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“Secured Debtholders” [Dan Collins]

Late Sunday, U.S. Judge Arthur Gonzalez, the bankruptcy judge overseeing Chrysler’s case, issued a ruling approving the sale following three marathon days of testimony and arguments. Gonzalez also ruled that the funds do not have standing to challenge the use of TARP money because they will receive their fair share of the $2 billion set aside for secured debtholders, which is more than they would have received if Chrysler had liquidated.

Do the taxpayers of the United States have standing, Judge Gonzales? What was TARP originally established by their representatives to do?

Three names to pump into your newsreader: Philip Reitinger, Bruce McConnell, Greg Schaffer. (Please note that this is a nextgov.com release)

50 Replies to ““Secured Debtholders” [Dan Collins]”

  1. JHo says:

    What was TARP originally established by their representatives to do?

    What was government originally established by our representatives to do? Not that our managing that power effectively is a priority anymore.

  2. Rob Crawford says:

    Is Gonzalez the guy up for re-appointment this year?

  3. kelly says:

    Taxpayer
    Ass
    Reaming
    Procedure

  4. Jeffersonian says:

    What was TARP originally established by their representatives to do?

    Provide nice, juicy slush fund?

  5. geoffb says:

    “Provide nice, juicy slush fund”

    Mission Accomplished!

  6. Joe says:

    Just wait till you see what Government Motors has in the works for you!

  7. alppuccino says:

    Doesn’t sound like a very wise Latino to me.

  8. gus says:

    What is “to pay off ACORN” for $1000 Alex.

  9. sdferr says:

    Abraham Lincoln saved the Union.
    Barack Obama saved the Union.

  10. gus says:

    alppuccino, he’s a very wise Latino, he’s “Making Policy”.

  11. alppuccino says:

    Oh yeah.

  12. doubled says:

    sdferr, this would be better: Abraham Lincoln saved the Union.
    Barack Obama saved a union.

  13. Jeffersonian says:

    “Secured,” as in “Here, Barack, I’ll hold ’em while you jam it up their asses.”

  14. Joe says:

    The coming implosion of Obama?

    But it will become increasingly obvious that the large deficit Obama has incurred while pursuing his cure for the recession is, on its own, causing more problems than it solves. As high interest rates and, most likely, inflation, begin to set in — with no relief in unemployment — it will be obvious that Obamanomics isn’t working and is, in fact, aggravating the economic trouble.
    Obama, recognizing the danger, has recently begun to speak out — without even cracking a guilty smile — against the huge budget deficit he created. He is trying to blame the deficit, too, on Bush. But voters will not overlook the huge spending sprees of January and February, when Obama quadrupled the 2009 deficit. They will come to see that spending as a huge mistake and will shift their blame to the new president who proposed it.

    Obama now faces a choice of poisons.

    He can leave taxes as they are and take the poison of high interest rates, rapid inflation and a new recession, all caused by the massive borrowing he has forced on the Treasury. If the Treasury cannot sell enough bonds at a reasonable interest rate, it will, of course “monetize the deficit” — economics-speak for printing money so that there will be enough to buy the Treasury debt at moderate interest rates. But the process of so vastly expanding the money supply (or even just leaving the current expansion in place without trying to soak up the extra money) will cause its own runaway inflation.

    Or Obama can break his pledge and raise taxes on everybody. His soak-the-rich approach will not be enough to cover the deficit. Especially when one factors in his healthcare proposals, big tax increases on the middle class become an increasing likelihood. And when we consider his cap-and-trade legislation, huge increases in utility rates also loom.

    Either poison will make it clear that the economy is suffering from the medicine Obama administered, rather than the original disease that started under Bush.

    Dick Morris is known for making crazy predictions, but his logic on this seems pretty sound.

  15. happyfeet says:

    The only thing gayer than a United Autoworker is

  16. happyfeet says:

    I got nothing.

  17. psycho... says:

    I’m sure you’ll soon be informed that Gonzalez was appointed to something sometime by some Republican, so you can’t object to anything he ever does.

    There’s a mill for that kinda shit.

    Pataki, I think it was, if I’m remembering the ’90s right. I’m possibly not (I got high), but you can still derail the thread right here, instead of waiting for it to get derailed in the usual way.

    “That’s yer boy’s boy right there!”

    “Yer a boy’s boy!”

    Etc.

    Dick Morris is known for making crazy predictions, but his logic on this seems pretty sound.

    He’s only right when he’s not being logical.

    No one gives a fuck what Obama does.

  18. I’m no lawyer but I don’t think the term he’s looking for is “standing.” That implies they have no basis or legal grounds for a lawsuit, but they do; they are involved in the bankruptcy process and thus automatically have standing. Perhaps he means “reason” rather than standing, since according to his calculations they’re better off under the current plan.

    Gonzalez was appointed to his current position in 1995, so Pataki, yes.

  19. happyfeet says:

    No one gives a fuck what Obama does. Gas prices might could change that. The first thing the hungarian muppet did was to cancel and block oil drilling. Even NPR will have trouble explaining that away. Barack Obama is turning our little country into a special needs child. People will notice.

  20. Slartibartfast says:

    General Motors is getting demoted to Private, maybe.

  21. Bob Reed says:

    It’s all a payoff to Obama’s union supporter; both in the case of Chrysler and GM…

    Gonzales was gonna take longer to consider all this, but, much like the bondholders he was pressured by the Feds…

  22. Lamontyoubigdummy says:

    “What was TARP originally established by their representatives to do?”

    “Hate fuck” the taxpaying plebe.

    Sans lube.

