30 April 2009

That's funny... nobody's talkin' about...

..bailin' out Canadian farmers... and they produce stuff we all buy on a daily basis...
Chrysler will be in default of the loans if its auto production in Canada falls below the 20-per-cent threshold, meaning the federal and Ontario governments can demand repayment.
Yeah... like that's gonna happen.

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RELATED: Obama calls it a victory

Of course... it ain't comin' out of his bottom line...
Discussions between the U.S. Treasury Department and Chrysler's lenders were designed to reduce nearly $7 billion in secured debt, and avoid bankruptcy.

But in the end, 40 hedge funds that hold roughly 30 per cent of Chrysler's debt refused to budge, said auto industry analyst Dimitry Anastakis.

"They're owed about $7 billion in total and the government is saying you should take about $2 billion of the $7 billion that you're owed, and they're refusing to do so," he told CTV's Canada AM.
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