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INTRODUCING THE ’09 CHEVY CORRUPTION: Obama Appointee Trying to Carjack GM’s Pension Fund
Make no mistake, if it wasn’t for the complexities of economics and the lack of transparency that facilitates the incestuous relationship between the Treasury and the big corporate banks, your audience—along with the rest of America—would be screaming about the latest stunt being pulled by the Obama administration.
Well, start promoting bullhorns on your station, because seasoned economist Bob Chapman is available for interviews to break it all down and expose the simple truth—that what Obama’s newly appointed “Car Czar,” Steven Rattner, is demanding in the General Motors bankruptcy court case is not only unfair . . . it’s illegal!
As Chapman can explain, when a company files bankruptcy, every vested party has to swallow its own bitter pill. But after essentially ordering GM into bankruptcy in the first place, Rattner wants to change the rules and tap the legally off-limits employee pension fund to pay off his big banking friends at JP Morgan Chase and Citibank—two of GM’s largest lenders.
The problem is, the Employee Pension Fund was built on employee payroll deductions, and it doesn’t belong to the corporation! So, taking it under any bankruptcy circumstances is a clearly stated crime!!! Furthermore, you can’t disperse funds preferentially to creditors! That’s also against the law! It’s favoritism! Bankruptcy judges appoint ‘trustees’ that can be ‘trusted’ to even-handedly disperse assets at such rates as 30 cents on the dollar or 8 cents on the dollar—not 100 cents on the dollar! And especially not to your sweetheart fellow elitist banking buddies!!! That’s patently illegal--is anybody listening???
“The Employee Retirement Income Security Act of 1974, better known as ERISA, states that you cannot seize the pension funds of workers any more than you can seize their private bank accounts, and that law is very explicit,” stated Chapman.
For a deeper look into the bogus scam Rattner and the Obama administration is trying to run, and a frightening projection on how Rattner’s success in this case will further embolden fiscally irresponsible corporations sniffing for working-class-funded welfare, schedule an interview with Chapman today.
In the meantime, for the complete story, visit: http://www.gregpalast.com/grand-theft-auto-how-stevie-the-rat-bankrupted-gm/
ABOUT ROBERT J. CHAPMAN:
Bob Chapman is founder and editor of The International Forecaster, a compendium of information on business, finance, economics and social and political issues worldwide. It directly reaches 10,000 investors and brokers every month, while portions of his publication are picked up by 60 other financial publications, resulting in an aggregate number of weekly readers in the range of 10 million investors. Bob spent three years in U.S. Army Counterintelligence, mostly in Europe. He speaks German and French and is conversant in Spanish. He lived in Europe for six years, off and on, three years in Africa, one year in Canada and another year in the Bahamas. Mr. Chapman became a stockbroker from 1960 to 1988. For 18 of those years he owned his own brokerage firm with over 6,000 clients.
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