Monty Hall (remember him - if not, please see video in next section below) has nothing on Treas. Sec. Tim Geithner & CO. when it comes to wheeling & dealing their way into America's hearts.
This time Tim plays "Let's make a deal!" with Chrysler's lenders as we approach the final days to the President's self-imposed "deadline" to get the deal (that would be his deal, right?) done or face bankruptcy.
Sorry Tim, but the later is looking more and more appealing as the promised transparency of all dealing, (remember the campaign promise to post all information on the Internet no less), and this deal in particular, remains more opaque than ever.
APRIL 22, 2009, 9:20 P.M. ET (WSJ)
Treasury Makes New Offer to Chrysler’s Lenders
The U.S. Treasury, in an escalating back-and-forth that may determine whether Chrysler LLC avoids liquidation, has quickly responded to Chrysler lenders that rejected an earlier Treasury bid to slash the car maker’s debt.
The Treasury now proposes that the banks and other lenders accept as payment 22% of the $6.9 billion they are owed plus a 5% equity stake in Chrysler.
The whole matter of many companies running to the exit signs to give back all borrowed government money should come as no surprise - owing to the oft-times onerous conditions imposed by the government and their disquieting demand to own a piece of and run what was at least nominally free-enterprise -may, along with other poorly explained or "sold" new policies, now appears to threaten to unravel certain fabric of the Republic.
But more of that another time perhaps. For a glimpse into things to come in the way of we'll "qualify" for a new car, please view see the short first segment of the video below.......