Obama uses Bully pulpit to Coerce Opponents to Chrysler Plan

In a not unexpected move, Obama and his administration threatened ( and in some cases, has already done it) to use the power of the Washington Press Corp to embarrass and destroy the reputation of a firm that opposed the Obama Chrysler plan.

Outlined in a post by ABC News it seems that the White House has little concern about the legal rights of creditors in a bankruptcy if those rights don't go along with its agenda and goals. And if secured bondholders, who usually are one of the first to be paid in a bankruptcy, don't accept a demotion to a lower level payout, Obama has no shame in saying whatever it takes to bully them into submission.

Case in point - Obama criticized some of the secured creditors by announcing - "In particular, a group of investment firms and hedge funds decided to hold out for the prospect of an unjustified taxpayer-funded bailout. They were hoping that everybody else would make sacrifices, and they would have to make none."

What the smartest man to ever be elected president failed to mention, is that those nasty, evil investment firms had agreed to a 50 cent on the dollar payout. Not the 27 cent payout Obama wanted them to take. With the difference to be for the benefit of the union pensioners, who in a normal bankruptcy would be pretty much out in the cold. But remember who voted Obama in... the unions.

So this is the 'Change we can believe in' - the most sinister and dirty administration ever!