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unhappy dem

"This seems to be an illegal bankruptcy being rushed through so the uaw can own the major share of the company, and who is in the uaw's back pocket?"

Dear fellow Dem,

The reality is the bankruptcy is legal and needed. Chrysler is a failed company now on its second bankruptcy. Although it employs thousands still, this is the only alliance that could be agreed on to save jobs. Frankly, no other company even wanted Chrysler. Its the UAW and Fiat or BUST!! I find no better partner than the UAW since the employees now have a say so to some degree in this new venture. Now we can move on to more important issues facing this country!

Yes, let's have it go down. You will see a great return, then, in your investements!

For those who think Obama is a highly intelligent man, which even though I did not vote for him, but have to support him because he did win, and I happen to love the USA. Do you think Obama and his advisors honesty think GM and Chrylser are going to make this huge comeback. No they are dead, but what causes panic in a populace, suddenly collapse of anything. By buying these companies all he is doing and allowing a gradual demise which the public will accept more than shutter the doors we are done. It will happen over the next few years, The simple fact is the cars are poor quality and people stopped buying them. While they are trying "redesign" everyone else is decades ahead.

Why don't all of the out of work UAW workers demand help from the mafia, now that they have all bankrupted the auto industry. They funded the mafia for decades so turn about is fair play....right???

Hopefully the stay will last long enough to force Chrysler into Chapter 11 Bankruptcy and not allow them chapter 7 ,thus saving the Tax payer Billions in further payments.

How it is staggering how clueless people are. The bondholders are not greedy wolves, they want what you would want if you were in their place. Simply put Chrysler / those pulling the string are running a scam. Read what is really happening people and not just the blogs. Chrysler is making a shell company and dumping all it positive assets into it and having Fiat invest some car designs into the company we will call the new Chrysler which will be owned by Fiat, UAW and us the taxpayers. What is left of the old Chrysler is all the bad assets and the secured bondholders get the scraps from that, when by law hence the word secured they should have top priority. What the best thing about this is it is being called a Republican attack and it was upheld by the currently and debated most liberal member of the high court. Even she said boy something stinks here and in a big way. Go read people past the blogs. And for those who say if Chrysler goes totally bye bye and the bondholder won't get anything, how saddly wrong you are. The company will be liquidated and the bondholder being first dibs not the unions and outsiders will get their money back.

typical that the Obama administration is trying to rush something else through with out complete review. I realize we need to fix things but come on use some common sense.

Bush left you with spit.......You sheep believe everything the right wing spin-sters tell you.....Neither Joe Scarborough nor anyone else is going to dig you out of your hole......Your philosophies are warped......Your loyalties are misplaced.....With US (Lefties) it's country first.....McCain said it......We mean it......

Hey court...Did you not hear Obama?

He said "So let it be written. So let it be done."

That should trump any man made "law".

Justice Ginsburg has just set precedent: Presidential fiat (no pun intended) is now more powerful than contract law. Oops – there goes another little bit of individual freedom.

To GOP says if your a Muslim – If you haven't served one day in the military, or as a matter of fact, one day in Afghanistan, then shut your mouth about finding Osama. He is no match anyway for this thing we have in office now. As a matter of fact, why don't you ask your boy Bill Clinton (A lot worse than Bush...either of them) why didn't he go after Osama. Oh wait, he was too busy having a cigar with Monica.

From the Petitioners' Brief:

"Critically, the Sale Motion is premised on a $2 billion cash payment, which arose from a liquidation valuation rather than a going-concern valuation, of the Collateral to be sold to New Chrysler. That is, while Chrysler is operating these assets now and will continue operating them as part of New Chrysler (where they were valued on a going concern basis at $20-30 billion), they valued those same assets on a liquidation basis at less than $2 billion for purposes of justifying only a partial payment to the First Lien Lenders. This unprecedented shift in valuation methodologies (which is not permitted by section 506(a) of the Bankruptcy Code) effectively diverted most of Chrysler’s value away from the secured and unsecured claims of the First Lien Lenders to the unsecured creditors selected by Treasury who will be receiving substantial value on their unsecured claims from New
Chrysler."

U.S. Under Stood. really? Under Stud is better. The Black Stallion.

No really just a Donkey. Punda. in Swahili,.

Remember all, what President Hussein wants, President Hussein gets.

Hurry! Rush it through just like we did TARP and the "stimulus" bill before the American people see what a sham it is. The senior debtholders are actually fighting for a basic right in U.S. commerce law if that means anything anymore. Once you start ignoring the Constitution willy-nilly, all sorts of unintended consequences follow.

