Miken

Credit Default Swaps May Be Playing a Supporting Role in Chrysler Bankruptcy Filings

DonFurio

It is amazing that ANYONE would try and defend hedge fund traitors, excuse me, traders. The UAW is taking flak for be $15/hour too high compared to Toyota, Honda, etc. Auto CEO's are taking flak for making $10-15 million in decent years, and the fact that 5 hedge fund traitors made over $1 BILLION last year hardly gets any mention. Scandals, too many to mention plague Wall Street from Bernie Madoff to John Thain go on and on. But you're worried about the UAW getting more than their share??

I for one am sick and tired of the financial sector skating by with TRUE bailouts, with out any hope of repayment, while the auto industry constantly gets hammered. I'm sorry we don't live in Manhattan or are some of the beautiful people in CA that can't manage their own state. But you know what, I've been to both places and wouldn't live in either one if you paid me enough to make up for the absurd cost of living.

And by the way, I am not part of the UAW, never have been. In fact, for a career I fought them everyday. The only people I can't stand more than them are you suddenly self righteous financial people who, along with your friends Christopher Dodd and Barney Frank (both from eastern states I might add).

The "Dean" of investment advisors Art Cashin from UBS, predicted that there would be a severe pullback in the markets before Friday...didn't happen. How many people lost money on that charlatan's advice? Nobody in the entire investment community saw this coming with the exception of Peter Schiff. They are all a bunch of frauds. Anybody who listens to these people deserves to lose everything. And don't give me this stuff that Grandma's and Grandpa's have there life savings invested with the hedge funds. There are no rules in that game, so buyer beware.

So go on with your indignant rants about your rights being usurped, I'm not listening.

By the way, if you really are a Don, I would gladly kiss your ring instead of ending up with cement overshoes in the Long Island Sound.

On May 01 04:12 PM DonFurio wrote:

> Miken,
> If you do not believe in the rule of law and claims in bankruptcy,
> that's fine, but besides being one of the pillars of capitalism,
> just understand the consequences, higher credit costs for everyone
> and more restrictive covenants. Lenders will not take equity risks
> for debt returns, it's that simple. The US is still the largest
> economy by far, and if you weren't over-exposed in this cycle, you
> have an opportunity to do just fine the next 5-10 years. Remember
> if you have debt, it's not your money.
>
> I don’t doubt that the unions may have helped workers 40-50 years
> ago, but many companies and employees have long realized that it
> stifles innovation and why pay 10% of your paycheck to “union dues”.
> Yea, maybe you get a higher salary this year, but since the companies
> can’t fire anyone, it becomes much more difficult for anyone to try
> and get ahead because everything is based off of “seniority” or “for
> the good of union”. Think about it, it basically forces companies
> to overpay for people, if the employees were really worth what they
> think, then they should be able to move to the next firm that can
> hire them at that price. Of course the unskilled like it because
> it pays them more than they are worth, however it also causes all
> prices to rise, including cost of living for everyone.
>

Credit Default Swaps May Be Playing a Supporting Role in Chrysler Bankruptcy Filings

DonFurio

"To me it is ridiculous that the UAW gets anything considering they were a major factor in the collapse (of GM)".

Let me rephrase your comment a little:

"To me it is ridiculous that the hedge funds get anything considering they were a major factor in the collapse of the U.S. economy"

What goes around, comes around.


On Apr 30 09:15 PM DonFurio wrote:

> This is horrific, the lenders who are secured, should be ahead of
> everyone. I hope they do well in court. To me it is ridiculous
> that the UAW gets anything considering they were a major factor in
> the collapse and when other heavily unionized companies went through
> CH 11 including just about every major airline besides AMR and CAL
> (they re-worked the bonds out of bankruptcy court), the employees
> who weren't retired, had to have their pension sent to Federal Pension
> Beneficiary where they will get a fraction of their previously unrealistic
> pension. Besides most of Chr’s cars are quite simply not very good,
> and if you were to live in anywhere besides the mid-west, you would
> have realized that people liked and drove around Toyota’s and other
> foreign cars, and steered away from the Big 3. For far too long these
> companies believed that they could do what they want and people would
> “buy American”, but people were smart enough to go for quality and
> also realize that many foreign owned cars are actually made in America.
>
>
> I have disagreed with this author on other articles, but I feel he
> did a nice job analyzing this situation and the article was well
> written.

Credit Default Swaps May Be Playing a Supporting Role in Chrysler Bankruptcy Filings

Wolverine:

The Detroit News is reporting that the following three entities did not come to Chrysler's party:

Oppenheimer Funds
Perella Weinburg Partners Xerion Capital Fund
Stairway Cap Management

Whatever you think of their actions, they will face some 'image' issues in the days to come.

www.detnews.com/articl...


On Apr 30 03:34 PM wolverine27 wrote:

> i would love to see the list of hedge funds who voted against this
> deal . some stated they were getting 33 cents and that they could
> get more in courts ......i want those results published.
> poetic justice is if they get less from the courts.
> i still cant believe there are people on this board supporting hedge
> fund billionares......these guys are the problem not the solution.
>
> they use favorable tax codes to skirt taxes which we pick up , so
> when gwynn cries about a sitting president ....please lets not shed
> a tear for this idealogical phony.

New Candidates for the Dow Jones Average

This writer is typical of the American government and Americans in general. Today the DJIA has very little representation from the manufacturing sector. I don't care if it's GM, I doubt that they care either. The author has not recommended one manufacturing company to replace GM. It's as if the country has only banks, entertainment, and software companies.

But the DJIA is supposed to a representation of the economic health of the markets, the manufacturing sector is quickly disappearing and the suggestion is that we ignore it completely in the Dow. If we can't see the problem, maybe it doesn't exist. Show me a country without a strong manufacturing sector, and I'll show you a third rate country.