(OR: There is no theft like Great Grand Theft.)
Today in the WSJ, Vieira and Dummett have an article titled “Canada Sells remaining Stake in General Motors”. Their article says the current sale is about $2.69 Billion dollars. It also points out that the National Canadian Government sold, in 2013, some shares for 1.1 billion. It added that Ontario had sold 875 million as well. That is a total of $4,665,000,000.00 American dollars. That is also nearly 5 billion of ill- gotten gain from stolen property. What you cry!! How is that possible?
It all relates back to Obama’s “Too Big to Fail” bailout of 2009. Rooster covered this in his Radio Show and in an article he did in 2011. In short form, Obama and his car team stole all the positive assets of the then General Motors, put them in a new G.M. Corporation, issued new stock, and gave that stock to itself, the Unions, and to Canada for its agreement to keep GM operations in Canada functioning. If G.M. had gone Bankrupt in Chapter 11, in the normal format, none of this would have happened. For certain the Unions would have taken a hit, both in wages and in unfunded retirement accounts, but old G.M. would have come out stronger and leaner and ready to go.
The dirty little secret is the Government stole those assets leaving all the existing shareholders and bond holders with worthless paper. Here is how they did it. A G.M. dealer had filed for Bankruptcy in Harlem. The Obama Car Team then demanded the complicit corporate officers of G.M., join that filing, rather than file in their home state of Michigan. In the little court in Harlem, the car team dictated to the Bankruptcy Judge, that he exercise his excessive power (Bankruptcy Judges have almost unlimited power.) to take all the good assets and put them in a new Corporation also called General Motors. All the debt was left in the old company stripping it of its value. With no debt and all the good assets the Court allowed the new Corporation to issue its stock to the US. Unions, and Canada. Later the new Corporation was allowed to sell additional shares.
Now for everyone outside of the Progressive leadership in Washington DC, such conduct would not have been allowed. In the private world this would have been Grand Theft and prosecuted. With Obama the commander in chief calling the shots, no one had the guts to file a complaint, just as no one has the guts to file impeachment proceedings for all his other crimes. Of course if someone had filed a complaint, Holder, his racists Attorney General would have denied it. So because the President ordered it, via the Bankruptcy court, (No one else could have done It.) a huge theft occurred. This included the absolutely illegal taking of property, without due process, a hearing or any effort at compensation. It was a terrible thing. The worst part is there was no outrage. No outrage on Wall Street, in the halls of Justice, or in the streets. The rank and file simply looked, did not understand, and walked away, while fellow citizens lost billions of dollars in investments.
As a long time attorney, Prosecutor and student of the Constitution and the Bankruptcy system, Rooster has no problem telling you that the Great Con Man in the White House, pulled off evil magic, which few understood. Even most of the victims were bamboozled by his sleight of hand. They were left like fruit in a tree twisting and turning, in the wind. Who would have thought a President would steal and not obey the Constitution? Remember the Constitution’s 5th Amendment says, “No person shall be…deprived…of…property without due process of law, nor shall private property be taken for public use without just compensation.” Obama and all his progressive buddies could care less. You can almost hear them sing together, “What difference does it make?”
PROTEST: FLY THE BETSY ROSS FLAG. It is the one flag where all the States supported the Constitution.
Wc 648
Rooster Bradford, gives up all rights to this article and seeks no compensation for its use. 2015