Posted on 05/06/2009 10:23:31 AM PDT by RobinMasters
Detroit, Mich. — The scandal over White House threats to Chrysler debt holders got deeper yesterday — and its MSM cover-up more inexcusable — as two more representatives of creditors corroborated lawyer Tom Lauria’s account that the Obama administration threatened them with ruin if they did not accept Chrysler’s restructuring terms giving 55 percent of the company to the UAW.
Media outlets like MSNBC pooh-poohed Lauria’s account over the weekend by noting that Perella Weinberg — the firm allegedly threatened for not taking the administration’s forced deal of 29 cents on their investment dollar — denied the allegation. Others noted that Perella Weinberg had since caved to the administration, and therefore had every reason to deny earlier threats.
(Excerpt) Read more at planetgore.nationalreview.com ...
IS IT TOO EARLY TO BE TALKING IMPEACHMENT?
(why not? they talked impeachment every time W sneezed)
The dems are in bed with the unions, so anything is okay as long as the union is rewarded. Investors and taxpayers all be damned! This is politics at its worse!
the govt will fund votes as long as they can
Almost nobody cares. The American people are in snooze mode. They like the idea of a cool president and they hate anyone who has more than they do. By the time they have any idea that this stuff will eventually bite THEM in the rear it will be far too late.
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.
“We’re not saying anything bad is going to happen to you,” the tough says, “but the big boss is going to be very disappointed in you if you don’t take the deal. By the way, how’s your little girl? Is she still going to school down on Federal Street?” The investor caves.
The evolution of the Chrysler LLC bankruptcy seemed almost as bad. The Obama administration brokered a deal that gave labor unions a 55 percent equity stake in Chrysler, putting their interests ahead of the secured interests of bondholders.
Goldman Sachs Foreshadowed UAW’s Chrysler Coup: Kevin Hassett
More from Neal:
For the Federal Government to even be involved in business dealings is unconstitutional. For them to be dictating the terms and intimidating private industry and citizens much less threatening them, is criminal.
In other words, my fellow Americans-—
BE AFRAID...BE VERY AFRAID
It seems that in 2009, the greatest threat to “Freedom of the Press” is....the PRESS itself.
What’s worse, the UAW only held 10% of the bonds. Yet they got 55% of the equity. No judge, whether the agreement was signed or otherwise implied, would suggest something suspicious was going on.
businesses don’t make decisions this bad.
The focus of the libs is to “take care” of their union workers. What about the investors? They had families too. And there were far more of the them then there are workers.
Of course not.....I've been sporting my same tagline for over a month now.
I'm feeling very sad for the future
The whole point of this UAW gift is simply a massive redistribution not only of income but of property. You thought there had to be a war and you had to lose and then a Communist totalitarian government could seize your property and give it to the “workers?” Well, that’s just what happened, but without the war.
no, as long as we accept that this won't ever really happen. I'm still hoping he could be thrown out because he doesn't meet the constitutional requirements but he and his lawyers have made a mockery of our constitution..... over and over.
I am not sure sad best describes my feelings.
Afraid of my government
Ostracized
Alienated
Angry
Helpless
Misrepresented
Unrepresented
Disheveled
Shunned
Pessimistic
Marginalized
Ashamed
Oh that's good. I want it on a bumper sticker.
Chryslergate: More Evidence of White House Threats - Another Redistribution of Wealth Example! - Will it be too late when ENOUGH is ENOUGH!
My sadness is from watching my running 30 day sales totals fall from $40K to now $6,900. I know I'm not the only one.
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