A leading bankruptcy attorney representing hedge funds and money managers told ABC News Saturday that Steve Rattner, the leader of the Obama administration's Auto Industry Task Force, threatened one of the firms, an investment bank, that if it continued to oppose the administration's Chrysler bankruptcy plan, the White House would use the White House press corps to destroy its reputation.
This is amazing. Use the White House press corps to destroy people? Threatening private citizens? I've said this before and I'll say it again. This guy will end up making Nixon look like an amateur.
To quote our fearless negotiator in chief:
"While many stakeholders made sacrifices and worked constructively, I have to tell you some did not," the president said. "In particular, a group of investment firms and hedge funds decided to hold out...[for more than 29 cents on the dollar]."
A great ruler always governs from the gut. He can't be held back by constitutions or laws. He needs the flexibility to pick and choose. To make or eliminate rules. To threaten, if need be, to get things done. Law in a Banana Republic works that way. And it's for our own good. Kinda reminds me of a Hugo Chavez story from December.
The White House denies this report of course. And threatens anyone who repeats it with severe repercussions. When can we cancel the next election already?