“I don’t stand with those who held out while others made sacrifices,” President Obama said today about the small group of hedge funds that scuttled a deal with creditors to keep Chrysler out of bankruptcy. An administration official complained that the hedge funds failed to “do the right thing” or to “act in either their own economic interest or the national interest.” Still, Obama expressed optimism that Chrysler will “emerge from this process stronger and more effective.” We’ll see.
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