Obama hit by a 5th Amendment Clue-by-four

[dburkhead]

Motion to halt the planned bankruptcy on 5th Amendment grounds

White House Denies Charge By Attorney that Administration Threatened to Destroy Investment Firm's Reputation* - Political Punch

If the Obama administration expected the senior creditors of Chrysler to fold their tents under political pressure, they may have gotten a rude shock today. Thomas Lauria, who accused the White House of threatening the creditors withn humiliation at the hands of the White House press corps, has filed a motion to halt the administration’s machinations on behalf of the UAW in the Chrysler bankruptcy. Lauria and his allies claim that the Obama administration has violated the Constitution in their bid to devalue the senior creditors’ holdings on behalf of junior creditors, and have some precedent to support the allegation.

 

[redneckmedic]

2 points for the home team!!!

 

[jeremy]

Good luck for them! I hope they rub his nose in it!

 

[CarmelHP]

When you're talking creditors owed billions, what's a few hundred thousand for lawyers to sue the government. At least someone has the means to defend themselves from Obama's depradations.

 

[BloodEclipse]

Nice to see some will not cower.

 

[CulpeperMM]

good to see people still have some fight left in them.

 

[jennybird]

This is some crooked stuff right here. All kinds of crooked. Although I'm glad someone is calling Obama out, I have a hard time feeling sorry for Chrysler or the investment firm. They've all played dirty and they all deserve this. Unfortunately, what they're all going to get in the end is OUR money.

 

[jsgolfman]

Agreed, jennybird. Not a lot of feel good stories amongst them I bet. One thing that struck me though, is the expectation that they were suposed to sacrifice. They have every right to get as much as they can out of their investment.

 

[mikea46996]

Wow hello Socialism!!!!!!!!

Then just caved to the demands of the Crack House.... .29 on the dollar!!!

Welcome to the USSA.

 

[Lucas156]

Im glad to see that someone is not afraid to stand up to Obama and his minions.

 

[jennybird]

Agreed, jennybird. Not a lot of feel good stories amongst them I bet. One thing that struck me though, is the expectation that they were suposed to sacrifice. They have every right to get as much as they can out of their investment.

True enough. But when I read that all 4 investment companies are also getting bailed out by the government, I lose sympathy for their investment. So essentially, the government is paying off Chryslers debt to the investors, then making Chrysler pay it back by way of bankruptcy. Of course I don't know the details cause they haven't sent me the contracts for my perusing pleasure, but I think it's a safe bet that the government is coming out WAY ahead of the game on this. So, with all that said, I'm still glad someone is calling Obama out!

 

[BloodEclipse]

True enough. But when I read that all 4 investment companies are also getting bailed out by the government, I lose sympathy for their investment. So essentially, the government is paying off Chryslers debt to the investors, then making Chrysler pay it back by way of bankruptcy. Of course I don't know the details cause they haven't sent me the contracts for my perusing pleasure, but I think it's a safe bet that the government is coming out WAY ahead of the game on this. So, with all that said, I'm still glad someone is calling Obama out!

I know in the case of GM the Bondholders had something like $24.5 Billion invested. The Govt had $10 Billion. The proposal made to the Govt would have given them 50% of the company with the UAW getting 39% and the Bondholders getting 10%.
We are living in an upsidedown world.

 

[henktermaat]

"Clue-by-four"... that's good. I'll have to use that one sometime