Thank you, Non-Tarp Chrysler Lenders
I would like to extend my personal thanks to the non-TARP Chrysler Lenders.
While they are merely doing their jobs – carrying out their fiduciary duty to their investors by asserting established rights under contract law — they deserve a greater thanks for upholding the integrity of the rule of law which underpins our system of free enterprise.
It may be fashionable at the moment to disparage hedge funds and investment banks, yet our system depends on the well-established process under contract and bankruptcy law for an orderly restructuring for businesses that can no longer meet all of their obligations.
No matter what business you are in, the ability to innovate, create products and services to meet customer needs, and to ultimately create jobs depends on a functioning capital market.
Imagine trying to create any kind of business when the promises that you make or that are made to you are subject to political whims and pressure. You'll think twice (or more) about making investements at all.
I appreciate the efforts of the Non-Tarp Chrysler lenders to uphold the integrity of the system under intense political pressure.
