Madman Across The Table

They told me that if I voted for McCain we'd have an unpredictable madman in the White House who would do anything to get his way.  And they are still telling me that!

One participant in [the Chrylser negotiations] said that the administration's tactic was to present what one described as a  "madman theory of the presidency" in which the President is someone to be feared because he was willing to do anything to get his way. The person said this threat was taken very seriously by his firm.

C'mon, Obama is the only guy standing between them and the pitchforks.

Business Insider has more.  I especially like their airing of the non-denial denial from Perella Weinberg that they were waterboarded coerced by Team Obama.  This is also good:

It boggles the mind to see progressives deciding that because the White House and a corporation deny a charge, that the charge must be false. Imagine, for instance, these folks accepting a version of events simply because it had been put forth by the Bush White House and Halliburton. But this is exactly what Think Progress and Media Matters are doing. It's as if their cognitive critical apparatus had simply stopped functioning sometime in January.

Why is the White House denying the obvious - they took a hard line with the Chrysler creditors and threatened to bully them from the bully pulpit, which is just what Obama did when he announced the Chrysler bankruptcy? 

So why lie now?  It is not as if the poll numbers for hedge fund operators are looking up; this is a popularity contest, or shouting contest, that Obama will win easily.

A possible explanation - the original accusation was that "the full force of the White House Press Corps would destroy" the reputations of the holdouts.  It is not a secret that most of the press will credulously report anything Obama utters, but maybe the White House is a bit embarrassed to be caught trumpeting their awareness of, and willingness to exploit, that fact.

Comments

[cboldt]

-- It's as if their cognitive critical apparatus had simply stopped functioning sometime in January. --

Obviously, that's false. Their cognitive critical apparatus has been exhibiting malfunction for at least a decade. All that's shifted is the location of the targets of attention.

[Danube of Thought]

It was pretty clear to me watching Mr. Lauria yesterday that when he made the original charge, he was speaking with the authorization of his client. Once his client, with whom he has an ongoing relationship in other matters, changed its mind he had a duty not to contradict them.

[bad]

The White House has issued a blanket denial. The stakes got far higher yesterday when the spokesman for the White House issued a complete denial, calling Lauria's story "completely untrue." This puts the credibility of the president on the line in a dramatic way. If any part of Lauria's story holds up, Obama's reputation for honesty will be tarnished.

WRONG WRONG WRONG

The blanket denier was nasty, smarmy Bill Burton who hasn't been in front of a camera except by accident since before the November election.

They'll just throw his arse under the bus and 95% of America will buy it because he's such a snake.

[BumperStickerist]

This is one of those quandry things I've read about -

For the phrase "The Full Force of the White House Press Corps" to be a threat, it implies that the White House Press Corps has force - which the current situation does not seem to justify.

I mean, does Obama envisage? A Julius Caeser Moment?

Cry Havoc! And let slip the ... uh, Dana Milbank, uh, Chris Cilizza, and, uh, the rest of them

-0

[Pofarmer]

Obama's reputation for honesty will be tarnished.

LOL.

I wonder how in the world he got THAT????

[Michelle Robbins]

McCain in office would have been the sure death of America as we know it...thank gawd for Obama existing. There may be ups and downs but the UPs have been very, very encouraging in this new administration and he seems on track to be an historic president remembered for the ages.

He seems to be in a similar situation as Thatcher was when she 1st became prime minister.

Michelle,
http://questrade-coupon.blogspot.com

[clarice]

Dear Michelle,
A very nice British gentleman named PUK will contact you shortly with an outstanding business proposition. It's not the sort of thing SCAM Corp. offers to just anyone. Only people demonstrating the kind of sharp eyed vision that you do qualify.

[matt]

The ups; Chrysler & GM being destroyed, the banking system in tatters, our allies insulted, our enemies comforted, our intelligence service in disarray, our currency losing its value, China refusing to buy our debt....the unions in control

yep, just like Thatcher, except this is all Obama's doing...no, more like Harold Wilson

[Cecil Turner]

He seems to be in a similar situation as Thatcher was when she 1st became prime minister.

