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….
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…
MM is also following the story
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
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.
Victims of Changes: Rasmussen Poll: Americans hopin’ the change stops soon; Chrysler Debtholder Firms Threatened by WH
Victims of Changes: That’s my interpretation, maybe the Thug like tactics we saw in the primary and which reappeared in the attacks on Tea Party Protesters and threats to Chrysler bondholders like Perella Weinberg to take the deal or be destroyed by Teh One’s Media Handmaidens in the WH Press Corps. aren’t going over as well with the General Public as they did with the Democratic neo Progressive UberOBots….
Via Gateway Pundit by way of Instapundit:
The Rasmussen Reports daily Presidential Tracking Poll for Saturday shows that 33% of the nation's voters now Strongly Approve of the way that Barack Obama is performing his role as President. Thirty-two percent (32%) Strongly Disapprove giving Obama a Presidential Approval Index rating of +1.
Judas Priest can sum this up for us:
Courtesy of TWBalls:
Judas Priest Performing Victim of Changes. Recorded Dec. 12 1982 at Mid South Coliseum, Memphis, TN. on the Screaming for Vengeance Tour.
Video is from the DVD that is bundled in the Metalogy Box Set.
WH Bashes Chrysler Debtholders who refuse to take a bath as Bankruptcy Looms….
talk about laying it on thick, now they are hanging the bondholders out to dry at the WH:
WH Admin Official stmt:CNBC: On “holdout: lenders ie folks who would rather go to bankruptcy court and try to get some of their money back:
“Their failure to act in either their own economic interests or the national interest does not diminish the accomplishments made by Chrysler, Fiat and its stakeholders nor will it impede the new opportunity Chrysler now has to restructure and emerge stronger going forward…”
Wow, this Admin really can’t stand not getting its way Imagine the statement we will get when the GM bondholders refuse to take a bath while the UAW and Government walks away with control of the ‘new’ company…that bold line reminds me of how they bash us for going to Tea Parties and say we dont understand they gave us a tax cut, BWAAAAHAAA, we get it folks we really do and we do know our own economic interests and so do these hedge funds..and Team Obama aint it….
Fiat has been waiting for bankruptcy so it can buy up the Chrysler assets cheap..This is what Ch 11 is for..maybe Team Obama doesn;t realize that
Maybe the CAR CZAR RATtner should have actually made an effort for the bondholders…
Anyway IMO further evidence of immaturity and a lack of understanding of the American economic system and our bankruptcy courts.
Why the hexx would the hedge funds who gave Chrysler all this money walk away with nothing? Talke it to bankruptcy, that was the deal when they gave the money to them, that’s how it works when you play with the big boys..
See I think problem is Team Obama has NO leverage on the hedge funds at all. They dont control them like the banks they bullied into eating debt yesterday…heh…
And BTW thes ehedge funds are the very same people Team Obama needs to participate in PPIP, good luck with that the way they continuously bash them….
Moderate in the Middle 