  23. Lamontyoubigdummy says:

    Oops. Kelly @ #3 beat me to it.

  24. cranky-d says:

    Has anyone pointed out lately how fucked we all are, or is it pretty much a given assumption these days?

  25. Mr. Pink says:

    “No one gives a fuck what Obama does.”

    I have to agree with that. I actually tested that one time to some friends. Seriously try it one time. Start a conversation off with “Bush raised the deficit by ______ and that was bad.” Get them to agree. Then you say “Well Obama is raising it 4 times what Bush did.” Then you will hear “Well he has to clean up all the mess from when Bush was in office it is not his fault.” If you want to try it put in any policy of Obama’s that he criticised Bush for doing and now does. You have a long list to choose from, Gitmo, Iraq, wiretaps, rendition, …….it does not matter as long as Obama is doing it. These people are in a fucking cult for the most part.

  26. Dash Rendar says:

    I for one hope the cult sometime soon begins to drink the spiked kool aid.

  27. Dash Rendar says:

    We’re really fucked. I envision a lost generation staring at their x-boxes, ‘mummy why isn’t the video box working anymore?’

  28. Dash Rendar says:

    O, that should be staring at TVs whilst playing x-box after the power goes off.

  29. Lamontyoubigdummy says:

    “As high interest rates and, most likely, inflation, begin to set in”…

    Most likely? Nice hedging there Morris.

    Hey, lemme try.

    As a 500 kiloton thermonuclear device is triggered and, “most likely,” a giant mushroom cloud of doom begins to set in…

    The hyper inflation check is already in the mail baby. When you have a free market champion, Nobel Laureate economist saying the only way out of this financial Armageddon is to devalue the Everest of debt the new Tutankhamen of the world has put us in… well, as Pvt. Hudson said: Game over man. Game over.

  30. Mr. Pink says:

    Considering that he still is trying to ram thru socialized healthcare you would have to think he approves of hyperinflation. I guess he really did like the economy over in Indonesia when he was there.

  31. gus says:

    Doubled…..
    Lincoln saved the Union.
    Opie saved the United Autoworkers Union. For now.

  32. BJT-FREE! says:

    LamontYBD #29

    Exactly right. Nobody in the government on either side of the aisle has any interest in talking about the 5000 ton inflation and interest gorilla that just might have the US making a reasonable impression of 1970’s Argentina.

    “What am i bid for this can of tuna? We’ll start the bidding at $150 dollars … wait $175 dollars … no, wait …”

  33. kelly says:

    Our first Post American President.

  34. alppuccino says:

    “What am i bid for this can of tuna?

    They’re going to auction off Nancy Pelosi?

    THE HORROR! THE HORROR!

  35. BJT-FREE! says:

    “We’ll start the bidding at one old shoe… anyone? Bueller??”

  36. Kevin B says:

    Joe #14

    Isn’t there another ‘poison’ that Obama could swallow?

    I mean, couldn’t a massive cut in Federal spending make some small impact on the deficit. You know, maybe cut some entitlements and remove a few huge govt. departments?

    Nah. That’s just crazy talk.

  37. The Castrated Republicans says:

    Remember all of those Republican pundits and bloggers who argued in favor of this nonsense? Remember how they were willing to accuse all those who opposed them of steering America toward disaster? If you don’t you should. And you should never forget.

  38. gus says:

    Opies cult doesn’t understand how it works. They are all supposed to leave for Guyana and off themselves.

  39. Lamontyoubigdummy says:

    President Bammy. The bestestest, most smartesest President in the HISTORY OF THE GALAXY!!! [cue echo effect & laser light show]

    Take that Zaphod Beeblebrox!

  40. The Castrated Republicans says:

    Or allow them to pick your next candidate for high office.

  41. Joe says:

    Kevin B–that would make too much sense would it not? No, Obama wants to actually greatly increase entitlements, such as universal health care, because he knows if he waits it will be impossible.

  42. McGehee says:

    14. Comment by Joe on 6/3 @ 1:24 pm

    Joe. Dude. Nearly all of us read more than one thread on a visit. You do not have to do this on every fucking thread.

    You don’t even have to do it on threads that are not fucking, now that I mention it.

  43. Joe says:

    McGhee, sorry. I got carried away. It was such a cluster fuck to start with it seemed appropriate on multiple threads.

  44. Lamontyoubigdummy says:

    “McGhee, sorry. I got carried away.”

    It’s ok dude. Same thing happens to me every time I hear an Enya song.

    That little “Sail Away” diddy? Shit. Heard it and sailed half way across White Rock Lake before I realized I’d still be in friggin Dallas when I reached the other side…and I’d be in the worst, shittiest, most dangerous part of Dallas…

    …Then I realized I’d only been in a sail boat once and had no fucking idea how to sail…and, worse, I didn’t know how the hell to turn around.

    Obama has done that to the whole United States of America!

  45. LTC John says:

    #44 – “the worst, shittiest, most dangerous part of Dallas…” I don’t know why that made me laugh so, but it sure did. Thanks for that.

  46. LTC John says:

    No, meya, Bankruptcy judges are appointed for 14 year terms. You are confusing them with a District or Appellate Court (or SOCTUS Justice).

  47. LTC John says:

    Go look at http://www.uscourts.gov/faq.html for who isn’t lifetime (Magistrates are not either).

  48. JD says:

    You are an imbecile, meya. Admit it. You will feel better.

  49. LTC John says:

    #49 – and you did not kow that bankruptcy courts were presided over by bankruptcy judges? Perhaps you should try to looking at what some J-school product slapped out with a bit more of a jaundiced eye.

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