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.
With the way the market has been, it will probably skyrocket up. There is no cogent relation to the DOW and external forces anymore—it’s a pure crapshoot
nice comment
Surely, you jest, right?
For the right discounted price, (like $0.02 on the dollar) it might be fun....
Of course!
I think you are making a good point, but in this case it was the union that was given special treatment, especially their retiree's. The stock holders had the value of their shares diluted.
The unions are the problem. They kill a business. The only area where they thrive is in govt, because there productivity, competitiveness and cost are not considerations. That's why I was saying if you buy corp. bonds you have to check to be sure the business is not unionized. In the end a unionized business will not succeed when it has to compete against a non unionized business.
I'm not buying any more bonds - not when senior, secured debt holders are stiffed (in violation of established law) to favor unsecured claims from those with connections.
I'm not buying gold - it's a non-performing asset.
I am buying brass and lead. 
obama is tied as the most evil enemy our country has faced in its history. He's in first place for most dangerous because he's an internal threat.
Obama is very Nixonian.
“If the President does it, it’s not illegal.”
— shiver —
Yes, the Rule of Law is dead, dead, dead. No branch of the federal government recognizes any limits on its power as against the states or the people. Worse, no branch of the federal government recognizes any limits on it’s power as against the other branches of government. The result is chaos. Worst, the Court’s decision to “pass” on this issue means the death of the Rule of Law didn’t even get a proper legal burial. It was just a corpse left to rot in the woods.
Equal protection under the law.
Security in possessions.
This is, in practice, the ex post facto nullification of contractual obligations (bonds) AND also, in practice, what a bill of attainder is; that is, they are retroactive changes in the rules which also target a group of people.
“You are so correct, but I have no idea where to go.”
Chile. Seriously.
Oh, no, don’t worry about the pensioners. Some of them, anyway. The “correct” pensioners, members of the NEA and other government unions, will be the next bailout.
Paraphrased from earlier posts:
How the Empire was Born
Once upon a time, before the death of the American Republic, a man named Chrysler went bankrupt, and his house was being sold at auction by the Sheriff.
The Republic was ruled by Law, and under that law, the Sheriff was required to sell the house to the highest bidder, and use the proceeds, first, to pay off the mortgage to the Bank of Retired Indiana Teachers and Policeman. Any remaining monies could then be used to pay the Maid, or any of Mr. Chryslers other outstanding debts.
But the Sheriff was a powerful man, if less than honest, and he was in bed with Mr. Chrysler’s Maid. He wanted to protect her, as she and her friends gave him great support, and kept him in office, through scandal after scandal.
So the Sheriff made a plan. He made a deal with his friend, the Assessor, to pay the Assessor $10M dollars, if the Assessor would value Mr. Chrysler’s house for pennies on the dollar. The catch was that the Assessor would only get paid, if the Maid was successful in buying the house for the discounted value that the Assessor established. So the Assessor drafted a paper, claiming that the house was abandoned and rapidly falling apart, and thus was only worth about $2B. To prove this, he got some fake bids on the house from the Sheriff’s friends, for slightly less than this value.
At the same time, the Sheriff went to the bank of TARP, and claimed that Mr. Chrysler’s house was worth full value, about $30B. And he cosigned for a loan for the Maid, that she might buy Mr. Chrysler’s house. In order to do this, the Sheriff had to lie, and proclaim that the Maid was a bank – Mr. Chrysler’s mortgage company objected, but the Sheriff said, “I won. The Maid is a bank if I say she is.”
So the bank of TARP lent the Maid about $5B, that she might buy Mr. Chrysler’s house, and have a little slush money going forward.
And the Sheriff called an auction – instead of advertising it, however, he told only the maid when and where it would be.
And the Maid came to the auction, and as she was the only bidder, and thus the highest bidder, she bought Mr. Chrysler’s house for pennies on the dollar. The $2B value the Assessor had dishonestly established. And the Sheriff paid the Assessor his $10M fee.
And the evil Sheriff, instead of paying off the mortgage on Mr. Chrysler’s house, then paid the Maid’s back wages with the proceeds, and put a big chunk aside for the maid’s retirement fund.
And again he told the mortgage company, “I won.” And he paid them 29 cents on the dollar, instead of the full value of the loan, which they were entitled to under the law.
The mortgage company then cried, if we are not ruled by law – we are ruled by the evil Sheriff!
And that was the day the Republic died, and the Evil Empire was born.
The End.
“Sad to see the scotus caving on this. I had two friends who owned GM bonds and thus, a part of the royal screwjob, although very small. But it makes no difference, big, small, whatever, soon NO ONE will be backing anything in our economy, because, as you accurately portrayed it:
THERE IS NO MORE RULE OF LAW”
As many of you know, I started getting our IRA’s out of stocks, ETF’s and most mutual funds after Pelosi Galore and Reid the Red took over congress in 2007. I caught flak from some Freepers for taking that protective action.
Fortunately, we were out of the mutual funds and our few stocks by May of 2007, and our ETF’s had stop loss orders which kicked in on all ETF’s (regardless of country) in May/June.
So we had a good size pile of cash to invest in what I/we thought were safe havens from the Pelosi/Reid tax and spend thugs.
I had started buying CDs to replace the above and the falling yields on our Fido Money Funds.
To diversify, I bought a fair slug of corporate inter capital notes (high on the pecking order of bonds) from GE and Toyota, both were AAA and AAA rated in the summer of 2007. Even in that year the face value of the bonds dropped more than expected.
When the bottom started falling out last year. The GE notes were down -20 to close to 30% in value before the end of 2008. Toyota’s corporate notes were in the same boat.
I decided not to ditch the GE notes as they had gotten in bed with bed with 0b0z0 re national health insurance. Toyota was not an American corporation and their notes/bonds would probably bounce back.
After 0b0z0 was crowned King forever and started taking GM and Chrysler out as companies, the GE notes started coming back and so did Toyota. They still have room to go, but they appear to be out of their downward spiral re their face value.
If the GE Bonds had been GM or Chrysler, we would have been $crewed without a single kiss or any romance.
0b0z0 and his thugs are raping our economy to redistribute the savings of America to union thugs and the non producers of America.
Current bond owners and potential bond owners should be aware of what 0b0z0, his thugs in Congress and the Supremes have done to the Chrysler bond owners with the same implication to the GM bond owners.
Sadly, you are more right than not.
The oath of enlistment is to the Constitution, not the President, not the Congress, and not the USSC... in fact any of those could, conceivably become the domestic enemies which they are to defend the Constitution against.
Officially: To have legitimacy, a General or two would have to authorize the move against the government, but I doubt that would happen because, as Col. Hackworth said “They’re a bunch of perfumed princes”... IOW, they are themselves enmeshed in the politics of corruption they should be standing against.
Unofficially: I think there may be some unrest in the ranks. Right is right and wrong is wrong; everyone knows this, even if they adamantly deny it. If a non-trivial portion of the enlisted “broke ranks” and marched on DC, things would get VERY interesting VERY quick... you can bet on it.
Mark this day as the day our nation died!
Rule of Law deems the value of everything. Nothing means anything now.
The people who cheered when G.W. Bush mangled parts of the Constitution in the name of fighting terror now find those precedents being used and built upon to amass ever greater power to the fraud in the White House and his co-conspirators.
The “new’ Chrysler http://www.sec.gov/litigation/litreleases/2008/lr20835.htm
Two who outright own GM bonds!
They need to start a class-action lawsuit.
they have the personal stake and can’t be denied a ‘standing, logically.
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