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Bankruptcy economist and Internet powerhouse Andy Martin says Barack Obama’s bailout of the UAW and Chrysler, is “stealing”

April 30, 2009

Andy Martin says Obama’s Chrysler “plan” is a bailout of the UAW, not the automaker

Martin is the only bankruptcy expert who has made the disturbing observation that “hedge funds” and other investment firms get their capital from pension funds and charitable entities; Obama wants to steal from these charities and pension plans, of other firms, to subsidize a UAW bailout.

Bankruptcy economist and Internet powerhouse Andy Martin says Barack Obama’s bailout of the UAW and Chrysler, is “stealing”

Martin is the only bankruptcy expert who has made the disturbing observation that “hedge funds” and other investment firms get their capital from pension funds and charitable entities; Obama wants to steal from these charities and pension plans, of other firms, to subsidize a UAW bailout.

ContrarianCommentary.com
Andy Martin
Executive Editor

“Factually Correct, Not
Politically Correct”

FOR IMMEDIATE RELEASE:

ATTENTION DAYBOOK/ASSIGNMENT EDITORS

ANNOUNCEMENT OF THURSDAY NEWS CONFERENCE IN CHICAGO

(CHICAGO)(April 30, 2009) Internet powerhouse and bankruptcy economist Andy Martin will hold a Chicago news conference today, Thursday, April 30th to denounce Barack Obama’s Chrysler/UAW bailout.

Martin calls Obama’s Chrysler/UAW bailout proposal “stealing,” and says rewarding the UAW for destroying the automobile industry is like handing out cash rewards to bank robbers. Martin calls Obama’s bankruptcy plan “delusional” and says it was drafted by a Wall Street influence peddler, Steve Ratner, and a failed Wall Street overseer, Tim Geithner.

“We have been swamped with requests for interviews from around the world, because ContrarianCommentary.com is the only source for independent bankruptcy analysis,” says Martin.

“There is a word for what Obama is doing: stealing. Obama wants to steal from some creditors, which creditors in turn are owned by and owe a fiduciary duty to other pension funds and small shareholders, to reward the UAW. The UAW helped engineer the destruction of the auto industry. Why reward the UAW for utter and complete failure and for the union’s contempt for the laws of economics? Jobs bank, anyone?

“Let me be clear, there is no such thing as a ‘surgical’ bankruptcy. Barack Obama is, once again, demonstrating his lack of competence and experience as an attorney when he tells the public Chrysler can be restructured in 30 or 60 days. That is delusional. Obama is similarly dreaming when he says a Section 363 sale can easily sail through the courts without opposition.

“Unlike politicians and presidential candidates, who can promise the moon and lie through their teeth, courts actually have to obey the Constitution and provide due process to all interested parties, and not just bow down to the emperor Obama. Due process can’t be served up on a skillet.

“I don’t know yet whether the Department of Justice will petition a federal district court to withdraw jurisdiction from a bankruptcy judge; but if a bankruptcy judge assumes the case, it will take time to organize the proceeding before any progress can be made.

“This ‘bankruptcy’ is going to leave a foul taste in the mouths of American workers who are being robbed to reward the UAW. Why favor one family over another? Why one worker over another? Are the UAW’s political contributions a reason to discriminate? The UAW is bragging that its past bribery of politicians will now allow it to steal from other worker retirement plans to maintain the unsustainable benefits it received in another era. That’s what Obama is really doing, and no one wants to inform the public. He is robbing from other state and city workers, from anyone and everyone who has pension benefits which are invested by third parties. Obama wants to take “other peoples’ money,” and turn the stolen money over to the UAW on a silver platter as payback for the UAW’s past history of political contributions.

“Barack Obama is stealing from the American people to reward the UAW. It’s disgraceful.

“I expect creditors to fight Obama’s takeover and giveaway. The process will drag on a lot longer than people now anticipate. It is a sad day for the American people when their president, who is supposed to represent all of us, is picking his political contributors and supporters to reward, and screwing the rest of the nation by stealing our retirement savings. Hugo Chavez and Barack Obama? Perfect together,” Martin says.

NEWS CONFERENCE DETAILS:

WHO:

Internet Powerhouse and bankruptcy economist Andy Martin

WHAT:

Bankruptcy economist Andy Martin will call Barack Obama’s UAW bailout “stealing” and delusional, and a goofy proposal that will lead to the demise of the automaker

WHERE:

Southeast corner of Huron and Wabash Streets, Chicago

WHEN: Thursday, April 30, 2009; 4:00 P. M.

MEDIA CONTACT: (312) 440-4124; CELL (917) 664-9329

———————————————-
Readers of Obama: The Man Behind The Mask, say the book is still the only gold standard and practical handbook on Barack Obama’s unfitness for the presidency. Buy it.
Book orders: Amazon.com or http://OrangeStatePress.com. Immediate shipment from Amazon.com or signed copies (delayed for signing) from the publisher are available.
———————————–
URGENT APPEAL: The Committee of One Million to Defeat Barack Obama raises money to oppose President Barack Obama’s radical agenda and also to support http://www.BoycottHawaii.com.
http://www.CommitteeofOneMilliontoDefeatBarackObama.com
Please give generously. Our ability to fight and defeat Barack Obama’s political agenda is directly dependent on the generosity of every American.
“The Committee of One Million to Defeat Barack Obama has no bundlers, no fat cats and no illegal contributions. Obama is opposed to almost everything America stands for,” says Executive Director Andy Martin. “But while Obama has raised a billion dollar slush fund, his opponents lack sufficient resources. Americans can either contribute now, or pay later. If we do not succeed, Obama will.”
———————————–
Andy Martin is a legendary Chicago muckraker, author, Internet columnist, radio talk show host, broadcaster and media critic. He has over forty years of broadcasting background in radio and television and is the dean of Illinois media and communications. He is currently promoting his best-selling book, Obama: The Man Behind The Mask and producing the new movie Obama: The Hawai’i Years. Andy is the Executive Editor and publisher of http://www.ContrarianCommentary.com.

Martin comments on regional, national and world events with more than four decades of experience. He holds a Juris Doctor degree from the University of Illinois College of Law and is a former adjunct professor of law at the City University of New York. He is an announced candidate for Barack Obama’s former U. S. Senate seat.

UPDATES: http://www.twitter.com/AndyMartinUSA

His columns are also posted at ContrarianCommentary.blogspot.com; contrariancommentary.wordpress.com.
[NOTE: We frequently correct typographical errors and additions/subtractions on our blogs, where you can find the latest edition of this release.]

MEDIA CONTACT: (866) 706-2639 or CELL (917) 664-9329 (cell not always on)
E-MAIL: AndyMart20@aol.com
© Copyright by Andy Martin 2009.

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One Comment
  1. marvin permalink

    There are still lots of billion of dollars left from the $700 billion bank bailout, and, according to news, there could be a debate in congress on how the remaining money be dealt with. IMO, the bailout plan somehow help some companies but there are still lots of them who are under crisis. I just hope that the remaining fund will be used wisely to lessen the economic crisis.

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