You mean he plans to cut spending (except for an initial military/police reinvestment), deregulate the banking system, lower taxes, reform labor unions, and generally fight socialist trends? Er, maybe not quite so similar . . .

[ben]

"There may be ups and downs but the UPs have been very, very encouraging in this new administration and he seems on track to be an historic president remembered for the ages."

Hello calling Kraft Foods...here is your poster Kool-Aid girl..

[Joan]

Did you all see the video of the press corp sitting on their rears as Bush walked in, and then another one of them actually jumping to their feet when Obama came to visit them?

Nauseating display.

God help us. I'm always saying that, but He really needs to.

[cboldt]

That Perella Weinberg Partners statements reads like "We took the threat seriously." Lauria is seeking leave to file an affidavit under seal. I doubt the threats are limited to "we'll use the press to slam you." I suspect the threats involved regulatory harassment.

[bad]

he seems on track to be an historic president remembered for the ages.

Oh HELLZ yeah!!! Just not quite the way he wants to be remembered through the ages......

[matt]

there used to be an apt description of Obama's tactic that is unprintable, but the first word was "crazy".

[Charlie (Colorado)]

This isn't a madman theory of the presidency; this is this is el Presidente saying "soy el Caudillo."

[clarice]

Is that condimento (Soy al Caudillo) available by the quarto?

[tonynoboloney]

This is a dangerous course for the Obama administration. Taking an advesorial tact against American business,insulting, punishing and throwing those who oppose you under the bus cannot possibly be a winning strategy. According to the laws of nature that which goes up will come down. It will be a hard fall for Obama and his minions, my only hope is that he does not take the country with him.

I have great faith that America as a whole is much greater than its parts. The part that Obama holds is a slippery slope and I doubt that he will avoid skinning his knees on his decent.

[Mickey]

It is amazing what this President gets away with, as he does whatever he wants to with a big smile on his face in the light of day. Sooner or later I have to think people will catch on he is fundamentally changing this country for the worse. It is very hard to argue with the success of America over the last couple of centuries, yet we are turning our back on the foundations of that success because we want to follow someone who has a twisted agenda. We truly will only be as good as the intelligence of our people overall, and it appears we are doomed.

[Mike Huggins]

McCain in office would have been the sure death of America as we know it...thank gawd for Obama existing.

Wherever our Dear Leader takes us we will surely follow! Our Dear Leader is our Salvation, our Hope, our Joy! Ever forward, Up, Up with Our Dear Leader!! One Country, one People, one Dear Leader!!!
...He's going to change us, rearrange us, Our Dear Leader will change the World!

[MTF]

Having had some experience in DIP financing and creditor committees in bankruptcy cases, I’m watching this whole process with some amusement. The government lost an opportunity to organize these creditors each time it made it’s previous loans, since at any time they could have asked the senior lenders to surrender their position in favor of the new (government) money. That’s what a bank would have done, but the government is political and assumed political pressure would win out over creditor position in the end, in any inter-creditor battle.

Creditors rights are based on very heavily litigated law, as you might imagine. The presence of the government as an unsecured creditor is going to be a new twist (and interesting), but it may well have little impact on the process (contrary to the expectations of the administration). President Obama’s angry comments about uncooperative senior lenders seems to reveal an assumption formed more out of bias than fact, ie, that the fact that it’s the government who is the creditor here will mean they should, can and will prevail by sovereign right in inter-creditor disputes, while long-established legal precedent would ordinarily and automatically emphasize that it is the “unsecured” nature of their loans that the court will be forced to consider. If the President is right and the government is granted consideration by the court beyond their position in the capital structure, that would be a revolutionary event, and not a good one either.

These loans were a bad idea at the beginning (viewed purely as a financial exercise) and now if Obama tries to intimidate the court as he has the creditors prior to entering protection, he has the potential of really upsetting centuries of established law to no real benefit of anyone other than to establish his personal primacy over law. Buckle your seat belts is my advice– it could get weird from here on.

