Monday, May 4, 2009

Obama armtwising on Chrysler backfires?

Its one thing to treat the press like your bitch (when they so clearly deserve it) but when you try and muscle a pack of well lawyered investors out of billions of dollars, don’t expect them to lie down and just take it:

If the Obama administration expected the senior creditors of Chrysler to fold their tents under political pressure, they may have gotten a rude shock today. Thomas Lauria, who accused the White House of threatening the creditors withn humiliation at the hands of the White House press corps, has filed a motion to halt the administration’s machinations on behalf of the UAW in the Chrysler bankruptcy. Lauria and his allies claim that the Obama administration has violated the Constitution in their bid to devalue the senior creditors’ holdings on behalf of junior creditors, and have some precedent to support the allegation.
Make you wonder where the folks form the ACLU are?

Oh sure if this case involved a two men suing so they could corn hole each other in a catholic church wile using the flag as an after sex rag and emailing Osama Bin Laden while a kindergarten class is made to watch, the ACLU would be all over it but when the government invents a power to unilaterally break business contracts there really isnt much to see.

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