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Tuesday, May 5, 2009

Some Good News: Chrysler Lenders Fight Back

In my recent Breakdown of the Rule of Law post, I discussed the Obama administrations fascist attempts at violating the rights of Chrysler's secured lenders. A colleague sent me the following link with some good news:
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.
If more had the courage of Lauria to fight the government on principle, Obama and his ilk might find that whole pesky Constitution thing to be a fairly weighty barrier to his agenda. Beth has a video interview with Lauria here.

1 comment:

Unknown said...

Well, according to the interview, he says they are asking for ~50% of what they are owed even though they are first in line. Why aren't they going for all of it?

We see their altruism as they're willing to sacrifice for the "greater effort".

These are very troubling developments. One can only imagine where we'll be by 2010.