Obama's game has been to basically try to bully the bondholders, who have significant legal rights, into accepting a raw deal so that he can disproportionately and unjustly benefit the auto unions (aka major political benefactors of Obama and Democrats). It is disgraceful.
Oppenheimer Funds Didn't Cave [Stephen Spruiell]
Yesterday, Obama said, “I stand with Chrysler’s employees and their families and communities,” and not “those who held out when everybody else is making sacrifices.” Does that mean he doesn't stand with the thousands of Americans who have retirement plans with Oppenheimer Funds?
At all times in the negotiations, OppenheimerFunds sought fair treatment for the shareholders of our funds and we were willing to make very significant sacrifices to reach an agreement. Along with more than 20 other secured creditors, OppenheimerFunds rejected the Government’s offers because they unfairly asked our fund shareholders to make financial sacrifices greater than those being made by unsecured creditors [a.k.a. the UAW — SS]. Our holdings in secured Chrysler debt are entitled to priority in long-established US bankruptcy law and we are obligated to our fund shareholders to support agreements that respect these laws.
Not everyone showed this kind of backbone. I don't know about you, but knowing that Oppenheimer's managers were willing to stand up to immense political pressure on behalf of their investors kind of makes me want to open an account there.
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