In constitutional republic, even the president has to follow the rules. Not in a Chicago style banana republic. In Obamaland rules are for for the little people and the rules are what Obama says they are, Scott, Powerline :
The Chrysler reorganization is shaping up as another milestone in the decline of the rule of law under Barack Obama. We’ve said for quite a while that bankruptcy is the only viable option for Chrysler and General Motors, not–as Obama claims–because they don’t know how to make the right kinds of vehicles, but because their unsustainable union contracts make it impossible for them to be profitable. That reality has now been turned on its head, as the administration has tried to bully Chrysler’s secured creditors into going away, while the United Auto Workers Union, solely on the basis of political clout, would be paid at an implied rate of 50 percent and would emerge owning 55 percent of the company, with the government also holding a stake.
This is banana republic capitalism at its worst. Political influence, rather than the
Zachery Koowe, New York Times , doesn’t quite call Obama a lier, but he comes close:
Peter A. Weinberg and Joseph R. Perella are part of a band of Wall Street renegades – “a small group of speculators,” President Obama called them Thursday – who helped bankrupt Chrysler.
But now the two men, along with a handful of other financiers, are being blamed for precipitating the bankruptcy of an American icon.
While Koowe is kind to Obama, I will be kind to the whores Julianna Goldman and Linda Sandler:
May 1 (Bloomberg ) — President Barack Obama thanked everyone from unions to executives for working to keep Chrysler LLC alive while blaming “a small group of speculators” for forcing the automaker into bankruptcy.
“A group of investment firms and hedge funds decided to hold out for the prospect of an unjustified taxpayer-funded bailout,” Obama said yesterday in Washington before Chrysler filed for bankruptcy protection.
OppenheimerFunds, based in New York, said it rejected the offers because the government “unfairly” demanded that the fund’s shareholders make greater sacrifices than were being asked of unsecured creditors.
“Our holdings in secured Chrysler debt are entitled to priority in long-established U.S. bankruptcy law, and we are obligated to our fund shareholders to support agreements that respect these laws,” the company said in an e-mail.
Goldman and Sandler seem unable or unwilling to distinguish between a senior and junior creditor. If they don’t know the difference, and I doubt they are indeed that dumb, they too stupid to be reporting financial news. If they do they difference, as I suspect, they writing bad copy to to the bidding of the Obama administration. That to they whores more than journalists.
For those who don’t under stand the difference the difference between senior anAn attorney representing several Chrysler bondholders accused the Obama administration of intimidating his clients by issuing threats of public humiliation if they opposed their brokered deal to resolve the automaker’s debts. Speaking to WJR, Thomas Lauria said that the White House called the bondholders “vultures” for insisting on their rights as senior creditors and told them that the Obama administration would use the White House press corps to attack them in the media. Corky Boyd has the transcript (also via HA reader Geoff A):d junior creditors, listen to Tom Lauria, a bankruptcy attorney, explain it, via Glenn Reynolds, Instapundit , and WJR . While Lauria, didn’t use exactly these words, he described the entire White House press corps and Obama administration whores.
Banana republic have lousy economies, because investors will not put their money into places where tin pot tyrants, change the rules to fit their personal whim. The key to long term economic prosperity is the rule of law, and the Obama administration is waging savage war on the rule of law.
It is likely that none of these bloggers read the story here. However a blogger can dream. Ed Morrissey, Hot Air , climbs on board the thug meme:
An attorney representing several Chrysler bondholders accused the Obama administration of intimidating his clients by issuing threats of public humiliation if they opposed their brokered deal to resolve the automaker’s debts. Speaking to WJR, Thomas Lauria said that the White House called the bondholders “vultures” for insisting on their rights as senior creditors and told them that the Obama administration would use the White House press corps to attack them in the media. Corky Boyd has the transcript (also via HA reader Geoff A):
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