Grand Theft Auto

2 Jun 2009 | 7:43 am Infowars

Greg Palast
June 2, 2009

Screw the autoworkers.

They may be crying about General Motors’ bankruptcy today.  But dumping 40,000 of the last 60,000 union jobs into a mass grave won’t spoil Jamie Dimon’s day.

Dimon is the CEO of JP Morgan Chase bank.  While GM workers are losing their retirement health benefits, their jobs, their life savings; while shareholders are getting zilch and many creditors getting hosed, a few privileged GM lenders – led by  Morgan and Citibank – expect to get back 100% of their loans to GM, a stunning $6 billion.

The way these banks are getting their $6 billion bonanza is stone cold illegal.

I smell a rat.

Stevie the Rat, to be precise.  Steven Rattner, Barack  Obama’s ‘Car Czar’ – the man who essentially ordered GM into bankruptcy this morning.

When a company goes bankrupt, everyone takes a hit:  fair or not, workers lose some contract wages, stockholders get wiped out and creditors get fragments of what’s left.  That’s the law.  What workers don’t lose are their pensions (including old-age health funds) already taken from their wages and held in their name.

But not this time.  Stevie the Rat has a different plan for GM: grab the pension funds to pay off Morgan and Citi.

Here’s the scheme:  Rattner is demanding the bankruptcy court simply wipe away the money GM owes workers for their retirement health insurance.  Cash in the insurance fund would be replaced by GM stock. The percentage may be 17% of GM’s stock – or 25%.  Whatever, 17% or 25% is worth, well … just try paying for your dialysis with 50 shares of bankrupt auto stock.

Yet Citibank and Morgan, says Rattner, should get their whole enchilada – $6 billion right now and in cash – from a company that can’t pay for auto parts or worker eye exams.

Preventive Detention for Pensions

So what’s wrong with seizing workers’ pension fund money in a bankruptcy?  The answer, Mr. Obama, Mr. Law Professor, is that it’s illegal.

In 1974, after a series of scandalous take-downs of pension and retirement funds during the Nixon era, Congress passed the Employee Retirement Income Security Act.  ERISA says you can’t seize workers’ pension funds (whether monthly payments or health insurance) any more than you can seize their private bank accounts.  And that’s because they are the same thing:  workers give up wages in return for retirement benefits.

The law is darn explicit that grabbing pension money is a no-no.  Company executives must hold these retirement funds as “fiduciaries.”  Here’s the law, Professor Obama, as described on the government’s own web site under the heading, “Health Plans and Benefits.”

“The primary responsibility of fiduciaries  is to run the plan solely in the interest of participants and beneficiaries  and for the exclusive purpose of providing benefits.”

Every business in America that runs short of cash would love to dip into retirement kitties, but it’s not their money any more than a banker can seize your account when the bank’s a little short.  A plan’s assets are for the plan’s members only, not for Mr. Dimon nor Mr. Rubin.

Yet, in effect, the Obama Administration is demanding that money for an elderly auto worker’s spleen should be siphoned off to feed the TARP babies. Workers go without lung transplants so Dimon and Rubin can pimp out their ride. This is another “Guantanamo” moment for the Obama Administration – channeling Nixon to endorse the preventive detention of retiree health insurance.

Filching GM’s pension assets doesn’t become legal because the cash due the fund is replaced with GM stock.  Congress saw through that switch-a-roo by requiring that companies, as fiduciaries, must

“…act prudently and must diversify the plan’s investments in order to minimize the risk of large losses.”

By “diversify” for safety, the law does not mean put 100% of worker funds into a single busted company’s stock.

This is dangerous business:  The Rattner plan opens the floodgate to every politically-connected or down-on-their-luck company seeking to drain health care retirement funds.

House of Rubin

Pensions are wiped away and two connected banks don’t even get a haircut? How come Citi and Morgan aren’t asked, like workers and other creditors, to take stock in GM?

As Butch said to Sundance, who ARE these guys? You remember Morgan and Citi.  These are the corporate Welfare Queens who’ve already sucked up over a third of a trillion dollars in aid from the US Treasury and Federal Reserve.  Not coincidentally, Citi, the big winner, has paid over $100 million to Robert Rubin, the former US Treasury Secretary.  Rubin was Obama’s point-man in winning banks’ endorsement and campaign donations (by far, his largest source of his corporate funding).

With GM’s last dying dimes about to fall into one pocket, and the Obama Treasury in his other pocket, Morgan’s Jamie Dimon is correct in saying that the last twelve months will prove to be the bank’s “finest year ever.”

Which leaves us to ask the question:  is the forced bankruptcy of GM, the elimination of tens of thousands of jobs, just a collection action for favored financiers?

And it’s been a good year for Señor Rattner. While the Obama Administration made a big deal out of Rattner’s youth spent working for the Steelworkers Union, they tried to sweep under the chassis that Rattner was one of the privileged, select group of investors in Cerberus Capital, the owners of Chrysler.  “Owning” is a loose term.  Cerberus “owned” Chrysler the way a cannibal “hosts” you for dinner. Cerberus paid nothing for Chrysler – indeed, they were paid billions by Germany’s Daimler Corporation to haul it away.  Cerberus kept the cash, then dumped Chrysler’s bankrupt corpse on the US taxpayer.

