Thursday, April 30, 2009

The Evil That Hedge Funds Do

Chrysler will probably have to file for bankruptcy protection because a group hedge funds refused to go along with a needed restructuring plan that would have reduced the value of their Chrsyler holdings. If this is anything like the situation facing GM and its creditors, then GM and the American working man is in for a very bumpy ride, indeed as General Motors tries to restructure its debt.

This is the what greed does to America. We are daily asked to make sacrifices in the name of the defense of our country and the survival of our employers, but the men who hold the cash, the men who pull the strings would sooner let a great industry crash and burn, jeopardizing the future of our nation, than take a penny less on the dollar than they could otherwise.

(Via Wonkette)

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