Private equity firm Fortress exploded higher Friday one day after President Obama blamed their hedge fund brethren for Chrysler’s bankruptcy woes.

According to the White House, the administration's efforts to avert a bankruptcy filing were frustrated by "a small group of speculators," that rejected the government's final offer to settle their claims against Chrysler out of court

Perhaps the New York Times said it best. “In a rare flash of anger, the president scolded the entire group Thursday when he said, “I don’t stand with those who held out when everyone else is making sacrifices.”

Of course that's not to say those comments were directed at Fortress - they weren't. But it does imply that the whole space is coming under the microscope.

But beyond those comments, the whole Chrysler bankruptcy is just a gaping wound for private equity firm Cerberus, which bought the automaker in 2007.

If anything it seems like these stocks would be a little like Typhoid Mary right now. In other words, just stay away. But instead investors are taking these names higher. Why?

Karen Finerman thinks it's a matter of fundamentals. "These companies have huge assets and were sold down 90% at the worst of it," she explains  "I just think investors just see some potential especially if the economy begins to recover and there's M&A activity."

Joe Terranova has a totally different theory. "There was a huge short interest in these stocks," he explains. "The move was probably nothing more than a short-squeeze and I wouldn’t rush into this space."

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Trader disclosure: On May 1st, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Seymour Owns (AAPL), (BAC), (EEM), (FXI), (PBR), (DRYS); Finerman Owns (MA); Finerman's Firm Owns (AXP), (PBR), (RIG), (UNH), (TBT), (KFN), (ADP), (XPI), (IBB), (CSCO); Finerman's Firm And Finerman Own (TBT); Finerman's Firm Owns (BAC) Preferred; (C) Preferred; Finerman's Firm Owns (MSFT) & (MSFT) Put Spread; Finermans Firm Is Short (IJR), (MDY), (SPY), (IWM), (USO); Terranova Owns (IBM), (MS), (BP), (XOM), (HES), (X)

Terranova Owns (DIS) Calls; Terranova Owns (JPM) & (JPM) Calls; Terranova Owns (JOYG) & (JOYG) Calls; Terranova Owns (INTC) & (INTC) Calls; Terranova Owns (BRCM) & (BRCM) Calls; Terranova Owns (WYNN) And Is Short (WYNN) Calls

Terranova Works For (VRTS); Terranova Is Chief Alternatives Strategist Of Virtus Investment Partners, Ltd.; Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO

Virtus Diversifier PHOLIO Owns (IGE), (DBC), (DBV)

Virtus Investment Partners Owns More Than 1% Of  (ABD),(ARE), (CAL), (DLR), (EPR), (EXR), (IGE), (MEE), (DBC), (DBV), (DBA), (SKT), (UA), (CLB), (WBMD); Virtus Investment Partners Owns More Than 1% Of St Mary Land & Exploration Co; Virtus Investment Partners Owns More Than 1% Of  Seagate Tax Refund Rights; Terranova Owns June Crude Oil And Is Short September Crude Oil