| (h/t Dyspathy) I don't normally take delight in bankruptcies (mostly, because I've been through a few, I take them with a "meh"), but I do take delight in situations that put intellectual lightweight's like Magic Frank in a bind. For instance, remember when Magic Frank said these words: They are being demagogued as "speculators" by President Barack Obama and as "vultures" by Gov. Jennifer Granholm and Oakland County Congressman Gary Peters. They are the smaller bondholders who have refused to bow to the pressure of the Obama administration and accept a minuscule number of pennies on the dollar as repayment for their loans to Chrysler.
? I do. It was part of a compaign, right around the time both Chrylser and GM officially went into the tank, the the Right was angry that bondholders -- mostly large banks that helped push the automakers into bankruptcy by causing the near collapse of the financial sector -- were being told to take pennies on the dollar for their investment. These are true Americans, they said, being punished by Socialist Kenyan Obama, and should not be treated so scruffily! Meanwhile: The parent firm for three metro Detroit radio stations, WJR-AM (760), WDRQ-FM (93.1) and WDVD-FM (96.3), filed for Chapter 11 bankruptcy protection Sunday to restructure its debt load.
The bondholders to get screwed once again! One wonders whether Magic Frank plans to take up the pen to denounce this insidious form of government-mandated Socialism and order Citadel to instead make itself profitable the good old fashioned American Way ... whittling away at goods and services it offers -- like talk radio shows -- that prevent it from meeting its obligation. In such a struggle, between intellectual consistency and preserving one's hide, where shall Magic Frank fall? |