[Blue]

Mentioned in dispatches -

A higher-up at one of the bad banks notes that neither he nor the not-so-high ups have a clue how much money they're making these days thanks to the attack on bonuses. The govt., he says, is either coercing bank decisions or slowing decision making to a crawl. People at all levels know the rules have changed but don't exactly know what the new rules are. Consideration of issues large and small is freguently punctuated by laughter and the phrase du jour, "...good enough for government work."

[Appalled]

Charlie:

I think "soy del Chicago" would do as well.

A certain amount of hardball is to be expected in a negotiation. To the extent, though, Obama threatended adverse regulatory action, he approaches a Nixonian abuse of power. To the extent he promised to speak badly of them -- it's his right. To the extent he threatened the bondholders with the press -- well, I haven't seen the press digging into the pasts of these bondholders, or anything approaching the AIG shenanigans. In other words, that was a failed threat.

[Pofarmer]

There may be ups and downs but the UPs have been very, very encouraging

Do tell, I'd love to hear some about that. What would you consider to be the "ups"?

[PeterUK]

"He seems to be in a similar situation as Thatcher was when she 1st became prime minister."

He wears a frock? The difference is Thatcher had a pair of balls,Michelle wears Obama's for earrings.

[centralcal]

LMAO! PUK, you never disappoint!

[clarice]

He certainly never does, CC.

[Charlie (Colorado)]

Is that condimento (Soy al Caudillo) available by the quarto?

Folio only.

[PeterUK]

Matt,
Sadly,the comparison isn't with Harold Wilson but with his successor "Sunny" Jim Callaghan.The "Winter of Discontent" looks as if it will be early in your country.Sunny Jim had one principle,"Find out what the unions want and give it them".For his generosity the shafted him and the country right royally issuing in the Thatcher government in 1979.

It is worth noting that NuLabor tried all the smear and strongarm tactics,with some success in the beginning,but now the damn has broken,the miserable rump of socialism is languishing in the gutter.

[Old Lurker]

Thanks MTF. Please hang around.

[Charlie (Colorado)]

What did Obama promise Cerberus?

The fund, not the mythological beast.

[Terrye]

I think Obama is starting to believe his own propaganda.

I don't know if this will be popular either. The American people might not be crazy about Wall Street, but they are not crazy about Washington either. The truth is they would rather Obama just let them go under, not bully them or nationalize them or spend tax payer dollars trying to have his way with them.

[He's a cowardly bully]

When push comes to shove, will Obama stand with anyone. I doubt it.

[Danube of Thought]

We've been waiting for you for a long time, MTF--don't leave us now.

Here's my question: Is it possible under existing law for the majority secured creditors to force their deal through over the objections of the minority, inasmuch as they have more than 2/3 of the secured credit? We eagerly await some education here...

[Danube of Thought]

"I suspect the threats involved regulatory harassment."

Not to mention Nixon's old standby, the IRS.

[Old Lurker]

Wouldn't you love to have those threats on tpe, particularly the IRS. Somes things do penetrate the muddle, and siccing the IRS on opponents is one of them.

Terrye, you think Obama is BEGINNING to believe his PR??? I thinks that's been the case since he was patted on the head by his first handler, lo those many years ago.

[Old Lurker]

...tape...think.

Preview is your fried!

[Old Lurker]

:-)

[glasater]

Kudlow on his PM show is having a cow over the Chrysler holdouts being threatened. And is throwing Steve Friedman in for good measure.

[Tina]

Kudlow had a good segment on this at the start of his show tonight. Words like "thuggish" "scandal" were thrown out there. Statements like: We are a business channel and if we don't cover this, shame on us (paraphrase of the comment).

The question is, will Kudlow and company actually have the spine to follow-up on this even though upper management has pretty much put the duck tape on everyone's mouth who speaks against the One?

[Ignatz]

Kudlow's show is getting harder to watch.
Used to be three or four good sound money men with an occasional liberal non-idiot like Bernstein or Goulsbie.

Apparently GE management is forcing lame brain political reports from Harwood etc and equal time for retards from American Progress and TNR.

