President Barack Obama criticised hedge funds for blocking an out-of-court restructuring of Chrysler’s $6.9bn debt. While praising JPMorgan Chase and other large banks for accepting the terms of the carmaker’s restructuring proposal, Obama laid blame for the bankruptcy filing on “a small group of speculators” who refused to buy into an offer to swap Chrysler’s debt for $2.25bn in cash.

This entry was posted by Gwen Robinson on Friday, May 1st, 2009 at 5:22 and is filed under Capital markets, Hedge funds. Tagged with chrysler, jpmorgan. Edit this entry.