Update: Ron Bloom to take over, Steve Rattner stepping down as Auto Czar…

Bloomberg has it up, they say Ron Bloom who I have seen described as a friend of labor but who isn’t at this point on the auto force?? How can GM make money negotiating against its own workers interests when it owns itself?

…Ron Bloom, who has worked with Rattner on the car company restructurings, will take over the leadership of the Obama administration’s auto task force, the statement said.
…Rattner “has decided to transition back to private life and his family in New York City,” Treasury Secretary Timothy Geithner said in a statement. “I hope that he takes another opportunity to bring his unique skills to government service in the future.”

Here is a take on Rattner and Bloom from the former chief of IBM…

…“Who did we pick to figure out how to fix the automobile industry? We picked two investment bankers,” Gerstner said in an interview with Bloomberg Television’s “Conversations with Judy Woodruff” airing today. “It’s sort of like asking the arsonist to run the fire department.”

In February, Obama named Steven Rattner, co-founder of private-equity firm Quadrangle Group LLC, as chief adviser on auto-industry issues, and Ron Bloom, a former vice president at investment bank Lazard Ltd., to advise his auto task force….

steven_rattner_graphic

Breaking on CNBC Chyron. The way Rattner allegedly treated Chrysler senior bondholders is truly abhorrent to our system of law. Hope this is not so they can promote him to destroying more contract law elsewhere in our economy…Karma is a two way street. He may be going off to spend more time in his mondomansion for all I know but what comes around goes around and he did a lot of damage to American business and contract law with his actions IMO…

Our MANY previous posts on the Chrysler travesty here

He is taking his giant cheese and going back to his giant rat trap perhaps…we hear the TOTUS family will be vacationing in MASS also…

zodiac-rat-pic

MM is also following the story

July 13, 2009. Tags: , , , , , , . Politics. Comments off.

SCOTUS allows Chrysler sale to Fiat: Rejects request to stop sale…

Update: CNBC

…The high court rejected a request from Indiana pension funds and other opponents of the sale to delay the deal while they challenge Chrysler’s sale to a group led by Fiat, a union-aligned trust and the U.S. and Canadian governments…

The Court did not have 4 Justices who felt the Indiana Pension funds had standing or claim to challenge the sale Phil LeBeau is reporting now..ergo the stay is lifted..Gee if only the Senior Secured Bondholders had COJONES and had filed, I am looking at you Perrella Weinberg….

…coming from Reuters via Larry Kudlow live on CNBC….

I know I play this one a lot, but it IS perfectly appropriate here….some say I always find AC/DC appropriate…well they are folks, they are…for every conceivable occasion or happening….

Courtesy of Longhorn2X

AC/DC, with the great Bon Scott, playing “Highway To Hell” live in Arnhem. 1979

June 9, 2009. Tags: , , , , , , , , , , , , . Finance, Music, Politics, Uncategorized, Wall St. 3 comments.

Government Motors: Chrysler- Does TOTUS stand on the side of the car dealerships or the mean executives closing them…

I mean just asking..since he made clear whose side he was on last time ’round..

A very unhappy Chrysler Dealership owner on L.I. was on CNBC this morning. Despite being in the top 2% of dealers in volume he was notified he is being shutdown, the guy up the block gets to stay open and they didn’t give this guy the chance to offer to merge/buy/sell with the dealer up the block. He called it unAmerican.

This is that dealer from CNBC:

ISLAND JEEP INCORPORATED DBA ISLAND JEEP-EAGLE 26272 J
1 EAST MONTAUK HIGHWAY
LINDENHURST, NY 11757-5833
JAMES T ANDERER

See TOTUS broke Constitutionally protected contract law to side with the workers not the speculators, except these workers..this is why the government needs to stay out of it. There are a lot of franchise laws in states and minority franchises may be perceived in some cases to get preferential treatment as Congress Critters meet with the over 100 Car Dealer lobbyists who are not going away.

The dealers have promised to sue in court to fight this. Where is TOTUS to call them unpatriotic?

Here is the PDF list of the Chrysler Dealerships being closed, we are waiting for a  list from GM..

