Chrysler’s Creditors and Offers You Can’t Refuse

James Gattuso /

President Obama was clearly miffed yesterday. His plan for restructuring Chrysler without a bankruptcy had been blocked by the refusal of some of the firm’s creditors to sign on to the restructuring deal hand-crafted by the White House. He decried their decision, calling them a “small group of speculators.” Later, White House spokesman Robert Gibbs elaborated, saying that the creditors should have given ground “for the greater good.”

Just in case the message was missed, an unnamed Administration official added: “We know who some of them are.” (more…)