For for the RS readers who have not read Newsbuster transcript of the WJR’s Frank Beckman and Tom Lauria, attorney for most of (at the moment) Chrysler’s non-TARP creditors this is chilling and should be spread across the US. If Mr Lauria’s account is accurate then the Executive Branch has committed a “high crime”. Here’s a small portion of the interview that I found compelling.
I can tell you for sure that I represent one less investor today than I represented yesterday. One of my clients was directly threatened by the White House, and in essence compelled to withdraw its opposition to the deal under threat that the full force of the White House press corps would destroy its reputation if it continued to fight. That’s how hard it is to stand on this side of the fence.
Beckman: Was that Perella Weinberg?
Lauria: That was Perella Weinberg.
Yesterday the AP had this story on Ms. Weinberg.
Perella Weinberg Partners today issued the following statement regarding its Xerion Fund and Xerion`s Senior Secured investment in Chrysler: "The Perella Weinberg Partners` Xerion Fund has today agreed to the Chrysler settlement offer extended yesterday to the Secured Lender Group. We believe that this is in the best interests of all Chrysler stakeholders, and our own investors and partners. We are working with other non-TARP Lenders to encourage broad participation in the settlement." The firm has no further comment. If you follow the money and the power struggles then you will find the crime. It's human nature. If this is true and can be proving then the "I" word needs to be introduced? Here's the WSR link http://newsbusters.org/blogs/tom-blumer/2009/05/01/establishment-media-ignoring-white-house -threats-chryslers-non-tarp-lend#comments