Friday, June 05, 2009

Presidential Extortion

Steve Stanek at Capitalism Magazine writes about how Obama is throwing out the rule of law in the United States. Remember that it is the job of lenders to extract maximum value for it's shareholder. This has been made impossible by Obama's demand that banks play the tune he calls or else. Is this extortion or not!

Until earlier this month, this was a nation of laws, not of men, a nation where justice was blind, meaning we are all equal under the law.

That changed when President Barack Obama's extortionate threats against the "holdout" Chrysler lenders caused them to accept the government’s 29 cents on the dollar offer for the money Chrysler owes them.

Obama publicly vilified these lenders, who had every legal, contractual, and moral right to hold out for a better return on the money they gave Chrysler. Behind the scenes, administration officials allegedly threatened to destroy the lenders by "unleashing the White House press corps" on them, according to Tom Lauria, an attorney representing the lenders.

If true—and there is little reason to doubt it, given the president's public conduct—the president or his agents should face criminal charges. Nothing in the Constitution authorizes extortion by the president. (READ HERE)

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