Here's how John Carney over at Clusterstock sees the Chrysler bankruptcy proceeding.
CNBC's Maria Bartiromo gave a breathless yet brimming report on the Chrysler filing to Larry Kudlow this morning. The senior lenders digging their heels in say they didn't take TARP funds, and have been refused direct contact with the Obama adminstration during the restructuring negotiations.
These creditors have been vilified and bombarded with insults, not the least of which is the accusation that they are a bunhc of greedy hedge funds. Well, I'll let them speak for themselves:
As of last night's deadline, we were part of a group of approximately 20 relatively small organizations; we represent many of the country's teachers unions, major pension and retirement plans and school endowments who have invested through us in senior secured loans to Chrysler. Combined, these loans total about $1 billion. None of us have taken a dime in TARP money.
As much as anyone, we want to see Chrysler emerge from its current situation as a viable American company, and we are committed to doing what we can to help. Indeed, we have made significant concessions toward this end -- although we have been systematically precluded from engaging in direct discussions or negotiations with the government; instead, we have been forced to communicate through an obviously conflicted intermediary: a group of banks that have received billions of TARP funds.
John Carney has the entire letter here.