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THE POLITICAL INSTINCTS OF A CHICAGO STREET THUG - More Chrysler Creditors Confirm They Were Threatened By Team Obama »
Posted By pc25 7 months, 4 weeks ago in News
The Obama Administration threatened Chrysler creditors into acquiescing to plans to restructure Chrysler or face the wrath of the White House press corps.
Neil Cavuto interviewed attorney Tom Lauria today who represents creditors to Chrysler.
Lauria said his clients were directly threatened by the White House and are scared:
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pc257 months, 4 weeks ago
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http://www.businessinsider.com/new-allegations-of-...
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New Allegations Of White House Threats Over Chrysler
Creditors to Chrysler describe negotiations with the company and the Obama administration as "a farce," saying the administration was bent on forcing their hands using hardball tactics and threats.
Conversations with administration officials left them expecting that they would be politically targeted, two participants in the negotiations said.
Although the focus has so been on allegations that the White House threatened Perella Weinberg, sources familiar with the matter say that other firms felt they were threatened as well. None of the sources would agree to speak except on the condition of anonymity, citing fear of political repercussions.
The sources, who represent creditors to Chrysler, say they were taken aback by the hardball tactics that the Obama administration employed to cajole them into acquiescing to plans to restructure Chrysler. One person described the administration as the most shocking "end justifies the means" group they have ever encountered. Another characterized Obama was "the most dangerous smooth talker on the planet- and I knew Kissinger." Both were voters for Obama in the last election.-
libsRfunnyComment removed: Hard Banned1 Reply
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mesodude7 months, 4 weeks ago
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My, but the con media prostitutes are out in force this week. Apparently this is change neocons can believe in. ;-P Below is just a tiny sampling of what a lying right wing hookers are peddling for the GOP. Among the sources are FOX and a POS local DC paper called the DC Examiner. Obama is really p*ssing cons off. LOL ;-P
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Obama angers hedge funds
More Chrysler Investors Describe Obama Hardball Tactics
Chrysler Bankruptcy: Obama's Big Government Is Big Business, Which Is Bad News
Obama Blames Chrysler Bankruptcy On Investors
GOP Sounds Alarm Over Obama Decision to Move Census to White House
Obama's unconstitutional, Totalitarian thuggery on Chrysler
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pc257 months, 4 weeks ago
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Check this out from the other day, Rattner allegedly told at least 2 non-TARP Chrysler creditors: "Who the f**k do you think you're dealing with? We'll have the IRS audit your fund. Every one of your employees. Your investors. Then we will have the Securities and Exchange Commission rip through your books looking for anything and everything and nothing we find to destroy you with."
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http://www.finemrespice.com/node/56
SWEEET!!!!!!!!!!!!!!-
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nostalgia7 months, 4 weeks ago
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Have you looked at the other news about Rattner?
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Daily News NY April 23
Mayor Bloomberg defends friend, car czar Steven Ratner, amid pension scandal probe
Mayor Bloomberg defended his buddy Steven Rattner Thursday, saying he shouldn't give up his federal car czar post while investigators probe his firm's involvement in an exploding pension scandal.
he private-equity firm is being probed by State Attorney General Andrew Cuomo for paying fees to secure investments by the city pension funds without disclosing the fees.
http://www.nydailynews.com/ny_local/2009/04/23/200... -
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mesodude7 months, 4 weeks ago
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Fox & Friends ignores hedge fund's statement to push disputed claim
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During the May 5 edition of Fox News' Fox & Friends, co-hosts Steve Doocy, Brian Kilmeade, and Gretchen Carlson repeatedly discussed allegations that the Obama administration threatened Perella Weinberg Partners, a hedge fund invested in Chrysler, without noting that Perella Weinberg itself has denied the allegation. Indeed, after initially ignoring Perella Weinberg's statement, Doocy himself noted during the previous day's Fox & Friends, "The White House says that didn't happen. This hedge fund says it didn't happen."
Interviewing Rep. Bill Shuster (R-PA) on May 5 about Chrysler's bankruptcy proceedings, Carlson asserted, "I understand now -- we've been reporting for the last several days -- that there may have been threats against some of these investors who didn't want to just go along with the Obama plan." She subsequently asked, "Congressman, as somebody who was in the car business before, owning a Chrysler dealership, will you call for an investigation into what's being alleged here?" But in asking Shuster whether he would investigate the allegations, Carlson did not point out, as Doocy did the day before, that Perella Weinberg has denied the allegation that it was pressured.