(”Cerberus,” by the way, named itself after the Roman’s mythical three-headed dog guarding the gates Hell.  Subtle these guys are not.)

While Stevie the Rat sold his interest in the Dog from Hell when he became Car Czar, he never relinquished his post at the shop of vultures called Quadrangle Hedge Fund. Rattner’s personal net worth stands at roughly half a billion dollars.  This is Obama’s working class hero.

If you ran a business and played fast and loose with your workers’ funds, you could land in prison. Stevie the Rat’s plan is nothing less than Grand Theft Auto Pension.

It doesn’t make it any less of a crime if the President drives the getaway car.

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10 Responses to “Grand Theft Auto”

  1. truth Says:

    http://www.youtube.com/view_play_list?p=06F4A803FE12C6A2&search_query=xendrius

    http://www.youtube.com/user/noreagaaa

    http://wakeupproject.com/

    Thank you for your articles, the elite dont only want power, they are serving a certain figure that we are made to believe doesnt exist…..

  2. ericswan Says:

    I worked really hard on a post this morning but tptb managed to derail it. One of my recent researches has been the path of three distinctly impressive comets. Each on their separate paths, crossed over the face of Algol. The last was 17p/holmes on Jan. 22, 2008. This malificent star is in the constellation of Perseus also known as the breaker. In my intuitive mind, the breaker is the union breaker or the economy breaker.

  3. Voir Dire Says:

    I found this analysis very, very telling though I no longer put ANY credibility in the Republican party or Republicrats. Like the Jews’ News(papers), they have been dying a slow death for a very long time, but DESERVED a quick one. The treasonous Republican party have been forced to surrender to a full-fledged dictatorship by Jewish puppet Obama and the Marxist Democratic party, and genuine patriots now stand to go down with the ship owing to their unspeakable treason. They have been completely neutered of ANY power and are now consequently inconsequential. The following serves as a perfect reminder of who NOW holds the reigns of power.

    OBAMANOMICS
    Chrysler’s ‘hit list’ targets GOP donors
    Dealers who give to Republicans much more likely to be shuttered
    Posted: May 27, 2009
    7:54 pm Eastern

    http://www.worldnetdaily.com/index.php?fa=PAGE.view&pageId=99325

    I suspected that there was a mountain of corruption (smelling a VERY BIG RAT) behind the Chrysler behemoth orchestrated by the usual predatory vultures, and this exemplary piece of investigative journalism merely confirms it.

    BTW, “foundingfather1776, this is a fantastic, informative blog you have put together here. Thanks for all your time and effort towards this invaluable project.

    Wide Awake & Fooled No More,

    Stephanie

  4. foundingfather1776 Says:

    Thank-You Voir Dire for your comments and kind words.

    By the way, did you know that automaker FIAT, who is buying Chrysler for pennies-on-the-dollar is run by a known “Bilderburg Club” member?

    http://www.freerepublic.com/focus/news/2219230/posts

    From Wiki:

    Nicknamed L’Avvocato ( the lawyer ) because he had a degree in law (though he was never admitted to the Order of Lawyers), Agnelli represented the most important figure in Italian economy, the symbol of capitalism during all the second half of 20th century, and regarded by many as the true “King of Italy”.

    A cultivated man of keen intelligence and a peculiar sense of humour, he was perhaps the most famous Italian abroad, forming deep relationships with international bankers and politicians, largely through the Bilderberg Group, whose conferences he attended regularly since 1958.

    Some of the other Bilderberg regulars became close friends, like Henry Kissinger. Another longtime associate was David Rockefeller (yet another Bilderberg regular), who appointed him to the International Advisory Committee (IAC) of the Chase Manhattan Bank, of which Rockefeller was chairman; Agnelli sat on this committee for thirty years. He was also a member of a syndicate with Rockefeller that for a time in the 1980s owned Rockefeller Center.[5]

    http://en.wikipedia.org/wiki/Gianni_Agnelli

    “FIAT merger with Chrysler is another clear indication America is falling into a neo-fascist state. While the German automobile companies worked to redeem themselves from their Nazi past. FIAT has remained a far left socialist organization.

    It was FIAT that agreed to build the largest automobile plant in Russia at the height of the Cold War, a deal that allowed Russia to acquire western machine parts for its military.

    After the Cold War FIAT remains a company sustained by large government subsidies. If one thinks FIAT is going to save Chrysler from public bail out, think again. It is Chrysler’s new status as a public subsidized company that makes it very attractive to a socialist vampire like FIAT.

    Letting FIAT sink its fangs into Chrysler’s neck only proves that it will remain on bailout life support for years to come.

