Posted on 06/09/2009 4:28:47 PM PDT by Para-Ord.45
Edited on 06/09/2009 4:38:36 PM PDT by Admin Moderator. [history]
High court won't block Chrysler sale
WASHINGTON (AP) - The Supreme Court has cleared the way for Chrysler's sale to Fiat, turning down a last-ditch bid by opponents of the deal.
The court said late Tuesday it had rejected a plea to block the sale of most of Chrysler's assets to the Italian automaker. Chrysler, Fiat and the Obama administration had warned that the high court's intervention could have scuttled the sale.
A federal appeals court in New York had earlier approved the sale, but gave opponents until Monday afternoon to try to get the Supreme Court to intervene.
Justice Ruth Bader Ginsburg ordered a temporary delay just before a 4 p.m. deadline on Monday.
Excerpt.
No, I think he has the czars so that he can do what he likes without the scrutiny of congress or the courts.
You're right of course, this will put a serious chill on future interest in financing or investing in any largish company that may face financial distress in the future in whom the Obama administration might be expected disposed to intervene to stave off another another "crisis".
Nothing makes my blood boil more than the (apparent) fact that Obama got away with this too, at America's expense. It is a little (maybe much more than a little) consoling that this little enterprise of the dems inserting themselves and their green policies into the Chrysler and GM meltdowns, at our expense, should conspicuously fail in the end. The political cost to the leftists/statists and their god figure may be well worth the cost.
Really? For a fourth-rate, irrelevant, crappy automobile maker? Would you expect a similar selloff if Burlington Coat Factory were sold to some European company?
I think you are missing the point. It’s not that a crappy car company is being taken over by a crappy government and a crappier car company, it’s that contract law and property rights have been dealt a serve blow. The bond holders first lien rights have been arbitrarily knocked down to a third rate status. If the gubment can do this to Chrysler and GM bond holders then NO corporate bonds are safe. If the bonds aren’t safe, then the companies aren’t safe and hence the stocks are worth less.
We have been since Roe v Wade.
Second Inaugural Address
Washington, D.C.
March 4, 1865
“...If we shall suppose that American Slavery [ABORTION]is one of those offences which, in the providence of God, must needs come, but which, having continued through His appointed time, He now wills to remove, and that He gives to both North and South, this terrible war, as the woe due to those by whom the offence came, shall we discern therein any departure from those divine attributes which the believers in a Living God always ascribe to Him?
Fondly do we hope—fervently do we pray—that this mighty scourge of war may speedily pass away.
Yet, if God wills that it continue, until all the wealth piled by the bond-man’s two hundred and fifty years of unrequited toil shall be sunk, and until every drop of blood drawn with the lash, shall be paid by another drawn with the sword, as was said three thousand years ago, so still it must be said “the judgments of the Lord, are true and righteous altogether”
With malice toward none; with charity for all; with firmness in the right, as God gives us to see the right, let us strive on to finish the work we are in; to bind up the nation’s wounds; to care for him who shall have borne the battle, and for his widow, and his orphan—to do all which may achieve and cherish a just and lasting peace, among ourselves, and with all nations.
FIAT = Fix It Again Tony
Moral hazard.
Good luck getting private investors to invest in “secured” debt for any company while BO is in office.
No financing except for the gubmint tit will be available. No rational person would lend money to a company when the rules can change midstream.
Ok, but all this has already been factored in by the market. This is not a surprise, the Dow is not going to crash tomorrow. HS and Nikkei are both up bigtime.
Yep! They sure the frik did! The free market has just been wiped out! Venture capital in America just dried up. Gone!
How is it the Scalia, Thomas, Roberts, and Alito don’t consider this is case worth taking. This is where activists really show up also, you take a case instead of turning it down.
Chrysler has several constitutional issues. Interstate Commerce, Bankruptcy Law being scrapped without legislation. Bondholders being denied their rights. Transfers of money to union leadership.
I am never buying a Chrysler Fiat or General Motors cars again.
>No , but it’s a start. Just told my liberal family via facebook to basically go to h#ll.
Nice.
(Though wouldn’t it be better to have them as allies instead, if possible?)
Cannister of 16 non-hybrid seed packs $40 at eFoods Direct
Family Garden non-hybrid Seed Packs $39.95 at LifeSprouts (Their sprout seeds and sprout trays are a good thing to get and store, too. I use mine a lot for fresh bean sprouts.)
And don't forget Build an Ark for absolutely everything else.
Also a good idea to pick up a book about harvesting and saving seeds for the next crop.
You know, the bondholders who got screwed were pension funds and the like who represent tens of thousands of members such as teachers, state employees, etc ...
Now, the “new” Chrysler is going to have to develop new products - they also have to be able to sell enuf of them ...
But do you think that any of these tens of thousands are going to buy Chrysler products after being forced to bend over and grab their ankles ???
NOT !!!
I think Obama just shot himself in the foot !!!
Ovomit and his cronies have taken over, and only worse things from now on will take place. No more Rule of Law, only thug threats and stacks of money for men’s souls.
Freedom is never free. Get ready to fight for it again.
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