"I do not stand with them." That's stronger than pointing a finger. These were the words of our president regarding secured lenders (holding a claim on assets for the risk they take) who refused to take 29 cents on the dollar. Darn, they even turned down nearly 33 cents on the dollar. How dare they.
The villains are identified as hedge funds. Those nasty creatures who caused nearly all of our economic woes. Those greedy old men sitting in their high towers.
Most of the holders of the secured debt (they have a chance in bankruptcy of receiving something from the courts for their investments) are not specifically identified. We have been told some of the $ is held in pensions and retirement funds.
Those greedy people. Obama does not stand with them. He stands with the UAW (many many votes) and the receivers of TARP who are totally without power.
Let's see if the courts will break from the Dictator's wishes and uphold the law.
'til later
Bargain Barb
- Bargain Barb
- Naperville, Illinois
- Greetings! I have years, no decades, of financial experiences to share. I have a passion for education. I am a control freak in that I need to know where my $ goes. I continually ask myself do we need that, what risks are we taking with that investment, how/when can we get at our $, and just how much does Uncle Sam demand of our every earned $. Stay tuned to my life choices now and my references to life choices/experiences from my past.
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