Long-term Chrysler Takeover Results
2009 Probably will leave a bad proverbial taste in the mouth of capitalism for a very long time because of the Chrysler bankruptcy.
That’s when the White House and not a bankruptcy judge decided to reverse the seniority position of creditors. Senior debt position was made subservient to a lesser position. And to boot, the president took it upon himself to castigate the senior creditors for being obstinate for trying to protect their contractual position.
It was the first time the Chief Executive established a precedent that may well become the standard for America’s business future.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment