Daily Archives: June 10, 2009

U.S. Supreme Court bends over and takes it up the ass for the Obama Administration

This is a sad day in America.  The “Supreme” Court had another Dred Scott moment in its sad history.   The gutless, unprincipled political hacks on the Court refused to stop the “deal” that sold Chrysler’s assets to Fiat. And then did not even have the courage to give their reasoning and to sign their names to it so that their names could go down in infamy.  The rule of law was surpassed by the rule of “whatever the Obama Administration wants, the Obama Administration gets.”

Supremes to Obama: Yeah sir, Massa President, we step and fetch it fo you

Supremes to Obama: Yeah sir, Massa President, we step and fetch it fo you

For those too ignorant to realize what went on, the Obama Administration made a “deal” to sell Chrysler’s assets to Fiat. Only problem was that this “deal” stole money from secured creditors and gave it to the UAW. There is no other way to characterize what occurred. The secured creditors by law were entitled to get their fair share. The Obama Adminstration said “screw that” and took their fair share by fiat and delivered it to Obama supporters in the UAW. And the Supreme Court bent over and said, “stick it in, no need for even any lubrication!” 

“…The United Auto Workers union will get a 55 percent stake that will be used to fund its retiree health care obligations, while the U.S. and Canadian governments will receive a combined 10 percent stake.”

“Meanwhile, the automaker’s secured debtholders would get $2 billion in cash, or about 29 cents on the dollar, for their combined $6.9 billion in debt. Some of the debtholders balked at the deal, saying as secured lenders they deserved more. The Indiana funds involved in the Supreme Court appeal hold about $42.5 million of Chrysler’s $6.9 billion in secured debt…”

These are people, some of whom invested their life savings, their pensions, the money for their children’s future, in Chrysler, at a time when the investment was risky but when Chrysler needed the money to stay afloat. In exchange for a somewhat risky investment the investors were given status as “secured creditors.”  That basically means that they are given preferred status if the company were to go bankrupt.  In one fell swoop that legal status was stolen–STO-FUCKING-LEN–by the Obama Administration. With the Supreme Court acting as willing accomplice.  Continue reading

Creigh Deeds went to the same law school as John Doe

I never heard that during the campaign, but saw it in my alumni magazine last night. Something like, “Creigh Deeds (J.D. ’84) is running for Governor of Virginia.” He was a hand full of years ahead of me. 

Go Deacs!

Go Deacs!

Before you flaming liberals get concerned about that, no worries.  Wake Forest Law School was infested with flaming, frothing at the mouth liberals, even back then. It undoubtedly has gotten worse over the years, but it was bad enough back then. Ex-hippies as professors, little mind-numb robotic students who lapped up their every word without thinking.  Continue reading