Commenting on the White House’s Chicago-style negotiations with Chrysler’s creditors, The Atlantic‘s Megan McArdle writes: [W]hen did it become the government’s job to intervene in the bankruptcy process to move junior creditors who belong to favored political constituencies to the front of the line? … these people lent money under …
President Obama was clearly miffed yesterday. His plan for restructuring Chrysler without a bankruptcy had been blocked by the refusal of some of the firm’s creditors to sign on to the restructuring deal hand-crafted by the White House. He decried their decision, calling them a “small group of speculators.” Later, …
Previewing the Obama administration’s upcoming “sweeping” environmental regulatory agenda, EPA Administrator Lisa Jackson told NPR‘s Michelle Norris yesterday: “The President has said, and I couldn’t agree more, that what this country needs is a one single national road map that tells automakers who are trying to become solvent again what …
Markets are weighed down by worries over the new swine flu and the ongoing stress flu; the former from Mexico, the latter from the Treasury Department. Recently, Treasury added markedly to market uncertainties by suggesting it would convert federal capital injections from preferred shares of banks to common shares. This …
Rule of law? Who needs it! That seemed to be the message of the Obama Administration as it seeks to maneuver around restrictions imposed by Congress on bailout recipients. As the Washington Post describes, the Administration is laundering money to bailout recipients by “set[ing] up special entities that act as …
