Report: Obama Threatened Chrysler Investors With Public Humiliation
Classic:
An attorney representing several Chrysler bondholders accused the Obama administration of intimidating his clients by issuing threats of public humiliation if they opposed their brokered deal to resolve the automaker’s debts. Speaking to WJR, Thomas Lauria said that the White House called the bondholders “vultures” for insisting on their rights as senior creditors and told them that the Obama administration would use the White House press corps to attack them in the media. Corky Boyd has the transcript (also via HA reader Geoff A):
Lauria: Let me tell you it’s no fun standing on this side of the fence opposing the President of the United States. In fact, let me just say, people have asked me who I represent. That’s a moving target. I can tell you for sure that I represent one less investor today than I represented yesterday. One of my clients was directly threatened by the White House and in essence compelled to withdraw its opposition to the deal under the threat that the full force of the White House Press Corps would destroy its reputation if it continued to fight. That’s how hard it is to stand on this side of the fence.
Beckman: Was that Perella Weinberg?
Lauria: That was Perella Weinberg.
Glenn Reynolds wonders how the White House press corps will feel about being used as an arm of the administration to beat its opposition into submission. My guess? Enchanted, with just a couple of exceptions. He also wonders whether they will show the slightest inclination to ask about these allegations. So far, it looks like the Sounds of Silence on the WHPC dial rather than We’re Not Gonna Take It.
The only one who demanded answers? Jake Tapper, of course.
This is an extremely troubling development – if true, that is. Washington has no business bullying investors. Obama is not Bully-in-Chief.
Again, very troubling.
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Really does this surprise anyone.
We all know that Chrysler must emmerge quickly so that the Democrats dare not lose a single Union vote.
The Bully pulpit will ensure that any opposition to Democratic interests toe the line.