--for more about what filthy un-American teabagger cons have been up to in their desperate attempts to attack their BLACK President see article and video linked below ;-P
http://mediamatters.org/research/200905050025
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pc257 months, 4 weeks ago
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http://hotair.com/archives/2009/05/05/audio-chuck-...
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Audio: Chuck Todd admits the Lauria allegations are serious-
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mesodude7 months, 4 weeks ago
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Limbaugh, Fox Business push disputed claim: White House "threatened" investment firm ;-P
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On May 4, Fox Business co-hosts Cheryl Casone and Tom Sullivan and radio host Rush Limbaugh advanced the disputed claim by lawyer Thomas E. Lauria that his client, Perella Weinberg Partners, was, in Limbaugh's words, "threatened with reputation ruination from the White House press corps" to compel the firm to support the terms of the Chrysler bankruptcy offer. While both Casone and Sullivan's report and Limbaugh's noted that the White House has denied the allegation, neither noted that Perella Weinberg has done so as well.
On Fox Business Network's Fox Business, Casone teased Lauria's upcoming appearance on that evening's broadcast of FBN's Cavuto by noting that the "White House [is] denying claims that it strong-armed at least one of Chrysler's creditors to accept the terms of the bankruptcy offer." Casone then aired an audio clip of Lauria stating during a Detroit radio interview: "One of my clients was directly threatened by the White House and, in essence, compelled to withdraw its opposition to the deal under the threat that the full force of the White House press corps would destroy its reputation if it continued to fight." Sullivan later asserted: "I did not know the White House had control over the White House press corps to go destroy a company."
Similarly, on his nationally syndicated radio show, Limbaugh cited the interview in which Lauria made the comments aired on Fox Business. Limbaugh went on to state: "[N]ow the White House, by the way, is denying all of this, but there's a pattern here, ladies and gentlemen, that sort of gives the lie to the denial. I mean, this is -- we've referred to the situation that's going on in Washington as loan-sharking, Obama loan-sharking people."
In a May 2 post to his Political Punch blog, ABC News senior White House correspondent Jake Tapper reported that Lauria "told ABC News Saturday that Steve Rattner, the leader of the Obama administration's Auto Industry Task Force, threatened" Perella Weinberg "that if it continued to oppose the administration's Chrysler bankruptcy plan, the White House would use the White House press corps to destroy its reputation." Tapper subsequently updated the post to note that "[t]he White House and a spokesperson for the investment bank in question challenged the accuracy of the story" and quoted a Perella Weinberg spokesperson saying, "The firm denies Mr. Lauria's account of events."
Additionally, a May 3 post on The New York Times' DealBook blog reported that "Perella Weinberg said in a statement that the firm decided to back the government-proposed settlement Thursday afternoon, after Mr. Obama criticized the lenders in harsh terms," and included the following "full statement by Perella Weinberg":
http://mediamatters.org/research/200905040031
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mesodude7 months, 4 weeks ago
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Rep. Israel Blasts Right-Wing Radio Hosts Over Lies About the Current Flu Outbreak
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israel.house.gov
Washington, DC – On Thursday, Rep. Steve Israel (D – New York) released the following statement blasting conservative radio hosts for spreading lies about the H1N1 flu virus outbreak. Michael Savage, Jay Severin and Neal Boortz, among others, have blamed immigrants for the spread of the virus in the United States.
Rep. Israel’s statement:
The last thing our country needs is radio hosts spreading dangerous misinformation about the flu outbreak. But that’s exactly what we’re getting thanks to people like Michael Savage, Jay Severin and Neal Boortz. These right-wing demagogues are targeting America’s immigrant community and trying to turn a possible pandemic into politics.
This is simply deplorable and seriously dangerous.
A few days ago on his show, Michael Savage said, “Make no mistake about it: Illegal aliens are the carriers of the new strain of human-swine avian flu from Mexico.” That is nothing more than fear-mongering and race-baiting in search of ratings. This is exactly the type of rhetoric that fuels discrimination and violence, and those violent acts are why last night the House voted to pass the Hate Crimes Bill. Apparently that wasn’t enough of a signal to these guys that they’ve lost and tolerance and unity have won, but we’ll keep fighting.
We can’t afford to make this serious health emergency into a conservative radio circus. Americans need to stay calm and informed by listening to their doctors and our public health officials. And I’m asking Michael Savage, Jay Severin, Neal Boortz, and anyone who would repeat their arguments to stop now. Stop spreading these lies and work with us to keep Americans healthy and safe.
