Posted on 06/08/2009 1:08:48 PM PDT by DCBryan1
Breaking on CNBC:
USSC delays Chyrsler asset sale!
Mourdock: USe of Tarp Funds in automotive industry was illegal
Obama admin had urged USSC NOT to keep chrysler deal on hold
Yep - my tagline means “Obama has replaced the rule of law with the rule of a despot...”
Or, at least he is trying to.
What they really argued is that the deal was a scam, designed to bilk the mortgage company, while giving all the proceeds from the sale of the house to the maid.
And it was.
Even the Clitoon News Network (CNN) header decalres : “ A Blow to Bambi”
She worked 30 years in DC. She never once hired a black.
NEVER...., NOT ONCE.
Apparently the SCOTUS doesn’t like bHo’s justice department telling them what to do. Ya think?
Supreme Court Delays Chrysler Sale
http://www.howeypolitics.com/2009/06/08/supreme-court-delays-chrysler-sale/
The U.S. Supreme Court has delayed the merger of Chrysler and Fiat late this afternoon. The Supreme Court will delay the sale of assets until it hears the appeal by Indiana Treasurer Richard Mourdock, who said the Chrysler-Fiat deal harmed three Indiana pension funds.
Justice Ruth Bader Ginsberg issued the delay just moments ago. It will be referred to all nine Supreme Court justices. There is no indication when the Supreme Court will hear the case. Fiat SP had wanted this sale consumated by June 15.
Without Ginsberg’s decision, the Chrysler/Fiat merger would have been signed at 4:01 p.m.
Now the future of Chrysler is up in the air and analysts believe the delay could scuttle the deal, sending Chrysler into liquidation.
“We’re hoping that the Supreme Court interprets the law,” said Tom Lauria, the attorney who pressed the case for Treasurer Mourdock. Lauria said that the case is not against Chrysler or Fiat. “We hope it will be done in a lawful fashion.”
Lauria said that he is awaiting word on when the Supreme Court will act. The current order simply stays the merger.
At stake could be 5,000 Chrysler jobs in Kokomo and thousands more in auto supplier companies across the state, including Cummins Engine in Columbus.
“All the cards are back in the air,” said CNN analyst Jeffrey Toobin.
Mourdock pressed the case after consulting with Indiana Gov. Mitch Daniels, who urged Mourdock to appeal the sale. It sets up an unprecedented situation where two Indiana government executives appear to be blocking a corporate merger with thousands of jobs hanging in the balance.
Earlier in the day the Justice Department urged the U.S. Supreme Court today to uphold the sale of most of Chrysler LLC’s “good assets,” and allow it to emerge from bankruptcy.
In a 26-page brief filed by the solicitor general, the government argued that Chrysler would be worth only $800 million if forced to liquidate.
Under the bankruptcy exit plan upheld Friday by a federal appeals court in New York, the Treasury Department has agreed to give the holders of $6.9 billion in secured debt a total of $2 billion in cash — or 29 cents on the dollar.
“The bankruptcy court found that the challenged sale is the only feasible alternative to liquidation, and that applicants would receive no more under a liquidation than they will receive if the sale goes forward.
Absent a persuasive reason to believe that one or both of those findings is erroneous — and applicants offer none — a stay would not alleviate the injury that applicants have identified,” the government wrote in its brief.
Late Friday night Mourdock said, “As the case has moved through the entire court system, it’s becoming increasingly apparent to financial analysts and legal observers that our case and claims are about much, much more than simply Chrysler’s assets.
It’s about more than the interest of Hoosier retirees; it’s about rule of law. ”
~~~
Hear, hear!
Let’s hope this is Step One of an FDR-style push back by the SCOTUS against Obama.
Lots of rulings...is New Haven next? God help us all if they uphold Sotomoron.
SOMEONE CALL MATT DRUGE!
That is the typical behavior of white liberals.
LOL! I can't wait to hear what Mandow and Olberputz have to say.
“Without Ginsberg’s decision, the Chrysler/Fiat merger would have been signed at 4:01 p.m.”
And the music (Republic) would have died...
Welcome to O’s Zimbabwe ..... contracts not required.
Amen, Lord. We praise You and thank You!
Olbermann will make Ginsburg his "Worst Person of the Day".
I hope Chrysler and SCOTUS can set this right. When it comes to the using of TARP funds it seems like a gigantic money-laundering scam, really. The government BOUGHT these companies and the right to oversee them with the stimulus money, it was all sleight of hand, IMHO... I hate to see what this will do to Chrysler itself...
If the Congress passes an Unconstitutional Law, and the President signs it, and then SCOTUS rules against the TARP funds altogether, does the US get their money back (meaning the tax payers), or are they going to say it’s all gone?
What about all the other companies who received funds. Would they then owe them back to the government? [I’d love to see ACORN slapped with a bill of a few million dollars that they received.] I’m guessing TARP receiving companies are going to be spending the money as quick as they can now, eh? Seems like that would be a typical reaction...
At least SCOTUS recognizes the importance of overseeing what the Executive Branch is doing in the private affairs of these countries. Can’t see how it is Constitutional for the President to appoint a board of directors, or hire and fire within a company.
Could we possibly be seeing our system work though??? Checks and Balances? Is someone on SCOTUS waking up to the nightmare they are forcing on us, and against the Constitution? I sure hope so...
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