Monday, May 04, 2009

Did Obama Violate the Constitution in His Chrysler bankruptcy Bid?

It seems he might have run afoul of the 5th Amendment and Thomas Lauria is going to take him to task on behalf of the hedge funds.

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.

The go on to site the case of Louisville Joint Stock Land Bank v. Radford, 295 U.S. 555, 594 (1935) in their bid against the Treasury. Also, we get another charge of death threats over not agreeing with Obama. It's AIG all over again where the White House bullies people out of contractual obligations through the use of "naming names."

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