The Government Gets Its Way With Chrysler

More

It looks like Obama will win in Bankruptcy court:

The small but staunch lenders group that stood against the government-orchestrated sale of Chrysler said today it will withdraw its public opposition after two of its largest remaining members dropped out.

The decision came after OppenheimerFunds, the New York-based asset manager, and Stairway Capital, a hedge fund on Long Island, who were leading the effort, determined that the group was no longer large enough to be effective in court.

The standard for getting your way in bankruptcy court is to have two-thirds of the dollar-value of the debt and a majority of the creditors who hold that debt. And I guess the administration has that.

Jump to comments
Presented by

Conor Clarke is the editor, with Michael Kinsley, of Creative Capitalism. He was previously a fellow at The Atlantic and an editor at The Guardian. More

Conor Clarke is the editor, with Michael Kinsley, of Creative Capitalism, an economics blog that was recently published in book form by Simon and Schuster. He was previously a fellow at The Atlantic and an editor at The Guardian. He is also on Twitter.
Get Today's Top Stories in Your Inbox (preview)

What Is the Greatest Story Ever Told?

A panel of storytellers share their favorite tales, from the Bible to Charlotte's Web.


Elsewhere on the web

Join the Discussion

After you comment, click Post. If you’re not already logged in you will be asked to log in or register. blog comments powered by Disqus

Video

The Death of Film

You'll never hear the whirring sound of a projector again.

Video

How to Hunt With Poison Darts

A Borneo hunter explains one of his tribe's oldest customs: the art of the blowpipe

Video

A Delightful, Pixar-Inspired Cartoon

An action figure and his reluctant sidekick trek across a kitchen in search of treasure.

Video

I Am an Undocumented Immigrant

"I look like a typical young American."

Video

Why Did I Study Physics?

Using hand-drawn cartoons to explain an academic passion

Writers

Up
Down

More in Politics

Just In