What right does the Executive Branch (Obama) have to tell the Judiciary what it should or should not do?

I say let the Chrysler deal go through! Enough of this!

I just want to make sure that everyone is clear on a couple of facts. The people that lent money to Chrysler are getting less money than the UAW. Anyone care to give an answer as to how that can happen?

I never fails to amaze me how some here are so gulible to believe that it is all Obama's fault on what has happened to the country. Folks, it is your own fault. You are the ones that want cheap goods from China then cry when you have lead in your children's toys. Your choice to back a communist government. You cry about the car makers but those of you who have bonds voted against them because of your greed. Two weeks ago, everyone was up in arms about the swine flu, now it is on the back burner.

I will state that I agree with you. Since the President took office, life in the USA has ended as we know it. Before the 20th of January, life was perfect.

To typical republican,
In case you have failed to notice osama,oops I mean obama has spent more money on pork in his short stint as wall st toadie than bush did in his first term. Mind you that I think bush is a repugnant human being and a completely unqualified looser, but obama is no better. All politicians do as they are told thats why they got elected in the first place. As for doing nothing for those famalies in detroit, or anywhere else, that is exactly what he has done, nothing. Well except for foisting a tax burden on their childrens children and making america and americans look like moronic suck ups to the entire world, he really shouldn't have kissed the saudi kings ring, that was pathetic.

@ William Hoffman

And you know what everybody gets if the company simply implodes after completely bleeding out? NOTHING. You know who continues to work there and take home paychecks if that happens? NOBODY. The pennies-on-the-dollar whining gets you nowhere because the alternative was so clearly worse than what's happening now that it should be considered purposefully misleading to make the arguments you make. If the gov't hadn't stepped in, nobody would be going home with one red cent, so of course the creditor heirarchy changed...and equitably so.

That pension fund is owed $17M and will receive $12M under the deal, which as approved by a federal bankruptcy judge (leading to the appeal). Ginsburg issued the stay so nothing would happen before the SCOTUS could review the briefs and make a more informed and lasting decision. Most legal experts believe the stay is going to be lifted after review.

So it can just be liquidated, all the jobs can be lost, and the pension fund filing the suit (of which the disputed amount equals 1% of thier fund by the way) will get 10 cents a share as opposed to 27 cents per share....

Obama is not following contract law regarding Chrysler and GM. The car czar is forcing closing dealers to SIGN GAG ORDERS. The secured bond holders are placed behind the UAW to get repaid. This is against the constitution and Federal Law. Welcome to Fascism.

There is only one consideration to be made. How much is fiat going to pay the american taxpayers? All other points of view are moot. We are bleeding cash faster than obama can throw it away on rediculuos pork filled policies and there is no end in sight. The wall st banks are making a fortune with our money and throwing a smattering of change back in our faces and all the billions wasted on detroit is gone so again I ask whats in it for us?

Mr.Prez

The sumpreme court is not at your service!!!

It wont matter anyway in 2010 and 2012 the conservative movement is back from the dead..

case in point 2 nys dems switched parties ..nys in now going red!!

YES!!!!!!!!!

Oh, I get it... "we act now or the sky will fall!!"

Sorry, we bought that line on TARP, Bailout-Palooza and the Spendulous Package. No mas.

Charlie Brown is unwilling to kick your football again.

YES YES YES!

Get out of the way – Ginsburg! Obama deemed this worthy therefore all heaven and earth should follow his direction. It doesn't matter if we sacrifice $50 Billion or $100 Billion... there are faaaaamilies involved.

Granted – we could give every auto-worker $5 milion EACH and still come out cheaper than this government power-grab... but Obama wants it... so we must make it happen!!

To all those who think Fiat is buying anything are dead wrong.

The govt is PAYING Fiat to be part of the new company being set up that replaces Chrysler.

Dang it people learn the facts behind this 'so called' bankruptcy!!!!

Let them go bankrupt LEGALLY the way ALL companies go bankrupt.

Its not the end of the world to FOLLOW THE LAW.

To force a bankruptcy that ignores the secured lending laws boarders on felony criminal behavior.

I have no doubt the white house does not want the Suprime Court of the Untied States looking at this.
The court has NEVER taken kindly to the other CO EQUAL branches sticking their noses into their bushiness.

