Senior creditors: Chrysler deal violates 5th admendment »
Posted By k9kssr 7 months, 3 weeks ago in News
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.
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Wolfie20077 months, 3 weeks ago
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There is no doubt that many of Obummer's actions have been unconstitutional. Finally some folks with the guts to stand up to the tyrant. I suppose this means Lauria and his clients are going to be ravaged by the White House press corp dogs. Sic um' Stephonopolis, you junk, yard dog, you!
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nostalgia7 months, 3 weeks ago
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FTA:
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The Supreme Court long ago recognized, however, that a secured creditor’s interest in specific property is protected in bankruptcy under the Fifth Amendment.
Fifth Amendment:
No person shall be held to answer for a capital, or otherwise infamous crime, unless on a presentment or indictment of a Grand Jury, except in cases arising in the land or naval forces, or in the Militia, when in actual service in time of War or public danger; nor shall any person be subject for the same offense to be twice put in jeopardy of life or limb; nor shall be compelled in any criminal case to be a witness against himself, nor be deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation.
But gee whiz! What do you expect - it's only the constitution
The far left doesn't have to rely on that antiquated document when it stands in their way -
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pc257 months, 3 weeks ago
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Chrysler Bankruptcy - Like a bad gangster movie
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http://www.bloomberg.com/apps/news?pid=20601039=co...
Goldman Sachs Foreshadowed UAW’s Chrysler Coup: Kevin Hassett
May 4 (Bloomberg) -- I feel like I have seen this bad gangster movie before.
In the opening scene, a naive investor buys some bonds, explaining to his staff that they are a sound investment secured by hard assets. Even if the company goes under, the investor explains, bond investors stand to get about 80 percent of their money back.
The next day, a government official calls and offers to buy up the bonds at 33 cents on the dollar, while giving controlling interest in the company to the labor unions. The investor refuses. That night, a man shows up at his home. -
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k9kssr7 months, 3 weeks ago
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I'm glad they are filing suit....I can't see why the auto makers are being treated so differently from how the bankers have been handled.....although I don't agree with the fact some of them are trying to pay back the bailout and the administration is refusing to take it. Definitely a double standard.
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US citizens have their rights violated, but Chevez and his ilk are fawned upon.-
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nostalgia7 months, 3 weeks ago
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What the Obama administration is not looking at are the possible long term consequences
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These lenders took a lower interest rate on their loans in exchange for the right to move to the head of the line for repayment should there be a bankrupcy
If the Obama administration is successful in getting this done and violating contract law, what private lender will ever loan a company in trouble money even if they get the same guarantee?
This would be a very dangerous precedent to set
The only entity that would be willing to lend money to companies in trouble would be the Feds
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antibrainwasher7 months, 3 weeks ago
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What a shock, the lockstepping circle whankers are barking and whining that some rich guy is losing money.
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You cons don't care about jobs, or the thousands of workers who would depend on welfare if their jobs disappeared, no you are, as usual, defending the rights of casino capatalist billionaires who would lose their gambling money.
The one and only principle of the repugs: make the rich richer. And none of you blithering morons are rich, you're just mindless brainless dil-do heads, following your masters at faux noise, bending over for Saudi Oil Sheiks and Foreign national anti american billionaire moguls like your messaih Murdock and your Bloviating Pedophile savior, Oxy Limpballs, the leader of the party of cons.-
prophyporcritesComment removed: Spammer, Hard Banned
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Klarissa7 months, 3 weeks ago
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The people who would be hurt if the union owned 45%, Obama owned 45%, and the stock and bond holders owned 10% would be the every-day investor who has his/her money in retirement funds that hold automobile stock.
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Of course, if the union owns as much as Obama, they will have to split the cost of the warranties.-
stalemateComment removed: Retracted by user
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ranchhasawhiteass7 months, 3 weeks ago
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Been a hearing stuff about the White House given out threats to the investors . Come to think about it Obama is beginning to get on my nerves. In the WH 100 days and spent 100million in that amount of time.
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I ain't gonna buy no more Chrysler products.
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