"U. S. Forced Chrysler Creditors to blink" Wall Street Journal headline May 11, 2009. The lenders were owed $6.9 billion. Mr Rattner said, "It's $2 billion, take it or leave it." That 29 cents on the dollar. "On Friday, the holdouts abandoned the fight as too costly, financially and politically."
Will Mr. Rattner now call the banks and tell them to reduce the mortgage principle for home owners to the same 29 cents on the dollar? The banks would come out ahead politically and financially if they merely dropped the interest rates on all home loans to the market rates.
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