Why worry, Obama will just thrown another trillion the U.S. doesn't have at this problem if Fiat doesn't buy Chrysler. Better yet, sell to China, they own the U.S. now anyway.

Application of the law to everyone equally separates the US from the rest of the world. It is the right of every American to appeal to the highest cort in the land to seek justice under the law of the land. no hidden deals, no secret meetings.

What everyone is failing to notice is that since this ecomonic crisis the basis of law has been erroded away. (Contracted bonuses, Banking laws, bankruptcy laws) If we do not follow our own laws what will the rest of the world think and will they want to do business with us?

I think not. And that is what the real nightmare is.

They bought the bonds at 43-cents, so what is the investment firms' problem? Managerial incompetence. They thought they were buying a "deal"–but they weren't that bright. Would there be a lawsuit if they had bought the bonds at 15-cents? So, should they then be required to pay an additional amount (14-cents? or 71-cents? Don't others also have the right to be "made whole"? Or not?)? They want to be "made whole" on their investment–so let them pay for the losses others have realized on their profitable holdings (to make others "whole"–just as they desire).

f you buy bonds in a company and it goes into bankruptcy there are RULES AND LAWS that apply and have to be followed.

You can not just make it up as you go.

You have a BOND with that company and CONTRACT that must be observed. The FINE PRINT that can not simply be ALTERED at the whim of a politician ANY POLITICIAN.

Bankruptcy has RULES that are followed and are backed up by LAWS.

It could put the whole confidence of contracts into doubt.
THAT'S WHY CONTRACT LAW IS PART OF THE CONSTITUTION

for all those who cite the Bush administration for justification for this administration You don't excuse bad behavior by citing previous bad behavior)

wouldn't chrysler lose more money as well as the investors if the company liquidates its assests? it be better for another company to buy them out then to lose more money through liquidation.

STOP the OBAMA TRAIN of

Constitutional Corruption;
Government Intervention;
Usurpation of Bankruptcy Laws and others;
Treasury Dept. Seizure of Re-paid Bail Out Money;
Executive Appointments of Unconfirmed "Czars;
Increasing the Size of Federal Gov't Payroll by 35%;
Re-Distribution of Wealth thru Distribution of Tax Money Collected to Social Groups ;
Government Run Health Care Reform;
Acknowledgement of Islam as a Global Political Force;
Denial of USA Judeo-Christian Historical References.

STOP the OBAMA TRAIN of

Constitutional Corruption;
Government Intervention;
Usurpation of Bankruptcy Laws and others;
Treasury Dept. Seizure of Re-paid Bail Out Money;
Executive Appointments of Unconfirmed "Czars;
Increasing the Size of Federal Gov't Payroll by 35%;
Re-Distribution of Wealth thru Distribution of Tax Money Collected to Social Groups ;
Government Run Health Care Reform;
Acknowledgement of Islam as a Global Political Force;
Denial of USA Judeo-Christian Historical References.

No, No, No!

They are in trouble. Let all the employees be laid off and let their families starve. Hopefully they die. As a republican I object to anything that could help these people. We are a nation that should be proud to screw over the majority of our citizens. We need a government that does nothing, except complain! Please don't elect democrats next election, they work and get things done for the people. We don't want those kind of people in government. We need people that torture, start illegal wars and can't win the wars once they start them. We need people like Bush and Cheney back in office so we can fail at EVERYTHING!

No, No, No!

Where were you when Bush was using the constitution for toilet paper? How is Obama destroying the constitution (I'm admitting that I am an Obama supporter so any anti-Obama posters don't have to bother with the usual "socialist drivel")? I feel much better about the direction of our country in the first several months of Obama's administration than I did in the last eight years of Bush's. What's wrong with Chrysler being bought by Fiat? Oh, that's right, American made cars. The area people are overlooking is that jobs might be saved and/or even created. I, personally, believe that the auto industry should eliminate certain brands of cars i.e. Hummer, Range Rover and so forth. The auto industry should focus on vehicles that are fuel efficient. Here's another idea: take the plants that were shut down, referbish them, and use them to make these fuel efficient vehicles or use them to manufacture in other areas like Airplanes.

Justice Ginsburg, get OUT of the business of legislating deals. If this continues no one will win, especially the fortunate few Chrysler employees who remain. Is it worth it for Chrysler to go down entirely or just a small bit to satisfy some greedy investors?

