The President has just harshly castigated hedge fund managers for being unwilling to take his administration’s bid for their Chrysler bonds. He called them “speculators” who were “refusing to sacrifice like everyone else”...Usually when a company goes bankrupt, and it owes too many people too much money, the courts decide who gets how much. This time, the president wants to decide, in a way that favors a certain big union, and he's not happy that some are resisting his will.
Glenn Reynolds has advice for these harshly castigated fund managers:
You can tie this bailout up in legal knots if you’re willing to go to court. Obama needs it to succeed more than you do.Sounds like good advice
for minimizing sacrifice.
Or would they rather follow the President's dictum
and offer themselves as sacrificial victims?