Stop pretending to be outraged. No one believes lying cons...
http://www.freerepublic.com/focus/f-news/2241633/p...
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pc257 months, 4 weeks ago
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http://hotair.com/archives/2009/05/05/you-dont-say...
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You don’t say: Chrysler lenders ask judge for anonymity to avoid “threats”
No, not the threats from the White House about siccing the White House press corps on them; there’s nothing anyone can do about those for the moment. They mean the threats they’ve been getting from America’s Obama cultists ever since The One waved his rhetorical pitchfork at them. The nutroots need an enemy, even in their moment of total victory, and right now the hedge funds fit the bill. -
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pc257 months, 4 weeks ago
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http://news.yahoo.com/s/afp/20090505/bs_afp/usauto...
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Citing threats, some Chrysler lenders ask secrecy
NEW YORK (AFP) – A group of lenders to troubled automaker Chrysler asked a bankruptcy court judge Tuesday to keep their identities secret, saying they could face "public attack" and "threats to their safety."
The petition was filed by the group that objected to a government plan to reduce the ailing company's debt to help create a partnership with Italy's Fiat.
The group is identified only as the "Chrysler Non-TARP Lenders," because the members have not received aid under the government's Troubled Asset Relief Program, a 700-billion-dollar program to stabilize the financial system.
Represented by lawyer Gerard Uzzi of the firm White & Case, the group said its members may be subjected to threats and intimidation in part because of comments made by President Barack Obama, who chastised the opponents of an attempted deal to keep Chrysler out of bankruptcy.-
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mesodude7 months, 4 weeks ago
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Banks Force Chrysler into Bankruptcy ;-P
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The UAW was willing to negotiate, but the banksters weren't. So Chrysler will now enter bankruptcy.
The Obama administration will announce at noon today that it will take Chrysler LLC into a historic bankruptcy to force a cut in debt key to a partnership with Fiat S.p.A. after three firms refused a sweetened offer.
With the UAW late Wednesday ratifying cost cuts in its contract and cuts in the money due its retiree health-care trust fund, President Barack Obama will announce a Chrysler-Fiat deal and the government’s “surgical” bankruptcy plan later today.
The administration "was willing to give the holdout creditors a final opportunity to do the right thing," an administration official said. But "the agreement of all other key stakeholders ensured that no hedge fund could have a veto over Chrysler's future success."
The lack of an agreement will not "impede the new opportunity Chrysler now has to restructure and emerge stronger going forward," the official said.
The Administration claims they'll be able to pull off a surgical bankruptcy and still pull off the Fiat deal on the other side, leaving Chrysler with some lease on life. But meanwhile, the banksters get to collect on their bets against Chrysler and get rich rich rich! All while sucking at the Federal teat.
Update: JPMorgan Chase may have been willing to deal. It was a couple of hedge funds that were the final holdouts.
The holdouts are no longer the big four banks (and TARP recipients) that together own 70 percent of Chrysler's debt. Both the Journal and the Washington Post have fingered three hedge funds -- Oppenheimer Funds, Perella Weinberg Partners' Xerion Capital Fund and Stairway Cap Management -- as the sticklers. The government is faced with the unenviable prospect of getting unanimous consent from all the bondholders to make a deal, which gives the hedge funds extraordinary leverage. In the parlance of Wall Street, taking a hit on what you are owed is known as a "haircut." The hedge funds seem to be allergic to the barbershop.
http://emptywheel.firedoglake.com/2009/04/30/jp-mo...
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Wolfie20077 months, 4 weeks ago
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Wish somebody would wear a wire into one of these meetings. Obama theme song:
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http://www.youtube.com/watch?v=nDtoZ8M3Q50-
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mesodude7 months, 4 weeks ago
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The Next Anti-Union Myth: Obama Gave Them Chrysler ;-0
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Prepare to see lots more stories like this one--stories that suggest Obama, out of whatever good intentions, decided to "give" the UAW Chrysler even while he deprived banks of their rightful return on debt.
Regardless of its literary influences [in Machiavelli], the Obama administration’s decision to give unions a big stake in the ailing Chrysler while strong-arming banks into forgiving a huge portion of debt is a sign of the times.
A nearly bust carmaker, several lenders that owe the government billions of dollars (and, in some cases, their survival) and an interventionist president eager to be seen to be tackling the nation’s economic ills: welcome to the United States of America 2009.