[JM Hanes]

Hi cboldt!

"I suspect the threats involved regulatory harassment."

Ditto that, along with any other sort of harassment that could be bandied about. The whole "White House Press Corps" is a tad bizarre, but who knows precisely who characterized the threat that way? I have no doubt that the President and his White House see the press as a weapon, and that Obama believes devoutly in his power to mold public opinion into pitchforks.

I also expect that with Perella Weinberg's "advisory" role elsewhere at stake, they would be extremely cautious about getting too specific and about highlighting a potentially serious conflict of interest. When it comes to confronting the Administration, there's a safety in numbers tipping point here somewhere. Lauria's got a toe in the water. Let's hope there are still a few ambitious investigative reporters out there who can help up the ante.

Last night, new commenter Melinda Romanoff posted a link to a blogger item that rings a lot truer than most of the wishy washy stuff we've been seeing. It's completely unsourced though, and there's no way to tell if it's just one of those too-good-to-check stories or a fabrication or something more. I don't know a thing about the blogger either, so I'm just throwing it out there in case similar stuff starts cropping up.

[PeterUK]

All this will get out.It always does.Too many people under the bus,too many slighted.As the Imperial Turnip ego grows so will the number of his enemies.
Time would be better spent taking down his Praetorian Guard,one by one.The same system that is used on drug barons,strip away their protection.

[glasater]

In other words, that was a failed threat

Not true Appalled.

Lauria has stated that some of his clients have received death threats.
Judge Gonzales has refused to place those names under seal.

[JM Hanes]

Romanoff link

[GMax]

Seen this yet? Man is this guy going to get a personalized tax rate!

AQR Capital founder Clifford S. Asness is "aghast" at President Barack Obama's comments criticizing the hedge funds that are battling the government's proposed reorganization of Chrysler. He calls the comments "backwards" and "libelous."

The $20 billion Greenwich hedge fund group isn't involved in the Chrysler situation, but in a two-and-a-half page letter sent Sunday night, Asness throws support behind the dissident hedge funds that are calling themselves Chrysler's non-TARP creditors.

Asness of AQR Capital (who says he is speaking for himself and not his company) says the hedge funds are acting as they should act. "It is the job and obligation of all investment managers, including hedge fund managers, to get their clients the most return they can. They are allowed to be charitable with their own money--and many are spectacularly so--but if they give away their clients' money to share in the "sacrifice," they are stealing," he says in the letter.

Obama's plan, Asness contends, is essentially taking money from bondholders and transferring it to the United Auto Workers. Under the sale plan for Chrysler, a UAW health-care trust will receive a 55% stake in the bankrupt automaker (though no voting role on the board), while Italy's Fiat ( FIA - news - people ) will take control with a 20% stake. Labor unions supported Obama. "Shaking down lenders for the benefit of political donors is recycled corruption and abuse of power," he says.

Hedge funds haven't received a bailout, Asness notes, and haven't asked for one. "The hedge funds were singled out only because they are unpopular, not because they behaved any differently from any other ethical manager of other people's money."

Asness ends the letter by acknowledging the personal risks he takes by speaking out. "I am ready for my 'personalized' tax rate now."

We need a few million more to stand up and be counted.

[JM Hanes]

OK. One last time, or check page 8 of the "What Would An Activist Do" thread. Romanoff link LUN

[PeterUK]

"Lauria has stated that some of his clients have received death threats."

Well they aren't dead yet so so far a failed threat.
When did political assassination as a legitimate negotiating tool gain acceptance in the liberal mind?

[Ignatz]

-Here's my question: Is it possible under existing law for the majority secured creditors to force their deal through over the objections of the minority, inasmuch as they have more than 2/3 of the secured credit? We eagerly await some education here...-

DOT,
Here's a pretty good link on BK.
Confirms what little I know of BK.
Only the debtor in possession can make a plan for the first 120 days. Said plan is voted on by all parties. However the plan is subject to requirements, the most important for our purposes being the identification of the creditors and their class and priority.
I'm not sure how much discretion a BK judge is given. Hope MTF can help.

