This caught my eye in the WSJ, as the tone was ... odd. Almost fawning in its praise of how the Obama Administration is managing the automobile industry crisis, it basically says that the bond debt holders should be damned glad that they are getting anything, and that the UAW is doing everyone a major favor in taking on its new role.
So who is the author?
Scott M. Sperling, co-president of THL Partners, one of the oldest and most successful private equity firms in the US. So I googled to see where the connection between Mr. Sperling and the Obama Administration lies.
Our Common Values.
This is the name of a Political Action Committee (PAC) that is connected to the Democratic Party via ... Rahm Emanuael. It gave 99% of its money to Democrats.
Mr. Sperling, according to the Huffington Post, donated $5000 to the "Our Common Values" PAC in 2008. It was his only contribution to any political activity in that year. Oh, and his wife donated $5000 as well (see here and scroll down to see the Sperling's contributions).
There is the connection.
Of course, private equity companies are making out like bandits during this recession: they are able to buy parts of companies desperate to get rid of troublesome assets at extremely good rates. Almost like it was tailor-made for them...
This is yet another Chicago Connection: scratch my back, and I'll scratch yours. Expect to see more of this defense of the Obama Administration's policies by those with vested interests in seeing those policies succeed.
Just surprising to see it in the WSJ. I was able to find this within 10 minutes. Guess that being a co-president of THL Partners does get you some access...