I have heard the arguments supporting the decision to short-change debt holders and carve out Chrysler between the unions (which get 55 per cent but just one board seat), Fiat (up to 35 per cent and three board seats) and the government (most of the rest of the equity and four board seats).
They boil down to this: extraordinary times require extraordinary measures (the end justifies the means, if you like).
In other words, with Chrysler employing more than 50,000 people in the US and Canada, it was paramount to avoid a long bankruptcy that would have destroyed the company.
If that meant giving junior creditors such as the unions favourable treatment at the expense of senior debt-holders, so be it. As for those hedge funds that rejected the plan, they are nothing but “speculators” according to Mr Obama.
Absolutely critical to the myth of the poor little hedge funds being strong-armed by the evil union and the interventionist President is the conflation of "the union" with VEBA, the fund to provide retiree health care that is controlled by the union to which Chrysler actually owes the money. I know it makes Financial Times readers lash out to hear of an evil union budging ahead of productive hedge funds, but in truth this was a matter of dealing with Chrysler's biggest creditors--whether it be JP Morgan Chase or a fund run by a union--and not a matter of class warfare.
http://emptywheel.firedoglake.com/2009/05/02/the-n...
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mesodude7 months, 4 weeks ago
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Chrysler Bankruptcy: Vulture Fund Guy Gets Even
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vultures.thumbnail.jpgGeoffrey Gwin runs a vulture capital fund: he finds companies in trouble, and buys up their debt on the cheap. The goal is to make a profit when the issuer fails. Or as he puts it on his web site:
Group G Capital Partners, LLC is an investment management firm founded in September of 2002. We employ rigorous fundamental research in our US credit focused strategies. Our strategies include: market neutral credit, opportunistic credit and small cap distressed.
http://firedoglake.com/2009/05/01/chrysler-bankrup...
He is one of a group of 20 people who forced Chrysler into bankruptcy, by refusing to accept the deal brokered by the Treasury. He wrote a letter to the Wall Street Journal explaining his thinking. Geoffrey’s decision to send Chrysler into Chapter 11 was a matter of principle. When Delta failed, his dad lost a big part of his pension, so it’s right for him to do the same thing to tens of thousands of Chrysler employees and retirees. After all, it’s the fault of the terrible unions who drove too good a deal, much better than other American workers.
The administration and others argue that the "right thing to do" is to save Chrysler and thereby ensure the livelihoods of all its workers, retirees, and the workers at Chrysler suppliers. This at the expense of the right's [sic] of creditors, such as my company. But the administration should concern itself with the nobler cause of preserving the fundamental system of laws governing creditor rights.
And here’s the principle we’re talking about:
“Junior creditors are ordinarily not entitled to anything until senior secured creditors like our investors are repaid in full,” the dissidents said in the statement.
Well, not really. What secured creditors get is a claim equal to the value of their collateral. It's called cramdown. The Washington Post says the collateral might be $.30 to $.50 on the dollar. That sounds pretty strong to me. What would you give for an empty Chrysler factory? When Studebaker failed in the '50s, the buildings sat vacant for years. And the equipment? Who needs that stuff? For the balance of their debt, they are unsecured creditors. The offer they turned down was about $.32.
Yes, Gwin believes his property rights are more important than the lives of tens of thousands of his fellow citizens. Geoffrey is just another self-righteous bankster: John Galt would love this guy. The President has an opinion about Geoffrey and his "principles":
In a rare flash of anger, the president scolded the group Thursday as Chrysler, its options exhausted, filed for bankruptcy protection. “I don’t stand with those who held out when everyone else is making sacrifices,” Mr. Obama said.
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PsychoHosebeastComment removed: Spammer, Abusive
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hefaa1Comment removed: Hard Banned
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Goppy7 months, 4 weeks ago
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Thanks pc25!
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I have 45 minutes before my next Christian Conservative patient shows up - and I went looking for one of your stories for some entertainment.
LOL ... you never let me down ... and the whining and mock indignation of your fellow 'Truthers' is like a cherry on top!
Well done!
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crespi7 months, 4 weeks ago
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If the Cons hadn't spent so much time and money on calling candidate Obama a "Muslim terrorist" and accusing the First Lady that doing the Howie Mandel knuckle bump makes Michelle Obama a gangster, and encouraging Michelle Bachman's fabrication of hysterical lies, maybe someone might actually want see if there is some legitimate criticism here.