    The Agnelli Family of FIAT has been the oldest member of the Bilderberger Group founded by German born Dutch Prince Bernhard. There is something about US bailouts that brings out the Bilderbergers…

    It was the 1970 US Bailout of Lockheed that resulted in the Lockheed Affair scandal which caused Prince Bernhard to step down as leader of Bilderberg. Sergio Marchionne is presently a member of the Group and also serves on the Board of Swiss bank UBS, which has given large political contributions to fellow Bilderberg member Senator Chris Dodd a lead architect of the neo-fascist US policy to merge the largest private industries into a Government command and control economic system.”

    http://seeker401.wordpress.com/2009/05/18/fiat-whohow-and-why/

    And some people think there is “no such thing as conspiracies” ?? Bwah ha ha ha ha ha….

  5. Voir Dire Says:

    You’re welcome, FF1776, for the compliments. I SO appreciate all of the efforts of our countless White patriot men who are using this freedom forum (White Man’s Press) and their technical expertise/talents to inform/wake up others of this openly declared War on the West and her people.

    I have particular interest in Chrysler’s fate/history as I work for a dealership selling Chrysler/Jeep products who mercifully survived these “closures.”

    I’m of course not the least bit surprised to find the subterranean parasites to be at the heart of these failed corporate states and NOW feasting on the Chrysler/GM corpses whilst giving the shaft to those who should be at the front of the line in monetary consideration. I listened to (former) Judge Napolitano from the Jews’ News Fox TV yesterday weigh in with his analysis that a hundred years of established legal precedences had been turned on its head. No question about it; we are now living in, for all practical purposes, a Judaized banana republic with NO rule of law whatsoever. RATtner is also a member of the unconstitutional Counsel on Foreign Relations. Tex Marrs alleges that 70% of the members of this subversive entity are Jewish – a staggering over-representation if accurate.

    After closely studying this interlocking, nation-destroying, self-aggrandizing tribe for two years, I have learned much as to how they operate in their common criminality. Look at the background of this thieving crook that Obama was instructed to appoint as “Car Czar” overseeing the final feasting and the Big Jewry tribal members covering up his criminality:

    Mayor Bloomberg defends friend, car czar Steven Ratner, amid pension scandal probe

    http://www.nydailynews.com/ny_local/2009/04/23/2009-04-23_mayor_bloomberg_defends_friend_car_czar_steven_ratner_amid_pension_scandal_probe.html#ixzz0HgRr5W1i&D

    AND in another article detailing this pension scandal in the only forum that does any REAL investigative journalism (the alternative media – in this case “NewsBusters”), yet another bosomy relationship with a fellow vampire:

    ‘D.N.C.’s A.T.M.’ Steven Rattner Allegedly Under SEC Scrutiny in Kickback Scheme
    http://newsbusters.org/blogs/terry-trippany/2009/04/17/d-n-c-s-t-m-steven-rattner-allegedly-under-sec-scrutiny-kickback-sch

    “That the New York Times would afford Mr. Rattner such glowing treatment is no surprise considering that he is a former New York Times finance reporter and personal friend of New York Times publisher Arthur Sulzberger Jr.

    Among those engagements is Rattner’s role as consigliere to New York Times scion Arthur Sulzberger Jr. Like most other newspapers, Rattner’s alma mater is seeing its profits plummet as advertisers abandon print publications for the Internet. Rattner is working on ideas to help bolster the Times Co.’s fortunes and periodically briefs the board of directors, say people close to the situation who aren’t authorized to speak for him or the Times.”

    “And some people think there is “no such thing as conspiracies ??” Try telling that to the majority of the world who suffers/labors under this tribes’ “gift” to the world of totalitarianism.

    Cheers,

    Stephanie

  6. Voir Dire Says:

    I can only look from afar with utmost admiration (and living vicariously with elation) while relishing the deliciousness of the power of the almighty pen after devouring much the damning details causing the ensuing meltdown of Britain’s Judaized police state following the stunning revelations of their plutocracy’s “expense scandal.” I can only hope that their revolution has truly begun by our long-suffering European brethren. When do we get OURS?

    Article V of our Constitution holds the key. Our brilliant founding fathers’ provided us the vehicle for overthrowing this completely wicked government that makes us so abjectly miserable and wresting it back from these racist, dual-agent usurpers/alien occupiers and OUR treasonous legislators who so readily relinquished it to them.

    S.

  7. Celline Says:

    is this the correct blog, Founding ?
    If not.. please would u send me the link to my screen name ?

  8. Celline Says:

    is the old blog, still active ?

  9. stef Says:

    “Is the old blog, still active?”

    Now there’s a question for the ages…

    It is abominable how FF caters to this sort of demented relic, but will happily part company with anyone who has any relative info to offer.

    Guess “activity,” any old “activity,” gives him a rise is good enough, eh?

    911USrael

  10. Amused Reader Says:

    Hey Stef, I have been reading the comments off and on on this blog. I don’t think FF asked you to leave, but just to be nicer. Personally, I enjoy your comments. Those old broads sound like they have several screws loose. Don’t let em chase ya away!

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