Funds Hoodwinked
Obama Castigates Chrysler's Capitalists

Peter Schiff
NYPost snippet
May 5, 2009

THE Obama administration singled out hedge funds as the bad guys this week in its attempt to reorganize Chrysler.

The accusation falls comfortably into the administration's view that unfettered capitalists on Wall Street and poor planning by short-sighted CEO's are responsible for our financial problems.

Reacting to the setback, President Obama took dead aim at the few capitalists left: the owners of some of Chrysler's securitized bank debt -- hedge funds and private investors -- who scuttled the plan.

He described these "holdouts" as unwilling to make the sacrifices that the company, the banks, the workers, the pensioners (all on the government dole) and the taxpayers had been prepared to make for the good of the country.

Ironically, the "greedy" group that Obama holds responsible for killing the auto industry is the only force that can save it.

Click here to read the complete article at NYPost.com.

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May 3, 2009
Peter Schiff
C.E.O. and Chief Global Strategist
Euro Pacific Capital, Inc.
1 800-727-7922
email: pschiff@europac.net
website: www.europac.net
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Mr. Schiff is one of the few non-biased investment advisors (not committed solely to the short side of the market) to have correctly called the current bear market before it began and to have positioned his clients accordingly. As a result of his accurate forecasts on the U.S. stock market, commodities, gold and the dollar, he is becoming increasingly more renowned. He has been quoted in many of the nation's leading newspapers, including The Wall Street Journal, Barron's, Investor's Business Daily, The Financial Times, The New York Times, The Los Angeles Times, The Washington Post, The Chicago Tribune, The Dallas Morning News, The Miami Herald, The San Francisco Chronicle, The Atlanta Journal-Constitution, The Arizona Republic, The Philadelphia Inquirer, and the Christian Science Monitor, and has appeared on CNBC, CNNfn., and Bloomberg. In addition, his views are frequently quoted locally in the Orange County Register.

Mr. Schiff began his investment career as a financial consultant with Shearson Lehman Brothers, after having earned a degree in finance and accounting from U.C. Berkley in 1987. A financial professional for seventeen years he joined Euro Pacific in 1996 and has served as its President since January 2000. An expert on money, economic theory, and international investing, he is a highly recommended broker by many of the nation's financial newsletters and advisory services.

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