They are in alphabetical order by dealer name not location so it will take a bit before we find out if there were geographical preferences given…the whole Southern state, Right to Work v Union state thing..we shall see….at first glance an awful lot of Florida dealers being closed…lot in NJ too…

WSJ:

..Chrysler LLC is seeking to drop 789 dealers from its retail network, according to documents filed Thursday with the U.S. Bankruptcy Court in Manhattan. The company has requested a June 3 court hearing to approve the planned streamlining, though some dealers said they would oppose being shut down. The dealer restructuring is being driven by Italian auto maker Fiat SpA, which plans to take an initial 20% stake in Chrysler when it emerges from bankruptcy protection.

Chrysler needs to pare its dealer network so that the company “can begin implementing efficiencies, marketing strategies, production plans and model changes” that will make it more profitable, the auto maker’s director of dealer operations, Peter M. Grady, said in a statement filed with the court.

..Chrysler studied the sales, locations, market shares, finances and facilities of each of its dealers to identify the strongest of its roughly 3,200 outlets, he said.

Some Chrysler dealers questioned the methodology used by the company and Fiat in their deliberations, and have vowed to battle the planned cuts. Leo Jerome, owner of Story Chrysler Jeep in Lansing, Mich., which is targeted for closure, said he has about $2 million in inventory and Chrysler informed him that the company won’t repurchase any of the cars or parts.

The auto maker said all of its dealer contracts allow the company to terminate its relationship for any reason with 30 days’ written notice.

Here is AZ:

BROTHER’S MOTORS INC DBA DIAMOND DODGE-CHRY-PLYM 68771 CDT
350 N SWITZER CANYON DR
FLAGSTAFF, AZ 86001
DARRYL R SACKS

DARNER MOTOR SALES INC DBA DARNER CHRYSLER JEEP 35058 CJ
837 WEST MAIN STREET
MESA, AZ 85201-7194
JOEL O DARNER II

JONES FORD-MERCURY, LLLP DBA JONES DODGE CHRYSLER JEEP 42779 DTCJ
781 W WICKENBURG WAY
WICKENBURG, AZ 85390
THOMAS G JONES

PERFORMANCE DODGE LLC DBA PERFORMANCE CHRY-JEEP-DODGE 44364 DTCJ
4240 W GLENDALE AVE
PHOENIX, AZ 85051-8190
WILLIAM R COULTER

May 14, 2009. Tags: , , , , , , . Economy, Obama Administration, Politics. 1 comment.

Diary of a Thug: The way Rattner rolls….

Courtesy of Instapundit by way of finem respice:

..That is, a bit of dialogue so genuinely awful that- were it not from a source I consider impeccable, and unimpeachable- I would not dare to credit at all. Unfortunately, I must do precisely this, and personally believe it to be totally, frightfully accurate. I take no pleasure in relaying it, instead hoping that someone more directly in the business of running such matters down and printing them will carefully document it and- if true- expose it, or- if not- discredit it quickly and finally. This (as yet unproven) yarn goes exactly like this:

Confronting the head of a non-TARP fund holding Chrysler debt and unwilling to release it for any sum less than that to which it was legally entitled without compelling cause, this country’s “Car Czar” berated the manager of said fund with an outburst of prose substantially resembling this:

Who the fuck do you think you’re dealing with? We’ll have the IRS audit your fund. Every one of your employees. Your investors. Then we will have the Securities and Exchange Commission rip through your books looking for anything and everything and nothing we find to destroy you with.

Faced with these sorts of threats, in this environment, with valued employees in the crosshairs and AIG a fresh, open wound upon the market, the fund folded….

Go read the whole thing, this has ginormous ramifications to our economy if someone does not take it to SCOTUS and fight it now….

Hit it Cher: Pirates, thugs and thieves….every night they come around, to steal the money we laid down……

May 7, 2009. Tags: , , , , , , , , . Big 3, Economy, Finance, Obama Administration, Politics, TARP, Taxes, Uncategorized. 1 comment.

