It looks like all my hand-wringing about Chrysler taking years to get out of bankruptcy was wrong. But what I didn't know then was that the bankruptcy judge was going to reject the arguments of the 40 hedge funds who controlled a mere 30 percent of the $6.9 billion in secured creditors. We now know that Judge Arthur J. Gonzalez is doing just what the government wants. And that's great news.
How so? Let's review for a minute. Those poor hedge funds, who were trying to keep their names out of the paper -- like Perella Weinberg, Stairway Capital and Oppenheimer because they feared some anonymous blog posters -- made pathetic arguments about how they were just trying to protect the poor widows and orphans who invest in their funds. The good news for them is that top hedge funders make $464 million a year so to show how much they care they can put down their violins, pull some of that cash out of their bulging pockets and give it to their poor widows and orphans.