debt relief programs government
Did Obama violate established bankruptcy laws with his auto bankruptcy plan?
http://news.yahoo.com/s/ap/20090608/ap_on_bi_ge/us_supreme_court_chrysler
Indiana funds, which hold a small part of Chrysler’s secured debt, claim the sale as structured unfairly favors Chrysler’s unsecured stakeholders ahead of secured debtholders like the funds.
As part of Chrysler’s restructuring plan, the company’s secured debtholders will receive $2 billion, or about 29 cents on the dollar, for their combined $6.9 billion in debt. The Indiana funds bought their $42.5 million in debt in July 2008 for 43 cents on the dollar.
The funds also are challenging the constitutionality of the Treasury Department’s use of money from the Troubled Asset Relief Program to supply Chrysler’s bankruptcy protection financing. They say the government did so without congressional authority.
He violated all kinds of laws.
Constitutional law.
Contract Law
Bankruptcy law
But he had to figure out some way to pay off the UAW for their political contributions. This must have seemed like the easy thing for him to do.
After all what does the law have to do with it when you are Obama.
The chosen one
