Peter Schiff's Editorial in the New York Post: Funds Hoodwinked
This week, the Obama Administration failed to push through a reorganization plan for Chrysler that would have, among other things, used government bailout money to give the United Auto Workers a majority stake in the company.
Reacting to the setback, President Obama took aim at the few Chrysler bondholders (including hedge funds and private investors) who had scuttled the plan. He described these “holdouts” as unwilling to make the sacrifices that the company, the workers, the pensioners, and the taxpayers had been prepared to make for the good of the country. Ironically, the “greedy” group that Obama holds responsible for killing the auto industry is the only force capable of saving it.