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Old 06-08-2009, 10:28 PM
 
1,532 posts, read 1,539,585 times
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Zero Hedge



Obama Claims TARP Issue Is Out Of Supreme Court's Authority

Posted by Tyler Durden at 10:49 AM
SCOTUS blog reporting that according to a response filed by the Solicitor General Elena Kagan on behalf of the United States of America, no court, not even the Supreme Court, has an authority to rule on the applicability of the TARP funds, previously designated exclusively for financial company bail outs, for the Chrysler case.
The Obama Administration argued Monday that no court, including the Supreme Court, has the authority to hear a challenge by Indiana benefit plans to the role the U.S. Treasury played in the Chrysler rescue, including the use of “bailout” (TARP) funds. The Indiana debt holders, U.S. Solicitor General Elena Kagan wrote, simply have no right to raise that issue, thus putting it out of the reach of the courts.

Although arguing that the courts may not rule on the validity of Treasury’s decision to shore up a new Chrysler company with funds from the Troubled Assets Relief Program, the Solicitor General did argue that those funds may go to a troubled auto company, and not just to banks or other regular financial institutions.
Convenient - so if not the highest judicial institution in the US can decide on what the proper venue for TARP utilization is, does that mean that Geithner and Obama are now completely above the law in terms of how they burn taxpayer cash. Of course, the SCOTUS decision is a moot point - nobody dares to stand in front of the Obama juggernaut at this point. However, this chain of events will inevitably set off a precedent of unintended consequences for not just domestic, but also foreign lenders, when it comes to investing into any US companies, especially ones deemed to be added next on the Too Big To Fail bandwagon.

In this sense, the US will be forced to provide unlimited DIP funding as industry after industry discovers it is insolvent and the whole debate over whether the current economic crunch is liquidity driven, is concluded in favor of the rational minds, and lenders discover they have no recourse, not even with the Supreme Court Of The U.S. Sphere: Related Content
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Old 06-08-2009, 10:32 PM
 
Location: Chicagoland
41,312 posts, read 42,579,099 times
Reputation: 7114
You mean obama believes SCOTUS has no authority.

Yes, that is what he is arguing. Of course, he believes he has all the authority to usurp conventional bankruptcy laws and turn contract law on it's head.
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Old 06-08-2009, 10:51 PM
 
Location: The D-M-V area
13,690 posts, read 17,160,356 times
Reputation: 9567
Of course he'd claim it's out of their juridiction.

"he's in control!"
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Old 06-09-2009, 12:46 AM
 
Location: Southcentral Kansas
44,884 posts, read 31,193,196 times
Reputation: 4269
Op is 100% right. The Constitution has been bent out of shape the last 6 months but hasn't been totally torn asunder yet. This letter by the Solicitor General would seem to put her above the SCOTUs when it comes to judging the words the Constitution speak.

Folks, we are at a point where we either keep the Constitution around or throw it away completely. If the appointed members of the administration can over rule the Supreme Court then we are without the chief arbiter of Constitutional law and somehow I think we will be much closer to armed rebellion. Hey, I am not always right about things like this but I think they better get all those weapons under better control before they try to abolish the Constitution in this manner.
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