These are the companies who turned down the Fed's compromise and are pushing to have Chrysler liquidated (and tens of thousands of American jobs lost) in order to increase their profit share.
This is profit over patriotism and concern for working Americans. Plain and simple.
Do they have your business?
Given how they value working American men and women, should they?
From
WSJ:
Administration Official Says Chrysler to Enter Chapter 11; Obama to Speak at Noon
WASHINGTON – An Obama administration official said that Chrysler LLC, after failing to convince all of its lenders to agree to a debt-reduction deal, will file for a Chapter 11 bankruptcy.
President Barack Obama will deliver remarks on the auto industry at noon.
Earlier Thursday an adminstration official said the restructuring of Chrysler LLC will go forward even though a handful of hedge funds have refused to accept the Treasury Department's offer to cut the auto maker's debt.
"Their failure to act in either their own economic interest or the national interest does not diminish the accomplishments" by Chrysler, its planned alliance partner Fiat SpA and other stakeholders in the company, the official said, "nor will it impede the new opportunity Chrysler now has to restructure and emerge stronger going forward."
<snip>
Bank-debt holders, many of them hedge funds or distressed debt funds, voted against the latest deal for various reasons, ranging from financial interests to philosophical ones. Some said their funds had bigger positions in Ford Motor Co. or General Motors Corp. and could benefit by a Chrysler bankruptcy and the production capacity that may eliminate. Some funds may also have credit-default swaps on Chrysler bank debt that pay out in the event of a bankruptcy.
Three of the bank-debt holders on the bank-steering committee, Oppenheimer Funds, Perella Weinberg Partners' Xerion Capital Fund and Stairway Cap Management, told J.P. Morgan and the other large lenders on a bank call Tuesday that they wouldn't support the deal and would advise other lenders not to support it. It is unclear whether the later counteroffer changed their position.
http://online.wsj.com/article/SB124109550079373043.html
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