BREAKING: USSC delays Chrysler asset sale!

CNBC Breaking News (live) ^ | 08 JUL 09 | dcbryan1

[DCBryan1]

Breaking on CNBC:

USSC delays Chyrsler asset sale!

Mourdock: USe of Tarp Funds in automotive industry was illegal

Obama admin had urged USSC NOT to keep chrysler deal on hold

[DCBryan1]

DEVELOPING HARD!

[bolobaby]

Bad Bambi, bad! SLAP!

[Boiling Pots]

SO the entire SCOTUS is going to hear the case?

Hopefully they’ll throw TARP out the window.

[doug from upland]

Gee, maybe the USSC can actually save the bond market.

[blf1776]

This was just on WLS radio as well.

Go Indiana!!!

[theDentist]

Oooh and SCOTUS blindsides OStammer with a hard Right!

[jennyjenny]

Indiana no likey Obama anymore.

[americanophile]

Could it be that the unconstitutional TARP will have its day of judgment?

[DallasDeb]

Do we know which justice ruled on the hearing?

[technically right]

WHOA DOGGIES!!!

[DCBryan1]

This is a BIG BLACK EYE to Obama Co. and Commie associates INTL.

USSC would not have issued a stay/hold if they didnt intend to sit and rule on the constitutionality of the whole deal.

This is a triumph, also, for independent chrysler dealers, and possible conservatives targeted for closing.

This also helps the rule of law and bankruptcy laws RE: Secured creditors in the GM bankruptcy.

On this news...Market went from -60 to +2 on the DJIA.

CNBC just hosted IN state treasurer.

[jennyjenny]

I believe it was Ginsberg.

[FourPeas]

I’m impressed Ginsberg didn’t side with the Obama administration. Just wow. It gives me hopes the separation of powers might not be completely dead.

[Snickering Hound]

[FourPeas]

Yep, Ginsberg.

[griswold3]

Happy Days are here again,
the sky above is clear again...

Protect the ‘Rule of Law’!
else we digress into the law of the jungle...

[EGPWS]

Ginsburg.

[Made In The USA]

Sorry Barry! You’ve been declined!

[tiredoflaundry]

Thats gonna leave a mark! hehehehehe

[Marie2]

Oh, dear God, preserve our Republic.

[Non-Sequitur]

USSC would not have issued a stay/hold if they didnt intend to sit and rule on the constitutionality of the whole deal.

Don't go counting your chickens.

[ltc8k6]

http://voices.washingtonpost.com/economy-watch/2009/06/supreme_court_holds_up_chrysle.html?hpid=topnews

[technically right]

Take that, and that, and that, and THAT!! (sounds of Zero’s floppy ears getting boxed by Buzzy Ginsburg)

[Ahithophel]

Indiana no likey Obama anymore.

And vicey versey, no doubt. Elkhart? What Elkart?

[Army Air Corps]

Ping.

[KarlInOhio]

USSC would not have issued a stay/hold if they didnt intend to sit and rule on the constitutionality of the whole deal.

Solicitor General Kagan argued that the Supreme Court didn't have authority to rule on this case. I wouldn't be surprised that the USSC took the case just to rule that they do have authority over it no matter which way they rule.

[reagan_fanatic]

Uh oh - Michelle is gonna be scowling ever more than usual now.

[Recovering_Democrat]

HUSSEIN LOSES TO SCOTUS
for the time being, anyway.

[JenB987]

Obummer is not going to like this. Not one bit.

He doesn’t like people who follow a just law and the Constitution.

Thank God the SCOTUS is not lost...yet.

Preserve our Republic!

[Revelation 911]

epic fail

[jveritas]

The current wall street folks are bunch of socialist limousine liberals. I think they want socialism as much as Obama does.

[savedbygrace]

Id the Court hears the case, and if they ultimately rule the use of TARP funds for auto makers was not authorized, somebody should actually go to jail for misappropriation of funds.

If the CEO of a corporation had done something similar with borrowed funds, he would do time.

In this case, would it be Turbo Tax Timmy? Or would it be an impeachable offense for The Won?

[RushIsMyTeddyBear]

WOAH!!!!!!!!!!!!!!!!!!!

[AuntB]

“Could it be that the unconstitutional TARP will have its day of judgment?”

I guess we can still hope!

[LikeLight]

Rule of Law rocks USA!

[RushIsMyTeddyBear]

LMAO! Perfect pic for the occasion. ;-)

[EGPWS]

Obama admin had urged USSC NOT to keep chrysler deal on hold

Urging thats not above your pay grade, Obomba?

[Scythian]

UAW Death Sqaud Teams and Bus Loads of ACORN Teams are heading to Indiana now to help explain things to the populace

[tiredoflaundry]

DENIED!

OH THE DRAMA!

[Typical_Whitey]

Obviously Obama will say the court is too Conservative. USSC may be the last chance to save America. I nominate everything that Obama does be challenged in the USSC starting with his official record of BIRTH.

[kcvl]

Ruth Bader Ginsburg:

“UPON CONSIDERATION of the application of counsel for the applicants, and the responses filed thereto,
IT IS ORDERED that the orders of the Bankruptcy Court for the Southern District of New York, case No. 09-50002, dated May 31 and June 1, 2009, are stayed pending further order of the undersigned or of the Court.”

[maggief]

Obviously Barry got the twitter on the back nine.

;)

[green iguana]

SCOTUSblog is saying that nothing can be read into her brief statement. All it means is that she, or perhaps the full court, need a bit more time to decide whether to take the case or not.

At the top here: http://www.scotusblog.com/wp/ for now.

[DCBryan1]

FROM THE LINK

Supreme Court Justice Ruth Bader Ginsburg has temporarily delayed Chrysler's sale to Fiat.

Ginsburg says in an order Monday that the sale is "stayed pending further order."

The action indicates that the delay may only be temporary.

Chrysler has said a delay could scuttle the deal.

A federal appeals court in New York had earlier approved the sale, but gave opponents some time to file an appeal with the Supreme Court.

The Chrysler case could set a precedent for General Motors[GMGMQ 1.21 0.345 (+39.88%) ], which is using a similar quick-sale strategy in its bankruptcy in New York.

A group of Indiana pension funds argued that the sale of Chrysler unlawfully rewards unsecured creditors ahead of secured lenders and amounts to an illegal reorganization plan, and that the U.S. Treasury Department overstepped its legal authority by using bailout funds for Chrysler when Congress intended the money for banks.

© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

[PghBaldy]

It appears to be an open question what will happen, but obviously this is A first step.

[Deo volente]

Benito Obama will not be pleased.

[TonyInOhio]

The ScotusBlog take is that Ginsburg issued the stay to give the Supreme Court more time to review. I got the impression that they were throwing cold water on the idea that the Court will take up the case.

[maggief]

Constitutional Scholar

[IrishPennant]

Ruth??? Ruth??? Dammit Ruth...let me in.

[NotSoModerate]

You’d think Obama would have learned from FDR when trying to take over an economy: stack the Supreme Court with cronies before breaking the laws written in the Constitution. It’s also in every “dictator for dummies” book ever written. Jeez, where did Obama get his education?!?