Richard Olivastro

What makes those people who invested in Indiana pension funds think they can question the Chrysler bankruptcy deal fashioned by the Obama Administration? Shouldn’t they be satisfied with 29 cents on the dollar ‘awarded’ by the Washingtonian dealmakers and approved by the court? They should be happy to do their share to help bailout and protect the United Auto Workers pensions with the sacrifices they have been assigned to make.

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What makes those Chrysler dealers closed down by the federal Car Czar think they have been treated unfairly? Weren’t they paying attention during the campaign? Didn’t they understand that when candidate Obama said to that guy named Joe, “I think when you spread the wealth around, it’s good for everybody” Obama knew full well that would mean as president he would decide who would bear the pain? Now, certain union members and auto dealers have been deemed ‘losers’ in order for the administration to select other unions and dealers they choose to anoint ‘winners’. There is something wrong. Americans have been uneasy. More are increasingly worried. Many fear the worst. People have been uneasy, as it seems this administration always forces everyone else - Congress, the states, banks, et al - to have to act quickly. We saw it with the slush fund called ‘stimulus.’ Legislators were told to vote for it fast. No one read it thoroughly. Only after Congress passed it, President Obama sat on it for days so the White House staff could orchestrate a trip out west to publicly sign it. People are increasingly worried as they perceive that the administration’s style to always act quickly, and insist that all others go along, may be a political operative’s way to ensure that the people don't stop to see – or realize – the implications of what's really going on. But the people are slowly seeing what’s happening, and they don’t like it. People – in growing numbers – fear the new administration is focused on a power grab of epic proportions. The people can only conclude that elected and appointed officials in both the executive and legislative branches of the federal government, by their actions, are throwing the rule of law out the window. They can see that those officials, and their spokespersons, describe their actions as necessary to save jobs. The media, rather than question and investigate, go along with what they’re spoon-fed. It is good for our country that those people who are negatively affected when the rule of law is thrown out the window are now standing up for their rights. They have turned the tables on their aggressors to declare, “Who do these people think they are”? The truth is the pension funds have a stronger law-based claim on the assets of the automakers than the UAW has or ever will. As holders of the ‘property of bonds’, every person or entity are “secured creditors” and, as such, are to be first compensated from the assets of Chrysler’s bankruptcy. The Fourth Amendment of the U.S. Constitution is in place to guard against seizure of property. By Executive branch fiat, the Obama Administration is disregarding the U.S. Constitution and the precedence of bankruptcy law in dictating that ‘non-secured’ creditors such as the UAW are to receive greater compensation than the ‘secured’ bond holders. Eric Holder, Attorney General, should know the law. He should have stepped in and told the president that what they are doing, how they are doing it, is wrong – illegal and unconstitutional. Perhaps Mr. Holder did but was told to butt out. If that is the case, he should have resigned. If he did do the former, he can still do the latter. There is still time. In the meantime, the scene changes to the court of last resort. If the U.S. Supreme Court folds on this – by either not taking the case, thus effectively looking the other way; or, ruling to uphold the N.Y. Federal Appeals Court – then the U.S. Constitution will have taken a direct hit of epic proportions. If what is underway is permitted by the Supremes, expect the U.S. Constitution to be ‘renovated’ further. Let’s hope the nine justices put on political blindfolds and send an unequivocal decision to support the U. S. Constitution and the rule of law.


Richard Olivastro

Richard Olivastro is a professional member of the National Speakers Association, president of People Dynamics, an executive leadership development company, and founder of Citizens For Change.
 
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