Saturday, May 30, 2009

TARP-stuffed Lender Wells Fargo has the Gall to Oppose a Bid for BK'd Men's Clothier Hartmarx...

...a heavily unionized company that makes The President's suits, no less.

Wells believes a liquidation will recover maximum value. They seem to have forgotten that secured lenders have no rights.

Shockingly, politicians have decided to lean on their newly learned bankruptcy expertize as they opine on Wells Fargo's decision.

U.S. Rep. Phil Hare, a Democrat who represents the district that includes Rock Island, called Wells Fargo's statement "at best cynical and at worst deceitful." The bank misrepresented Emerisque's bid, Hare said.

Illinois Gov. Pat Quinn has said it is "only right and just" that Wells Fargo agree to a sale. Illinois Treasurer Alexi Giannoulias promised to cut off state business with the bank if it liquidates the company.

Right and just, indeed. How dare they decide how to pursue recovery from an asset they de facto control? Evil bastards.

Click here for more joy.


firstadopter said...

Yes, I saw the Illinois state treasurer (who is one of Obama's buddies and plays basketball with him) smile on CNBC few weeks back saying he's not threatening Wells Fargo, but then proceeded to threaten the bank if they don't play ball... well you know all that state business we do with them and you know Wells Fargo has all this TARP money, so must act differently etc. etc. I mean it was ridiculous, how can you say you're not threatening them and then threaten them in the same interview. I hate politicians like this.

The Investment Linebacker said...

firstadopter, thanks for the note.

I clicked through to your blog and read the quotes from the IL State Treasurer. Disgusting.

I encourage people to focus on and harness the rage.

Make productive use of it.

It's our last best hope which is to never stop caring and continue to believe that honesty, intellectual rigor, distrobution of truth, and integrity will win out in the end, no matter how bumpy the road.