From Spectator.org:
Also targeted during the auto industry purge were companies that did not willingly agree to Obama’s political demands. Representatives of three secured creditors that did not receive any government bailout money reported they were threatened if they did not agree to White House demands in Chrysler’s restructuring. The White House insistence that secured creditors accept only 29 cents on the dollar while inflating the value of unsecured credit claims held by the United Auto Workers turned two century-old bankruptcy policy on its head.
One fund manager reported being on the receiving end of a profanity-laced tirade by Auto Industry Task Force head Steve Rattner that included threats to use the Internal Revenue Service and the Securities and Exchange Commission in gangster-like enforcement roles.
In another exchange, Thomas Lauria, a lawyer for financial firm Perella Weinberg Partners, reported the car czar threatened that “the full force of the White House press corps would destroy its [Perella Weinberg's] reputation” unless the firm agreed to Obama administration demands in Chrysler’s bankruptcy. The failure by the White House press corps to repudiate Rattner’s threat speaks volumes and underscores their role as an ally of the Obama Administration.
Political cartoon image source: Divided We Stand United We Fall