[verner]

Time would be better spent taking down his Praetorian Guard,one by one.The same system that is used on drug barons,strip away their protection.

Agreed PUK, because we've only had 100 days, and we're already seeing frightening signs of Robert Mugabeism.

[Rick Ballard]

Tina,

Which of the Wall Street "Masters of the Annelid Universe" would you suggest is capable of renting a backbone and sitting with Kudlow? Hedge Hogs and Investment Thieves Bankers are carrying so heavy a stench at the moment that there is little reason for Ogabe to think that siccing his press bootlickers on them is even necessary.

I could come up with a few names from mutual funds that aren't carrying the stink of thievery and cowardice but they aren't from Wall Street and I'm not sure what benefit their customers would derive from their appearance.

We're seeing Wall Street give up the pitiful remains of its reputation more quickly than did Agnelli as he bent to kiss Il Duce's ring. Almost all are shivering under their desks, hoping to be chosen last.

[Rick Ballard]

Priveew still ain't no friend.

[PeterUK]

Verner,
Actually,the Democrats tried the same tactic on George Bush.That was what the Plame farrago was all about.

[bad]

MELinda Romanoff...

Mel into roamin,' OFF

Am I nuts? but I haven't been able to stop thinkin' about since it was posted....

[pagar]

In other words, that was a failed threat.

Sounds like the judge that refuses to issue a restraining order to an abused spouse until the death threat from the abuser is carried out. IMO.

[Appalled, I say, appalled.]

Failed threat? So it's OK? I'm appalled.

[JM Hanes]

Have they ever been seen together, bad? And where did Mel disappear to anyway?

[Melancholy Me.]

He was too good, JMH.

[JM Hanes]

So we're just hearing new strains of an old familiar melody?

[Pofarmer]

Isn't one of the Alinsky tactics to use your opponents rules to strangle them? BO know has the added advantage of, at least thinking, he can make those rules up as he goes along, at least the ones he can push through. Look, we all know that Barack Hussein doesn't care about transparency or financial regulations. His non disclosure of all Scholarly information, plus his campaign finance performance, plus his selection of Cabinet appointees affirms this. Illegal is what Barack Hussein doesn't like. Illegal will be whatever Barack Hussein and the IRS says it is. Everything Barack Hussein and country do is entirely legal. Get used to it.

[Jane]

The presence of the government as an unsecured creditor is going to be a new twist

MTF,

Since secured creditors have complete advantage over unsecured creditors, what would stop a company for simply cutting out the government (and the unions) completely assuming the assets don't extend beyond the interest of the secured creditors?

DOT I recall reading that a 2/3's vote of secured creditor can overcome the other third's wishes, but I have no idea if that is correct.

[bad]

I don't know, JMH. I really miss him.

Sweet dreams Mel.

[JM Hanes]

"Illegal will be whatever Barack Hussein and the IRS Tim Geithner says it is."

FIFY.

[boris]

Strike Out!

[PD]

off?

[DrJ]

what would stop a company for simply cutting out the government (and the unions) completely

They need the money for DIP and subsequent financing. At least Chrysler and GM do.

[Carl Pham]

Tom, I don't think you understand Southside "community organizer" (heh) ethics. You just DO NOT give an inch, ever. Doesn't matter if it doesn't matter. You cannot be seen as anything other than the Man of Iron. Your enemies must be crushed and ground to fine dust, none of this namby-pamby live and let live crap. They each need a bullet to the back of the head, no matter how small and harmless they might seem to be.

There's a good reason such people commit murder for a tiny verbal diss. This is the ethics of the 'hood, the gang, the crime family, or Stalinism in general.

[JM Hanes]

It shows up perfectly for me, boris. Are the strikeout tags messing things up in other people's browsers generally? Or did Rick's open tag just spill over onto a new page?

[Jane]

They need the money for DIP and subsequent financing. At least Chrysler and GM do.

That is a far cry from the secured creditors tho. Why not say - "we are done, take us to Ch 7, we don't like this deal".

