
by: Bill Dupray posted: 2009-06-07 10:05:00
Viewed 465 times. 0 Comments.

This is nothing short of Americans asking the Judiciary Branch to step in and exercise its check and balance powers to stop an out-of-control Executive Branch. Our Republic is held together by such power, and in this instance, the Supreme Court is the last bulwark against an authoritarian president nationalizing a private company and extinguishing Constitutionally protected contract and property rights to reach his goal of giving the company to his political allies.
From WSJ.
A group of Indiana pension funds opposed to Chrysler LLC's sale to Fiat SpA filed an emergency appeal with the U.S. Supreme Court to stay the sale while they continue their attempts to block it. . . .Under Supreme Court practices, individual justices field emergency motions and Justice Ruth Bader Ginsburg will handle the filing. She could rule herself or refer the motion to the entire court. Justice Ginsburg can also reject the appeal outright or request other parties involved in the case file briefs on a tight schedule.
The Indiana pension funds have argued the sale is unconstitutional because it puts the rights of junior creditors ahead of the rights of senior lenders. The funds also argue the U.S. Treasury Department has overstepped authority given to it by Congress under the Troubled Asset Relief Program by financing Chrysler's restructuring. . . .
Under Chrysler's plan, the bulk of its assets would be sold to a new company, referred to as New Chrysler. Old Chrysler will wind down its remnants in bankruptcy and work to repay creditors.
Fiat would initially own 20% of the new company, though it would have the option of increasing its stake to as much as 51%. A United Auto Workers health-care trust would initially get a 55% stake, while the U.S. and Canada, which are lending Chrysler $4.9 billion during the bankruptcy, would own 8% and 2%, respectively.
Senior lenders owed $6.9 billion would receive $2 billion, giving them a recovery of about 29 cents on the dollar. The Indiana funds own about $42 million of the senior debt.
Thankfully, there are brave Americans who are willing to take on an dangerously left-wing White House, despite the very real prospect that whether they win or lose, they will be punished in some way for their insolence. Authoritarians are not a forgiving bunch.
Tags: Chrysler, Obama, SCOTUS,
Trackback url: http://patriotroom.com/article/emergency-filing-chrysler-creditors-take-obama-to-supreme-court/trackback
Views: 18 Comments: 0
In his letter, being sent out to Arpaio supporters today as part of a 100,000-person national direct mail drop, the sheriff calls Hayworth's decision to challenge McCain "courageous." And he pledges to help Hayworth "every step of the way." "Senator McCain has served this country admirably but it's time to replace his moderate or even liberal positions on taxes, the border, social causes and big bank bailouts with a consistent conservative like J.D.," Arpaio continues. "After years of running over Republican principles his entire career no election year conversion to our way of thinking will save his campaign from voters that want conservatives to be a part of the solution rather than part of the problem," he says.
Views: 46 Comments: 0
McCain now finds himself jammed, moving starkly — and often awkwardly — to the right, apparently in an effort to gain favor among the same voters whom Mr. Hayworth, a consistent voice for the far right, could pull toward him like taffy come summer. McCain now sharply criticizes the bailout bill he voted for, pivoted from his earlier position that the Guantánamo Bay detention facility should be closed, offered only a muted response to the Supreme Court’s decision undoing campaign finance laws and backed down from statements that gays in the military would be O.K. by him... “John is undergoing a campaign conversion,” Mr. Hayworth said. Hayworth’s radio-personality bluster and big emotions.. may now have a part in the greater populist narrative that threatens many of the nation’s more centrist Republicans.
Views: 31 Comments: 0
Iran said Tuesday that it had begun producing higher-grade enriched uranium, marking a new and potentially dangerous turn in Tehran's confrontation with the West over its nuclear ambitions... U.S. National Intelligence Director Dennis C. Blair told the House intelligence committee last week that "Iran has the scientific, the technical, the industrial capacity to produce enough highly enriched uranium for a weapon in the next few years and eventually to produce a nuclear weapon. The central issue is a political decision by Iran to do so."
Views: 31 Comments: 0
I wouldn't want my fingerprints on anything this administration or congress proposes. Reid told reporters the bill would be introduced on Tuesday, and that it would include an extension of the tax breaks... Reid did not say how expensive the jobs bill would be. The Senate had been considering a package of roughly $80 billion. The House passed a larger jobs bill before Christmas, but now plans to unveil a different bill independent of that package, which did not garner Republican support.
Views: 57 Comments: 0
Back in November, the House passed its health care bill by a narrow 220 to 215 margin, with 39 Democrats voting against it. Since then, the one Republican who voted for it — Joseph Cao — has indicated that he would not support the bill a second time around given the weaker language on abortion in the Senate version. In addition, Florida Rep. Robert Wexler already retired prematurely. Factor in Murtha’s death today, and Pelosi is down to 217 votes — one short of passage. To pass the bill at some point in the next few months, she’ll need to flip a Democrat who is already on record voting against the bill.
Views: 123 Comments: 1
Don't think that Republicans can't be sucked in when an anti-Wall Street lynch mob gets its blood up. Recall that Sarbanes-Oxley, the devastating antigrowth response in 2002 to the Enron and Worldcom scandals, was passed with virtually unanimous support by Republicans in Congress, and signed by a Republican president. Recall that last year 85 House Republicans voted for a 90% tax on bonuses for any employee of any bank that took more than $5 billion in TARP money. Investors got some good news last Friday. Stocks resisted following through on Thursday's sharp plunge after (Congress) reached an impasse on bank re-regulation. That's a nice down payment on what investors need a lot more of now: proof that the GOP won't join Democrats in a populist rush to seek revenge against Wall Street.
Views: 78 Comments: 3
Just two years after Mr. Obama helped his party pull in record Wall Street contributions — $89 million from the securities and investment business, according to the nonpartisan Center for Responsive Politics — some of his biggest supporters, like Mr. Dimon, have become the industry’s chief lobbyists against his regulatory agenda. Republicans are rushing to capitalize on what they call Wall Street’s “buyer’s remorse” with the Democrats. And industry executives and lobbyists are warning Democrats that if Mr. Obama keeps attacking Wall Street “fat cats,” they may fight back by withholding their cash.
Views: 78 Comments: 2
The Dow, down almost 104 points, had its 10th triple-digit move in 16 trading days. Shares of big banks pulled the market lower, extending a slump that has led to four straight weekly losses.I can't, for the life of me, understand why bank stocks would be dropping. Inexplicable.
Views: 57 Comments: 2
Contrary to President Obama's promises, voters say special interests have more influence on the political process now than they did a year ago, according to a new poll. The poll, paid for by groups looking to curb the Supreme Court's recent campaign finance ruling, found that majorities of both Republicans and Democrats say special interests have increased their influence since the president took office, and they say Mr. Obama has not done enough to fight back.
Views: 59 Comments: 1
Comments 0
Have an opinion?