical point of view, it's like all those car manufactures dying all over again!
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- Wasatch Range
All the drama.....I see it as this.
Progessivism and protectionism have created this. Unions and environmentalist should be held accountable, as well as those who've risen to political power on their lobbyist $$$$$.
Capitolism and Freedom work in tandem, as do Socialism and Tyranny.....can't have one without getting the other.
Progessivism and protectionism have created this. Unions and environmentalist should be held accountable, as well as those who've risen to political power on their lobbyist $$$$$.
Capitolism and Freedom work in tandem, as do Socialism and Tyranny.....can't have one without getting the other.
- Location
- MilkyWay Galaxy
Are you missing the story here? The Banks we saved with TARP $$s, through the Treasury are now Holding Treasury and probably AIG (and thus Treasury) Hostage in a scheme to save their Chrysler bond money (which is probably safe as long AIG is safe) and take over Chrysler with Treasury help?
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fscrig75
NAXJA Forum User
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- Burkburnett/Lawton
Do you expect anything less?
And it is all legal, just like AIG paying out those bonuses from funds the Gov't gave them to stay a float.
And it is all legal, just like AIG paying out those bonuses from funds the Gov't gave them to stay a float.
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- Wasatch Range
Nope, I just see the big picture.......this process started a long time ago. Big Government is the problem, and will never be the solution. Our Founding Fathers knew this, that's why our Constitution is based on core principles and values that protect the People's God-given rights and freedoms.
You elect folks like Obama, Bush, Clinton, Carter, Nixon, Ike, Hoover, Pelosi, Reed, Frank, Ted Kennedy, Boxer.........you get what your get. I see this as a giant slap upside the head to the American people, who've continued to vote for scumbags that are selling out our freedoms through deception and scare tactics.
TARP and the bailouts were passed via terrorism......
