A group of dissident Chrysler bondholders opposing the Obama administration's restructuring plan—which refers to itself as the Chrysler Non-TARP Lenders—disclosed this interesting fact in a court filing yesterday:

4. None of the Chrysler Non-TARP Lenders hold any credit default swaps or hedges with respect to their holdings of Senior Debt.
There are 9 funds in the group, holding a combined $295 million of senior Chrysler debt. So of the 20 holdout Chrysler creditors, we now know that roughly half of them owned no CDS on Chrysler. Ryan Grim of the Huffington Post wrote a ridiculous article on Tuesday claiming that the holdout creditors may have pushed Chrysler into bankruptcy in order to collect payouts on CDS positions. Grim—evidently unaware that AIG almost never wrote CDS on individual companies—also claimed that the holdout creditors' CDS "were likely mostly issued by AIG." If you're ever arguing with someone about the financial crisis, and it seems like you're arguing about completely different crises, articles like this are the reason why.

4 comments:

Anonymous said...

OMG!!! I hate these F**kers! First of all, the dissident group of senior bond holders were going against the government's plans because those plans were against the law and would crush the senior-secured market by setting precedents that would keep people from wanting to lend in the debt tier entirely. everytime one of these govt douche-bags mentions the word CDS, it makes me want to throw shit. and then to link chrysler to AIG, who was a CDS market-maker and of course wrote shit-loads of CDS contracts, is asinine at best. its like saying that we have global warming because people leave the water running while brushing their teeth. these people need to get a clue.

Anonymous said...

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