I can certainly imagine the backlash - death threats would be mild. The American people would get screwed, but we are anyway.

[DrJ]

Fine for me too, JMH. Firefox, FWIW.

[peter]

Someone smarter than me on the Corner posted a great question--if the UAW owns GM and Chrysler, how the hell can it negotiate fairly with Ford?

[bad]

bring on the mellifluous strains....

[DrJ]

"we are done, take us to Ch 7, we don't like this deal"

They could, but there is other potentially lucrative business with the gov't and other (*ahem*) potentially serious downsides.

Followed through, the creditors would hold various manufacturing plants &c that they would then have to sell to recover their money. Maybe they could do this, maybe not.

What exactly is securing these bonds? Real estate is one thing; is there anything else (like IP)?

[PD]

"I suspect the threats involved regulatory harassment."

I seem to remember that when some of the banks wanted *not* to take TARP funds, they were told that they've be facing a multi-year audit if they didn't.

[PD]

"Isn't one of the Alinsky tactics to use your opponents rules to strangle them? "

Yep. Fourth rule: Make the enemy live up to their own book of rules.

Related: The Cloward-Piven strategy.

[bad]

That's what I remember too, PD.

[Jane]

Make the enemy live up to their own book of rules.

Well this episode may give Obama's enemies an opportunity to strangle him a bit. Granted it will be a bitch to play out, but hey perhaps the republic is at stake.

[RichatUF]

As if the situation couldn't get bad enough, the Obama Administration is deciding that criminal prosecutions would be too difficult, but disbarment might keep lawyers from ever giving advice that the Administration might not like.

[clarice]

Rich, I'm calling bullshit on that report--anonymous, scurrilous crap about a draft document. Neither the head of OPR nor Holder will ask the bar associations to take action.This is for the dopes still subscribing to the NYT so they won't feel the Obamaites have gone over to the "dark side"( rationality).

[PeterUK]

Rich,
It is worth remembering that the best brains of any profession lie outside government.Obama would be mad to take on the Monstrous Regiment of Lawyers.

[verner]

Agreed Clarice. Because one can only imagine opinions Holder gave in the Clinton administration. Like, perhaps, why terrorists subject to rendition should not be covered under the Geneva convention, for example.

You are right, this is a kibble for the lap dogs.

[PeterUK]

The UAW Board a bit light on Italian Americans.

[Terry Gain]

It's as if their cognitive critical apparatus had simply stopped functioning sometime in January.

Their itelligence failed when they allowed themselves to become enthralled by Billy Ayers hand picked buddy. Now they're prepared to accept fascist conduct from their elegant president.

I see my anti-Obama comment is being stuck out. Must be the work of leftists.

[Gmax]

Here is a short primer on the BK situation. The BK code is pretty complex, and there are exceptions to nearly every rule. Yes secured creditors are usually not required to take any haircut. The exception comes about in a "cramdown" where the debtor in possession indicates that the assets subject to secured liens are essential to the reorganization of the estate AND new money is being injected into the Estate. In this case, at least heretofore, I have seen no new money.

There is a stalking horse which is subject to overbid in the Chrysler case, so it is possible that someone with a huge appetite for risk could step in and overbid and be the successful bidder, but not likely.

I really think the secureds who are objecting have a pretty good argument, but who knows its a Clinton appointee.

[centralcal]

Damn, Clarice, do you have any idea how much I missed you this weekend?

Pithy, my dear - we miss pithy when you are away!!!!

[PD]

From another Business Insider article that corroborates Lauria's remarks:

One person described the administration as the most shocking "end justifies the means" group they have ever encountered.

Granted this is anonymous sourcing -- but it doesn't sound implausible, given the Obama White House's affinity for Alinsky. In Rules for Radicals, Alinsky starts out singing the praises of liberty, freedom, and Democracy. But in the second chapter it veers into a discussion "Of Means and Ends," and it's the most cynical treatment of the subject I've ever seen. Basically, any tactic is justified if it advances you toward your goal, and Alinsky makes no bones or apology about it.

