Did Obama Threaten Chrysler’s Bondholders?
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That’s the accusation from an attorney representing Chrysler’s creditors, who by law come before any shareholders in a bankruptcy or restructuring of a company. Thomas Lauria said that the White House called the bondholders “vultures” for insisting on their rights as senior creditors and told them that the Obama administration would use “the full force of the White House Press Corps to destroy” his client’s reputation, if it didn’t cave in to highly unfavorable terms of the government’s proposed Chrysler restructuring plan. Because of the strongarm tactics, Lauria’s client dropped its opposition. If you weren’t sure before, it’s clear now that the WH press is in the tank for Obama, and he knows it.
Here’s the transcript of Lauria’s interview with radio station WJR. From the interview:
Lauria: Let me tell you it’s no fun standing on this side of the fence opposing the President of the United States. In fact, let me just say, people have asked me who I represent. That’s a moving target. I can tell you for sure that I represent one less investor today than I represented yesterday. One of my clients was directly threatened by the White House and in essence compelled to withdraw its opposition to the deal under the threat that the full force of the White House Press Corps would destroy its reputation if it continued to fight. That’s how hard it is to stand on this side of the fence.
Beckman: Was that Perella Weinberg?
Lauria: That was Perella Weinberg.
Anyone see a pattern? Financial institutions holding billions of Chrysler’s secured debt are being held hostage by the TARP loans they are not permitted to pay back. They are being forced to accept just pennies on the dollar for loans they made in good faith less than two years ago. Just like mob loan sharks, the administration wants them under its thumb so they can extort more and more concessions. Lauria says his clients are receiving DEATH THREATS now.
Guys, besides being anti-capitalist, it is ILLEGAL. It violates federal securities law. For the president of the United States to pull such a stunt is beyond outrageous. Obama is saying Lauria lied. Shocker.
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