Showing posts with label Timothy Geithner. Show all posts
Showing posts with label Timothy Geithner. Show all posts

Thursday, March 18, 2010

Mark Levin plans to sue if ObamaCare becomes law

Mark Levin, the popular conservative radio host and constitutional lawyer, announced on his radio show yesterday that he would immediately file a lawsuit if Democrats passed ObamaCare using the Slaughter Solution.


Levin's legal complaint quotes Article I, Section 7, clause 2 of the Constitution, which necessitates that, "But in all such cases the votes of both Houses shall be determined by yeas and nays, and the names of the persons voting for and against the bill shall be entered on the journal of each House respectively.” Levin plans to argue that because the House will vote for the reconciliation sidecar rather than the actual Senate bill under the Slaughter Solution, health care reform will have been passed unconstitutionally. The lawsuit, which will be filed by Levin's Landmark Legal Foundation, directly names Barack Obama, Timothy Geithner, Eric Holder, and Kathleen Sebelius.
Levin won't be alone. C.L. "Butch" Otter, the governor of Idaho, signed a bill today mandating the state's attorney general to sue the federal government if ObamaCare becomes law. Otter is specifically targeting the individual mandate, the unconstitutional provision that would force every citizen to buy health insurance or face a punitive fine. As we reported yesterday, other states are actually considering nullifying health care reform if it becomes law.

Monday, January 25, 2010

Is Obama going to start blackmailing banks again?

The lesson Democrats learned from Scott Brown's victory in the Massachusetts special election was not that Obama's health care plan is a failure. Somehow, it's that Barack Obama isn't doing enough taking on the banks. With his ears ever attuned to left-wing radicals, Obama is now shadowboxing American banking institutions, pledging to stop the excesses of big banks, many of which lined his pockets during the campaign.
So is Obama going to start blackmailing banks again? A few months back, Pierre Sutton, president of Inner City Broadcasting Corp which owns minority radio shows, was suddenly granted a loan by Goldman Sachs. This was done even though Inner City was in financial ruin. It was all courtesy of Obama, who knew Mr. Sutton, and his treasury secretary and former Goldman Sachs man Timothy Geithner.
This cronyism was similar to another incident when Obama was a senator. In 2008 a company called Republic Windows & Doors shuttered a plant and laid off workers after Bank of America refused a loan to the failing company. The workers went on strike and then-Governor Rod Blagojevich stepped in, threatening to cut off all Illinois government business with Bank of America unless the loan was made. BoA quickly conceded. Barack Obama supported this blackmail, saying, "They're absolutely right. These workers, if they have earned these benefits and their pay, then these companies need to follow through on those commitments."
For banks that are so powerful and dangerous, Obama sure seems like he's able to control them pretty easily. Keep an eye out for this sort of Chicago politics coming up.

Friday, December 4, 2009

Obama blackmails a bank

The Congressional Black Caucus has had harsh words for the Obama administration recently, which it sees at not doing enough to help create jobs. To placate powerful CBC member Rep. Maxine Waters, Obama cut a deal with his friends at Goldman Sachs, no doubt through Goldman Sachs alum and treasury secretary Timothy Geithner.
The move was the culmination of weeks of tension, including a testy meeting two weeks ago that included Rep. Maxine Waters (D., Calif.), Treasury Secretary Timothy Geithner and White House Chief of Staff Rahm Emanuel. In the meeting, Ms. Waters berated the administration for not doing enough to help minority-owned businesses, mentioning specifically a New York broadcaster that couldn't get a loan reworked.
Less than two weeks after the meeting, the company, Inner City Broadcasting Corp., said Goldman Sachs Group Inc. agreed to restructure the loan.
....
Pierre Sutton, chairman of Inner City Broadcasting, said Goldman Sachs officials on Friday agreed to rework the terms of the loan. He wouldn't specify how much Goldman had lent his firm.
Mr. Sutton said he raised concerns about his company's situation with Ms. Waters several weeks ago, but was unaware that his company was mentioned during the meeting with Mr. Geithner.
When asked whether Goldman agreed to rework the loan because of political pressure, Mr. Sutton replied, 'I'm not sure. That's not a position I want to be in, responding to that particular question.'"
The loan was obviously made because of political pressure. It's reminiscent of a similar situation in Chicago when a company called Republic Windows & Doors shuttered a plant and laid off workers after Bank of America refused a loan to the failing company in 2008. The workers went on strike and then-Governor Rod Blagojevich stepped in, threatening to cut off all Illinois government business with Bank of America unless the loan was made. BoA quickly conceded. Barack Obama supported this blackmail, saying, "They're absolutely right. These workers, if they have earned these benefits and their pay, then these companies need to follow through on those commitments."
But Inner City Broadcasting didn't deserve another loan, as Goldman Sachs saw it. They lived beyond their means, eating up radio stations that they couldn't afford, which they were forced to sell off. Just as with Republic Windows and Doors, they had a poor business model.
Good thing they had a powerful friend in Barack Obama.