Stealing is Illegal Regardless of Position

  • Rick Scarborough
  • May 11, 2009

Earlier this week bankruptcy lawyer Frank Laurie said the following to WJR radio talk show host Frank Beckman, "One of my clients was directly threatened by the White House and in essence compelled to withdraw its opposition to the deal under threat that the full force of the White House press corps would destroy its reputation if it continued to fight."
The firm he is referring to is Perella Weinberg. Initially the firm rejected the deal offered by Obama to give the bondholders 33 cents per dollar for their secured debt but at the same time give retirees of the United Auto Workers 50 cents per dollar for unsecured debt.
Secured creditors are those who contractually lended money under the terms that they would receive specific property back should the debt go bad. Obama's deal was in violation of very basic bankruptcy law and that is to pay back secured creditors in full before unsecured creditors get a dime.
After the threat Perella-Weinberg withdrew its objection. Other bondholders did not withdraw their objection but they faced denunciation by Barack Obama in last Thursday's news conference. They also reportedly faced death threats from unknown people.
Michael Barone, reporter for the Washington Examiner, wrote in his article on May 5, "The White House, presumably car czar Steven Rattner and deputy Ron Bloom, is seeking to transfer the property of one group of people to another group that is politically favored. In the process, it is setting aside basic property rights in favor of rewarding the United Auto Workers for the support the union has given the Democratic Party."
The Obama administration is once again showing its disdain for the rule of law and its favor for making sure the "right people" win. Instead the plight of the retired union workers is being favored over that of the beneficiaries of the pension plans represented by the bondholders.
Michael Barone put it well, it's another chance for "this administration to engage in bailout favoritism and crony capitalism."
A good friend of mine accurately stated that this is reminiscent of the ways of communist and socialist leaders who used revolutionary tactics to obtain money to fund their political activities at the expense of private property held by average people.
Evil is never satisfied so justice and righteousness must rise up to stop it. This will not just go away. We the people cannot sit back and watch freedom and capitalism be threatened and ultimately destroyed by politicians who care more about their left-wing agendas and those who support them than about justice and the rule of law that has been long established in our country.

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I remain...Your servant and friend,

Pastor Rick Scarborough

Fear the Lord and judge with integrity, for the Lord our God does not tolerate perverted justice, partiality, or the taking of bribes.   2 Chronicles 19:7

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