According to reporting in today's NYT DealBook blog ...
The battle over how to restructure Chrysler appeared likely to shift from closed-door conference rooms to a bankruptcy court on Thursday, as the carmaker and the Obama administration failed to win the near-unanimous consent they were seeking from Chrysler’s secured lenders.
Which is looking for all the world like a showdown between the gov't and Wall Street ...
If that happens, there could be a public brawl between the government, which is effectively propping Chrysler up with billions of dollars in loans, and a group of its recalcitrant lenders over who has claims to the company’s assets.
... to which I say ... BRING IT ON!!!
This could be the opportunity (and frame) we've been waiting for.
Patriotic taxpayers, unions, the federal governement (and an Italian automaker) versus greedy Wall Street hedge funds and banks, crazy assed right wing fanatics (Rush Limbaugh, Club for Growth) and lost in the wilderness Congressional Republicans who are unwilling to give up dimes on the dollar while regular working people give liters of good red American blood, sweat and tears.
Why this could be just what the doctor ordered ...
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