I am glad they put a halt to this, I am also concerned more people have not been outraged by how this Administration is taking over every aspect of our lives, totally ignoring the Constitution!!
Why is Chrysler being forced to sell to a company in Italy? I thought Mr. Obama said he would make it difficult on companies who did move their business to other countries.
Is this why Mr. Obama is naming all these Czars? They get no oversight from either the Judicial or Legislative Branches of our country!!!!
What happened to all his "Transparency"? What a joke.

Oh yeah, when everything starts going down the tubes don't blame it on Pres. Bush, look back and see who caused the mortgage crisis. And after Pelosi took over as Speaker we started this downhill slide.
Someone needs to drug test that whacko!!!

GOP says If your a muslim your a terrorist. The End! June 9th, 2009 5:11 pm ET

Everyone loves mentioning the constitution on here, and yet you ignored it for the last eight years.
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In a word, baloney. There has not been to date a president who has ridden roughshod over everything and everyone in his path as has this one. Nor has there been a power grab from that office quite so rapid and blatant. This is a good move on the part of SCOTUS; it at least means that someone is going to look at whether or not it deserves further review and ruling.

Libs, get a job and an education. Govt. won't save you from your laziness.

Obama isn't a King. I know he thinks the US should apologize for everything...even for the US constitution. What a joke of a president. "Change you can believe in" . I didn't know Obama mean Democracy! O-Fraud!

The Supreme Court shouldn't get Obama mad at them.

The country is being stolen away while most Americans don't follow what's going on, believe their left leaning news, or believe anything their demigod Obama says. Look at the details of the Chrysler and GM deal, the union get roughly 85% on the dollar for what they are owed, the government approximately 75% percent, and the secured creditors (i.e. many of ordinary American's pensions) get 29%. Under contract law, secured creditors are first. If this goes through as is, they've turned contract law into the wild west. No business deal, employment contract, or government obligation would be safe. And foreign investment will come to a trickle. Oh yeah, one other thing, after bankruptcy there's no guarantee these companies will succeed. They'll be owned by the unions after all!

The deal needs to be more equitable to the pension fund investors.

Bondholders are creditors, not stockholders. The greater issue is the bond/stock market. If we cannot rely on the government to protect the interests of its citizens, then there is a reduced amount of confidence in the market. Loss of confidence in the market will result in lower stock prices and increased unemployment.

Chrysler got itself into this mess. Chrysler needs to file bankruptcy under the same rules and regulations that everybody else (mom/pop shops, etc....).

Besides, these are pension funds, not fat cat, rich investors who brought the lawsuit.

Its pathetic that people will argue a situation before learning facts.

“If once the people become inattentive to the public affairs, you and I, and Congress and Assemblies, Judges and Governors, shall all become wolves. It seems to be the law of our general nature, in spite of individual exceptions.” – Thomas Jefferson

Justice Ginsburg, atta girl! I never thought I'd see a left leaning judge go against the wishes of Obama. Good for you! Maybe even the left leaning side of the bench is getting tired of Barry and his shenanigans.

The latest Rasmussen Reports that 45% now trust the GOP more to handle economic issues, while 39% trust Democrats more.

Everyone loves mentioning the constitution on here, and yet you ignored it for the last eight years.

Let the adults run the country from now on, go do ome hunting with Cheney and Palin. We had a taste of how Republicans run the country, and you guys blew it big time.

PS: did you guys find bin Laden yet?

Obama shook his fist and threatened the "speculators" who dared oppose his illegal plan, which would favor the union slime over the secured bondholders. Thank goodness the Indiana public pension funds stood up to be counted. The bondholders should get 100 cents on the dollar before the UAW gofers get dollar one. Thank goodness for the Supreme Court, which it is hoped will enforce the law. What happened to the United States Court of Appeals for the Second Circuit, which should have ruled against the Obama plan last week but instead took a dive.

This is so sad. The liberals cooked up this deal to sell Chrysler to Fiat, give a good chunk to the useless UAW, force small business owners out of business and possibly into banktuptcy and now another liberal is putting the brakes on the whole deal. We are doomed with this worthless Prez and his henchmen running the country! God help us!

Any business deal that is needed to be transacted this quickly means that something doesn't smell right, and should be a warning in and of itself.

Since when did the White House become a corporate power broker?

US == Obama administration??

I'm not worth anything either, anyone want to sell me? Obama will pay you billions!!

Fiat will effectively be getting 20 billion for free. Or like their CEO said yesterday.., we will NOT walk away from this deal!

ie.., Obama wants the Supreme Court to ignore the Constitution.

