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. 

It might be hard for some of you ignorant flaming liberals to

I AM the law

I AM the law

comprehend what has occurred. You might automatically side with the “little guys”, the autoworkers.  But this was not “little guys” vs. “rich guys”, this was little guys vs. other little guys. The people who lost money were pension funds comprised of the life savings of little guys. It was full of small investors. And Der Fuehrer Obama stole their money and gave it to the autoworkers as a great big Thank You for supporting his Presidential campaign. I am going to puke.

UPDATE: Excellant article in Detroit News written before the horrendous Supreme Court decision that agrees with me.

UPDATE II: Excellent article at American Spectator (h/t Novatownhall) that extols the virtue of boycotting GM and Chrysler.  Here, I’ll summarize for ya: Don’t let the dirty bastards get away with this.

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

  1. They folded when they allowed the gov’t to buy GM and Chrysler in the FIRST place.

  2. The Congress is to be blamed for that. I am not aware of any group that sued to prevent the sale, but if they did, and the Supremes ruled against them, then as usual I agree with you.

  3. That is what bankruptcy proceedings are all about in the first place. The whole point is that a company no longer has enough money to pay all of its creditors, so someone is going to get the shaft if they aren’t willing to make a deal.

    The problem is that those bond-holders had no interest whatsoever in whether Chrysler lived or died. Their particular investments are insured such that they get paid in full if the company collapses. Consequently, they were very much prepared to stonewall everyone and let the company fall completely to pieces. In which case *everyone* else would be ruined while they walked away with all they wanted. How would that have been fair? The UAW people (not that I am any fan of theirs in general) were at least making concessions in good faith.

    The whole thing just couldn’t drag out any longer or else there would have been no company left to save. The deal that Obama brokered was pragmatic and equally fair and unfair to most of the legions of parties involved. Given the basic point of bankruptcy proceedings in the first place, there really wasn’t any basis on which the court would have ruled against it. They looked at this as such an pointless exercise in ‘bankruptcy 101’ that I think they were annoyed at having been presented with the case in the first place.

  4. First, thanks for commenting! Second, sorry, that is THE LAW. Bankruptcy laws are established ahead of time. You can’t allow Obama to come in and change the law. We are a Country of laws, not men. If he can change the law willy nilly to suit his desires, even if it is for a “good cause”, then we cease to be a republican form of democracy and become a dictatorship.

    Of course the bond-holders had no interest in getting less money than they were LEGALLY entitled to get. Would you take $15,000 if you were LEGALLY entitled to get $100,000, but Obama was trying to jam $15,000 down your throat? Obama took money that belonged to them and gave it to the UAW. That is legalized theft. “Equally fair my ass”! He took money that was somebody else’s and gave it to the UAW. If it was so “fair” why didn’t he “give” away US tax dollars to pay off the UAW instead of using the money of private citizens.

    I’m having a hard time remaining patient here. This. Is. Theft.

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