Oppenheimer and other hedge funds reportedly drove Chrysler into bankruptcy!?

Reports here in Michigan are that Oppenheimer and other "greedy" hedge funds (unlike Chrysler's major lenders and UAW who agreed to concessions) REFUSED! to re-negotiate their claims and forced Chrysler into bankruptcy. What do you think about that? Do you think that Americans would be justified in pulling their investments out of Oppenheimer and the other hedge funds going with other more reasonable investment options with the hopes that Oppenheimer receives a taste of its own medicine (i.e. a bankruptcy of its own?) Also when I changed jobs and moved my 401 K money out of Oppenheimer they grabbed several hundred dollars in secret unilateral and hidden "account closing" and (double dipping) "account transfer fees. When i wrote to object, they ignored me... laughing all the way to the bank with my money. Does anyone else have a similar story?

Asked By: Variously - 4/30/2009
Best Answer - Chosen by Asker
The job of a hedge fund manager is to invest partners' money in the most sound and profitable investments. A hedge fund is not a charity, and they have no obligation to save Chrysler from bankruptcy, and nor should they attempt to do so. The reason Chrysler is going bankrupt is because the company was mismanaged by its... More
Answered By: borat_almaty - 5/3/2009
Additional Answers (3)
You're a little mixed up. That's not how corporations work. The Secured Bondholders actually are lenders, and after the banks, are highest on the list of repayment. Regular bondholders are next. Stockholders are basically at the bottom. When companies falter, Bankruptcy judges decide a value of assets and distribute... More
Answered By: Rudy H - 4/30/2009
You seem a little confused... More
Answered By: Mike - 5/2/2009
Unfortunately too many people are just trying to make a quick buck with Forex trading. You must remember that world markets are very volatile at this moment in time with regards to the N.Korean nuclear situation. Do you understand that if you were reading an online news bulletin and the headline read North Korean... More
Answered By: Burney - 5/3/2009
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