The court should turn this over. TARP is funded by law and that law is specific in its use (no auto co's). Also, contract law states that the secured debt holders own all those assets. It is not up to the treasury dept to decide who owns it. Its the law. If congress or the white house want the law to be different then they need to pass new laws or revise the old ones. There is a reason we have a process to create and pass laws in the first place. To circumvent that is in direct violation of our constitution and it opens the door for any president or congress to do as they please outside of the law so long as the other one doesn't complain.

What major investment losses?? They stand to lose 5 million dollars according to all reports. Sorry 5 million isn't worth losing hundreds of thousands of jobs! It's simply a case of outright greed!! Two levels of the American Justice system have already declared the deal legal!! Every other stake holder, every single one, has already made concessions on a huge scale, and these "people" are holding out for 14 cents on the dollar. Pathetic GREED!! It's sad!

Yes Obama must be allowed to sell out America to his foreign supporters. Yes We Can.

Obama just can't wait for the gov to take controll of Chrysler and everything else in this country.

I feel for the loosers of chrysler, if the court lifts the stay . but why didn't the court do something about ENRON like take every dime worth of anything that exeutives had when ENRON went down . it was criminal what happened to millions of people. and I was one of them . so we all survived . and it took along time to recover from the loss . so for chrysler . they need to move forward with the bankruptcy ..so Judges let it go .

ITS THE GOOD OF THE MANY THAT OUT WEIGHTS THAT OF THE FEW

This quote deserves a response even though it's the wrong commentary section: "There are a HUGE number of voters just waiting for the republicans to make a stand for American values, put politics on the back burner and vote for whats right."

That would be ALL of us. As soon as they drop the charade of being the only ones who behave in a fiscally conservative fashion (hint: they haven't and don't), give up on their trickle-down voodoo tax-cuts-fix-everything-and-the-economy-fizes-itself lie and let go of the wedge-issue-driven social conservatism they use to try to divide up the voting market, basically claiming that, e.g., they'll get the Constitution changed to overturn Roe or prevent gay marriage, we'll know they're once again ready to be a serious, rational, responsible party who is done fooling around trying to establish a permanent stranglehold over the country and act in the best interests of its citizenry...ALL of its citizenry. Despite being a "crazy liberal," I'd welcome that...as fun as it is to watch their antics lately, you'd have to be dearf, dumb and blind to not realize it's damaging to our society to have so many in power behaving so poorly.

What will these investors gain if Chrysler liquidates? Certainly not more money on their investments. If the company becomes profitable after bankruptcy, wouldn't that be a better solution than to lose everything through liquidation.

For God's sake! Why in the world is Ginsburg worrying about other than saving this company so that American workers have jobs? I am sooo sick of all the consideration being for the fat cat rich guys while American Workers are losing their jobs right and left! If this sale to Fiat makes work for Americans... that should be the first priority!

Treat the secured bond holders fairly. Follow the law in other words. These people were not holding stock.

You can't make up the rules as you go along. Gingsburg is right.

(I'm not a Chrysler or GM bond holder.)

President Obama needs to quit trying to win support from the UAW for his next election and butt out of the bankruptcy process for Chrysler and GM. Stop trying to screw over the bondholders for the sake of UAW. Let the bankruptcy proceed under the current set of laws.

What's with these people suing ? Chrysler goes with Fiat and at least the bond holders get something. If the sale it stopped, Chrysler liquidates, and they get nothing. Looks like another Republican lawyer trying to screw up President Obama's attempt to get the USA back on it's feet. Are these lawyers from the same law firm that represents Bad Loser Coleman in Minnesota ?

This shows that the Obama Adminstration does not care for the investors/voters who invested in Chrysler. Remember come election day. Obama and is family enjoy these four years.

Bring back Lee Iacocca, he had Chrysler purring like a kitten.... He done the same way back when Ford was on the brink of Bankruptcy...

So what do they have to liquidate,

I think neither the President or the Supreme Court should be involved – Chrysler is where it is because of Chrysler – and the investors are where they are because they invested in Chrysler –

Can the Supreme Court and the President get the cost of cattle feed down and the prices up? How come I can't get any help?

This whole business is a joke – what is this country coming to?

This seems to be an illegal bankruptcy being rushed through so the uaw can own the major share of the company, and who is in the uaw's back pocket?:

Good! It's high time that this administration learns it can't violate the Constitution just for its own personal gain.

Great for the supreme court it's about time they stop Obama from destroying the constitution.