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Good stuff here from Tilson:

And Part 2:

One comment
  1. *

    Tilson is shamelessly supportin illegal activities by Obama in abusing auto creditors. He’s saying Chrysler bondholders should share in pain even though they are senior in the capital structure. The bankruptcy code in the US has clear rules protecting creditors, and Obama is evading them through use of a 363 asset sale. Moreover, if the rumors of Rattner threatening IRS audits are true, the Rattner may have committed a felony. It is a felony for white house staff to request an IRS audit punishable by up to 5 years in prison, and it is a felony of extortion to even threaten to make such a request.

    If Obama wants to hand the unions cash appropriated by Congress, that is within his power. However, if Obama wants to illegally appropriate people’s property, that will undercut the investment process in the US. US distressed debt has historically traded at a premium to distressed debt in other countries because the US has a clear legal framework in bankruptcy for restructuring companies. If Obama illegally violates the rules, people will either stop lending to companies with strong unions or charge them exorbitant rates of interest to address the risks that Obama will illegally violate their rights.

    Tilson is probably apologizing for Obama’s illegal activities because Tilson is a democrat that supported Obama. Tilson’s apoligizing for Obama’s illegal activities are despicable.

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