Posted on 02/03/2016 8:18:19 AM PST by grundle
During the Chrysler bankruptcy, Obama violated the Fifth Amendment and more than 150 years of bankruptcy law by illegally treating secured creditors worse than unsecured creditors. Some of these secured creditors were retired teachers and police officers from Indiana.
Richard A. Epstein, a law professor at New York University School of Law, wrote of this:
"Upsetting this fixed hierarchy among creditors is just an illegal taking of property from one group of creditors for the benefit of another, which should be struck down on both statutory and constitutional grounds."
Todd Zywicki, Professor of Law at George Mason University School of Law, wrote that Obama's treatment of secured creditors was...
"... dangerous to the rule of law."
The Economist wrote that Obama's actions could...
"... establish a terrible precedent. Bankruptcy exists to sort legal claims on assets. If it becomes a tool of social policy, who will then lend to struggling firms in which the government has a political interest?"
Francis Cianfrocca, the CEO of Bayshore Networks, wrote that Obama's actions were...
"... an astonishingly reckless abrogation of contract law that will introduce a new level of uncertainty into business transactions at all levels, and make wealth generation more difficult going forward... An extraordinary uncertainty has been created when the most powerful man in the world can rewrite contracts and choose winners and losers in private negotiations as he sees fit. Since this is an unquantifiable uncertainty, and not a quantifiable risk, its effect on business and investor confidence will be large and unpredictable. As in the 1930s, a time when government also cavalierly rewrote private contracts, the prudent approach for business will be to invest minimally and wait for another administration."
GM is alive and Bin Laden is dead.
And it worked.
He got re-elected despite a horrible economy and foreign policy.
Not exactly breaking news.
Cruz supporters don’t mind thieves. They probably are proud of Obama like they are of Cruz screwing Carson. Nothing to see here or there.
Yeah? Your government is run by a criminal regime and its shocking to find out they’re stealing??
Look up Real Estate Reverend. Five poor black families were thrown out into the arctic Chicago winter, never to be heard from again. Counselor Obama got the Real Estate Reverend (RIP, speak no ill of the dead) off with a $75 fine.
What happened at Benghazi should have completely derailed the 2012 election.
The wheels of justice turn exceedingly slow, but exceedingly fine.
I pray that I live to see justice served for those families.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.