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High Noon as President Obama Shoots Down Hedge Funds and Speculators

President shoots to kill and explains where he stands on reviving the U.S. auto industry.

by on Apr.30, 2009

As to they implications of this shoot out on recalcitrant GM bondholders, well, I'll bet the President has already reloaded.

As to the implications of this shoot out on recalcitrant GM bondholders, well, I'll bet the President has already reloaded.

At eight minutes past noon today the President of the United States strode into the Grand Foyer of the White House to speak on the Chrysler restructuring.

It may as well have been the OK Corral by the time the President got done shooting down the outlaws that were holding up the restructuring of the wounded, but still breathing Chrysler Corporation.

He began simply enough by saying that his team would continue working with General Motors as its May 30 deadline approached, but quickly moved to the show down at hand.

“And today, after consulting with my Auto Task Force, I can report that the necessary steps have been taken to give one of America’s most storied automakers, Chrysler, a new lease on life,” he said.

“This is a company that has a particular claim on our American identity… Chrysler has not only been an icon of America’s auto industry and a source of pride for generations of American workers; it’s been responsible for helping build our middle class, giving countless Americans the chance to provide for their families, sending their kids to college, saving for a secure retirement.  It’s what hundreds of thousands of autoworkers and suppliers and dealers and their families rely on to pay their bills in communities across our industrial Midwest and across our country.” (more…)