Chrysler: Government Motors, the Prequel: Glenn Beck- Sweet Deal…

Glenn Beck explains what you’re getting from Chrysler rescue plan

Vodpod videos no longer available.

more about “Chrysler: Government Motors, the Preq…“, posted with vodpod

May 7, 2009. Tags: , , , , , , , , , , , , , , , , , , , , , , , , . Big 3, Economy, FDIC, Finance, Obama Administration, Politics, Popular Culture, TARP, Taxes, Uncategorized. Comments off.

Market Mover Wednesday: BofA needs 34b but shares rise anyway…

M’kay….

As a shareholder I am all WTF?!?!?

Feds say we need to raise 34Billion and the shares are UP? WTH?

Where are we going to get 34 b? the markets? HA! HA!!

The government is going to convert to common equity and DILUTE US ALL TO HELL! WTH WOULD SHARES RISE ON THAT?

Makes no sense whatsoever…

CNBC:

Bank of America’s need to close a $34 billion capital gap wasn’t as bad a scenario as some on Wall Street privately feared, (Well WTH did they fear if 34B wasnt bad? I thought we needed like 15 or 20b!) sending shares sharply higher.

The company’s stock initially sank on fears that the capital needs would be dilutive to shareholders.

But traders instead focused on the importance of getting clarity to the numbers and a pervading sense that BofA could use other means to raise capital that wouldn’t necessarily be dilutive to shareholders, market sources said. Shares gained more than 10 percent before the opening bell.

They should just say, “but traders who are in deep frakkin denial are glad it wasnt a trillion” for all the sense this market action makes….this while Judge Garcia orders the Chrysler debtholders names released by noon EST today despite death threats..hang in there baby fight for the free market system, for all of us…..

Like Frida said baby I know there’s something going on and it aint good

May 6, 2009. Tags: , , , , , , , , , , , , , . Big 3, Finance, Music, Obama Administration, Politics, Popular Culture, TARP, Taxes, Uncategorized, Wall St. 1 comment.

Repost By Request: Liesman like Nixon: Rick Santelli to Steve Liesman: “Don’t Open Your Mouth and Say Dumb Things” – mediabistro.com: TVNewser

(more…)

May 5, 2009. Tags: , , , , , , , , , , , . Economy, FDIC, Finance, Politics. 1 comment.

You Belong to Me: The Chrysler Files: Senior non-Tarp Lenders fight back, file motion citing Radford ruling…

Video Update with extended clip of the interview with Thomas Lauria in MI this weekend courtesy of MM who has it covered in detail at her place:

Clip courtesy of PaulFVillareal2:

(5.1.09) — This audio comes courtesy of The Frank Beckmann show on WJR 760 AM Detroit. Visit WJR here:
http://www.wjr.net/

And visit Beckmann’s personal page on the WJR site here:
http://www.wjr.net/Sectional.asp?id=6552

HA!!!!! HA!!!! Thank GAWD they are fighting back!!!!! Absolutely frakkin A right! The attorneys for the bondholders MUST WIN or American contract law is dead IMO and with it, the influx of capital to America that has always made us strong, would YOU lend your money to ANY American business if Team TOTUS can arbitrarily rule by FIAT going forward?, ha ha pardon the pun had to do it

Good song for this one is YOU BELONG TO ME, not to UAW or Uncle Sam to the Senior Bondholders!

Via HA, here is the pdf of the motion filed by Case & White (Thomas Lauria) on behalf of the Senior non TARP lenders of Chrysler who will FIGHT and NOT GO QUIETLY INTO THAT DARK NIGHT! A nice summary here under 17., of the easy peasy ruling this should be and the precedent:

17. Finally, that the Treasury Department would take these unconstitutional actions to help the United States address difficult economic times is not an answer. Indeed, the same justification was expressly rejected in Radford, where Justice Brandeis noted that a statute which violated secured creditors’ rights, but which was passed for sound public purposes relating to the Great Depression, could not be saved because “the Fifth Amendment commands that, however great the nation’s need, private property shall not be thus taken even for a wholly public use without just compensation.” Id. at 602.

May 4, 2009. Tags: , , , , , , , , , , , , , . Big 3, Economy, Finance, Music, Obama Administration, Politics, TARP, Uncategorized, Wall St. 1 comment.

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