Conservative Columnist: "I Hate The Word 'Greedy'"

Jim Wooten, conservative editor at the Atlanta Journal-Constitution, writes the following in his blog today:

"I’ve come to hate the word “greedy.” It’s an epithet used almost exclusively by the Left to demonize somebody in business who is not compliant to the wishes of a politician.

An example is Michigan Gov. Jennifer Granholm, who is taking to the bully pulpit to persuade those to whom Chrysler LLC owes billions, to surrender the bulk of their claims. “On behalf of Michigan,” she said Wednesday, “on behalf of the thousands of people who will be affected if this company is forced into bankruptcy, I am publicly asking these hedge funds to not be greedy but to do what the banks have done and what everyone else around the table has done take the concessions.”

Four major banks holding 70 percent of Chrysler’s $6.9 billion in secured debt, agreed to settle for $2 billion. The 46 hedge funds want a better deal. Talks appear to have collapsed. Unless agreement is reached by 11:59 p.m. tonight, a government-imposed deadline, Chrysler is headed to bankruptcy. Lenders may or may not get a better deal in bankruptcy.



UPDATE: Chrysler has filed for bankruptcy and officials hope to be out within 60 days.

After bankruptcy, Chrysler will end up as a union-owned company, with a 55 percent stake held by the United Auto Workers. If General Motors survives as structured by its government overseers, GM would become, as some have dubbed it, Government Motors, with the government holding a 50-percent stake.

The last few days of negotiations have shown us the future of government control of major sectors of the economy. In Chrysler’s case, banks beholden to government are coerced to take write-downs to “save” an automobile company that the government will rescue and turn over to one of the Democratic Party’s most loyal constituencies, Big Labor. Those debt-holders who don’t agree to a bad deal are vilified as “greedy” and, rest assured, bad things will happen to them in terms of investment losses.

I don’t want government to succeed in nationalizing American industry. I will not buy a car from the government and I won’t invest in banks that its agents control."


What do you have to say about Wooten's definition of greed? I, for one, agree with one blogger, who said: "The problem you’re encountering, Mr. Wooten, is that America has seen the consequences of unchecked and unbridled corporate greed. And we’re not willing to put up with it any more. This, I believe, is a key distinction between so-called “fiscal conservatives” and real Americans. They see greed as a virtue, and the rest of us don’t."

however, like them to be compliant with the Law.

We need more cops on the financial beat...

people you so vehemently defend.

:rofl: what a great quote!
the 46 hedge funds refused to compromise and very likely won't get a better deal in the bankruptcy :shrug: that seems pretty stupid as well as greedy, kinda like mr. wooten.

Do you also refuse to drive on roads built by the government?

Will you refuse to accept your government social security check as well?

If you house catches fire, will you refuse the assistance of govenment fire fighters?

Clown Columnist: "I Hate the Word 'Overstuffed Volkswagen' "

What an ass. Hey, Wooten - if the word fits, you're still gonna have to wear it, regardless how you feel about it. Greedy by any other name is still YOUR side of the aisle.

avarice-

It is an attribute that makes being a positive member of society very difficult.

It is also one of the things that cause capitalism to fail, I believe.

As for Mr. Wooten, people usually don't like facing ugly truths. It reminds me of something my father used to say- "I used to complain that I had no shoes, until I met a man who had no feet."

I guess that makes us even.

If you have lent somebody $6.9 billion, it's not 'greedy' to want your money back. It's also not greedy to want 50 cents on the dollar instead of 10 cents.

Why, next thing the left will be demonizing devils. ;-)