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But as soon as one sees "Neil Cavuto" as a source that sinks the whole thing it by itself. -
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CRYMTYPHON7 months, 4 weeks ago
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Tadair says: "Nothing to see here folks, move along."
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But we want to see!
A good PC25 posting is as facinating as roadkill;
disgusting, abhorent, nauseating,
- yet you can not turn away.
I saw a horse once and it was actualy on its back with its legs in the air.
This offering isn't a dead horse, IMO;
I would rate it about on the level of a dead squirrel.
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k9kssr7 months, 4 weeks ago
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This is an interesting article from the Washington Examiner...this travesty of government is getting a little MSM time.
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http://www.washingtonexaminer.com/politics/White-H...
FTA:
Think carefully about what’s happening here. The White House, presumably car czar Steven Rattner and deputy Ron Bloom, is seeking to transfer the property of one group of people to another group that is politically favored. In the process, it is setting aside basic property rights in favor of rewarding the United Auto Workers for the support the union has given the Democratic Party. The only possible limit on the White House’s power is the bankruptcy judge, who might not go along. -
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k9kssr7 months, 4 weeks ago
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http://hotair.com/archives/2009/05/06/chrysler-len...
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Some of the investment firms being threatened. Oppenheimer is one....that's part of my 401K portfolio. They better not backdown, this is part of my retirement money that is being taken. -
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CRYMTYPHON7 months, 4 weeks ago
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"One person described the administration as the most shocking 'end justifies the means' group they have ever encountered. Another characterized Obama as "the most dangerous smooth talker on the planet- and I knew Kissinger."
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But, we were told Obama needed a teleprompter to clear his throat?
But, you said Obama was a spineless 'pantywaste'?
Now he's this clever thug?
I offer a resolution to your seeming idiocy:
Obama has a secret identity as a super-villain;
tough, clever, able to conquer the world.
But his regular persona is a wimpy President Peter Parker;
the one you pretened apologized when no one was looking.
That tidies up your reality!
Now back to ours:
Chrysler creditors drooling over a bigger part of the bailout,
- didn't get it.
Tough.
Obama interefered in the god-given right for bank-types
to scoop up all the tax-money they could shovel in their
pockets.
Good.
This is why we voted for him.
This is why you voted against him.
And this is why you keep making up comic book versions of him:
He makes you look so damned unreal. -
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frctm57 months, 4 weeks ago
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Of course we all know that attorneys for clients are objective and not given to theatrics. Anytime a company goes bankrupt, there are going to be losers in the deal and they are likely to be bitter. When people are bitter, they characterize themselves as victims. Properly exploited, this can be turned into support for some sketchy charges. This doesn't mean that the Obama administration didn't use hardball tactics but in negotiations that is normal. If he hadn't, the cons would accuse him of being a softie and a push over. If he does, he is a fascist and a thug. Regardless of how these negotiations turned out, Obama would be cast in a negative light. I will wait until a more reputable source confirms this and with less slanting or agenda.
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pc257 months, 4 weeks ago
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Of course we all know that attorneys for clients are objective and not given to theatrics.
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theatrics like NYC being threated with federal sanctions the AF1 fly over if is was leked out abd Israel being threatened with no action on Irans nuclear program if they don't bend to the will of Obama........ -
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antibrainwasher7 months, 4 weeks ago
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Once again, the cons prove they have only one principle, make the rich richer.
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Cons crap all over the workers, and are up in arms because billionaires lost some gambling money. What a discusting lot of lockstepping ignorant hicks, always against the country in favor of enriching the rich. -
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Klarissa7 months, 4 weeks ago
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Once again, the libs prove they have only one principle, make the UAW richer.
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Libs crap all over the stockholders, and are up in arms because workers lost some overtime money. What a disgusting lot of lockstepping ignorant hicks, always against the people who have automobile stock in their retirement account, in favor of enriching those who spend every penny and expect the government to take care of them-
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icono17 months, 4 weeks ago
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Yes the UAW workers should be well compensated for making, at worst, a very inferior product or, at best, a mediocre product, and thereby losing market share to foreign automakers with superior engineering and design while demanding more financial compensation(s) for their failing efforts....
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The new American way; fail and be rewarded with govt enforced and backed financial rewards......
But wait a minute...... didn't the old Soviet Union do the same thing and they were a smashing failure weren't they.
OMG Comrades!!!! It's getting to feel like the old country around here....mediocrity reigns supreme.
See ya' around Barry's Bailout Gulag.
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