Capitulate to Obama’s will, whims, and desires or be destroyed, that seems to be the modus operandi for America’s First Black President and his Chicago-style regime. Do as he says, irrespective of laws, contracts, or your own best interests and responsibilities, or be destroyed by the regime and/or its propaganda corps.
A leading bankruptcy attorney representing hedge funds and money managers told ABC News Saturday that Steve Rattner, the leader of the Obama administration’s Auto Industry Task Force, threatened one of the firms, an investment bank, that if it continued to oppose the administration’s Chrysler bankruptcy plan, the White House would use the White House press corps to destroy its reputation.
— John Tapper
ABC News – Political Punch
The White House, in the person of White House deputy press secretary Bill Burton, denied the claim that President Obama’s Auto Industry Task Force threatened to use the Press Corps to destroy the reputation of Perella Weinberg Partners LP.
Right; they deny the charge, but does anyone with any sense or with love for America believe them? This is exactly the same strong-arm tactic of intimidation that they’ve used before.
Their denial falls flat in the face of the truth, as can be seen by President Obama’s own words on Thursday, April 30, 2009, when Obama revealed his plan for Chrysler.
While many stakeholders made sacrifices and worked constructively, I have to tell you some did not. In particular, a group of investment firms and hedge funds decided to hold out for the prospect of an unjustified taxpayer-funded bailout. They were hoping that everybody else would make sacrifices, and they would have to make none. Some demanded twice the return that other lenders were getting. I don’t stand with them.
— President Obama
Remarks By The President On The Auto Industry
Those stakeholders who “made sacrifices and worked constructively” are: JP Morgan Chase, Citigroup, Morgan Stanley, and Goldman Sachs. Together they are owed approximately 70% of Chrysler’s debt and had already agreed to participate with the administration’s plan, which comes as no surprise to anyone who’s been following politics and the US economy. All four financial institutions are recipients of up to $100 billion each in federal government bailout funds (TARP) and they’ve all seen what happened to AIG and its employees.
While Obama’s not a Muslim – it’s doubtful he accept any authority greater than himself – he follows a twisted variation of their principles. To him, there are only Dar al-Obama and Dar al-Harb.
According to Thomas Lauria, Global Practice Head of the Financial Restructuring and Insolvency Group at White & Case, the boutique investment bank Perella Weinberg Partners were willing to take 50 cents on the dollar from Chrysler for their debt – which, it should be noted, is similar to what they would receive under an interfered with bankruptcy proceeding.
That’s apparently not good enough for Obama and his cabal though; they demand absolute submission to their will and are more than willing to use any means at their disposal to punish and, if needs be, destroy their opposition and silence any dissent.
Obama and his Liberal coterie will probably get away with it too, which is an atrocity and a crime against America in and of itself. They’ve made good use of the Race Card and have – with the eager collusion of the MSM - done a masterful job of fomenting Class Warfare in America. This has and will continue to allow them to attack and destroy any financial institutions or other large corporations in America with near impunity.
This means that President Obama has an easy time painting firms like AIG , Perella Weinberg Partners, and others as greedy, divisive, and contrarian. After all, they’re just a bunch of “evil, old, rich, White men.” The dark heart of Obama’s constituency has long desired to see them destroyed and their wealth redistributed.
… And of course any dissent with his agenda will be decried as Racist.