(This is fresh in my mind because I just finished reading the book the other day. It's quite a remarkable book, I certainly recommend that anyone who hasn't read it do so.)

[Ann]

cc, ditto!

I missed the pithy AND the PISTOLAS. :)

[clarice]

Thanks, cc. I dare you to say miss pithy fifteen times ---fast.

[RichatUF]

See that is what I get for speed reading a NYT article and rapid linking;)

[centralcal]

Honey, I thought I was doing really, really good to say pithy twice in the same sentence.

You are pushing my talents (after drinking 1 and 1 half Manhattans) beyond their capabilities . . . but, for YOU, pithy X 15.

There! I found a way to do it.

[clarice]

Some great news from Roll Call:
"By John Stanton
Roll Call Staff
May 5, 2009, 8:55 p.m.

Despite promises from Senate Majority Leader Harry Reid (D-Nev.) that Sen. Arlen Specter would retain his seniority after switching parties, Specter will be put at the end of the seniority line on all his committees but one under a resolution expected to be passed on the floor late Tuesday.

A Democratic aide acknowledged Tuesday that under the modified organizing resolution, Specter would not keep his committee seniority on any of the five committees that he serves on and would be the junior Democrat on all but one — the chamber’s Special Committee on Aging. On that committee, he will be next to last in seniority.

As a result, Specter — who as a Republican was ranking member on the Judiciary Committee and a senior member of the Appropriations Committee, as well as ranking member of the panel’s Subcommittee on Labor, Health and Human Services, and Education — will rank behind all other Democrats, at least until the end of this Congress. "

[centralcal]

oh carp! I failed. I forgot to add "miss."

[Jane]

I really think the secureds who are objecting have a pretty good argument, but who knows its a Clinton appointee.

I assume there is a right of appeal GMax?

I doubt the secured creditors will be willing to risk so much - altho I like that Lauria and I'd love to see it play out.

[Gmax]

The problem in BK jane is often things get done very quickly, and the judge refuses to wait for an appeal, which leaves the agrieved party with little recourse to redress their complaint. Cant put the genie back in the bottle, and monetary damages may be wholly inadequate.

But yes there is an appeal process from BK to an appellate court.

[Dorothy Jane]

I read somewhere today (I think NRO) that 49% of Massachusetts wants Mitt Romney back. They are OVER Deval Patrick - Maybe, just maybe, after three years of Barack "just words" Obama, the rest of the country will feel the way Massachusetts feels... Please, dear lord, let it be so...

[Sue]

I haven't read the whole thread yet so this may be old news, but Specter's been p3wnd.

http://www.rollcall.com/news/34648-1.html>Specter will be junior democrat on committees.

Couldn't happen to a nicer guy, if you ask me.

[clarice]

I'm intrigued by the UAW dilemma--bargaining with Ford when they own a large hunk of Ford's competitors. That would be a really interesting case to handle though I can't even think of what to charge or in what venue..Maybe an extraordinary writ of some sort to the NLRB claiming it's an unfiar labor practice.

[glenda]

JMH..bad... I have missed Mel, too---but never as much as cc says....our "pithy" clarice...

meanwhile, where are the voices of reason and fact-based dissent in D.C.? I am beginning to think we should start a "vote out every incumbent" party. It's enough that the 5th estate has turned into the "Propaganda Press", but what this administration is doing scares me. They have moved from Third World to fourth.

clarice..best news of the day @ Specter..and so deserved.

[bad]

DoT posted a CNN article at Tapper that said $7.5 billion in taxpayer loans to Chrysler won't be repaid.

So Fiat is getting paid $7.5 billion in taxpayer money to take Chrysler.

Fiat has no skin in the game but the taxpayer is sacrificing for an Italian company.

Are we paying them to be our friends?

[Sue]

but disbarment might keep lawyers from ever giving advice that the Administration might not like.

You can be disbarred for giving bad advice? Or a bad legal opinion? Hell, the SC is ripe for suing.

[glasater]

Look at this photo of two thugs.
LUN