Skip to comments.Ed Schultz Insists GM and Chrysler Never Went Through Bankruptcy
Posted on 05/11/2012 9:24:20 PM PDT by tobyhill
Ed Schultz believes you can change history by repeatedly claiming it didn't happen.
An example of this derangement could be heard on Schultz's radio show Wednesday when he insisted that General Motors and Chrysler did not file for bankruptcy.
Which, come to think of it, is a bankrupt claim in and of itself
Schultz made this bizarre assertion in response to Mitt Romney saying President Obama largely followed his advice on rescuing the auto industry.
SCHULTZ: He is a flat-out liar!
GOOFY SIDEKICK JAMES HOLM: Yes.
SCHULTZ: He is a liar! You can't deny the op-ed that he wrote in the New York Times, "Let Detroit Go Bankrupt". Managed bankruptcy and that's what they did, the hell they, what do you mean, managed bankruptcy?! The American taxpayer wrote a check to an industry that went back and knocked off the corporate jets, knocked off the wages and the health care and the pension for the United Auto Workers, and reset the table, reset the marketing focus, reset the focus on what they were going to make and put on the market. And where the hell are they now?! This could have never been done under Mitt Romney.
HOLM: That sound, that sound of him saying I des-, do we have that sound? I love that soundbite.
ROMNEY: I pushed the idea of a managed bankruptcy and finally when that was done .
SCHULTZ: WHOA! WHOA! WHOA! Whoa! Whoa! Whoa! What do you mean, finally when that was done? It was not done. It was not done. It was not done. They (pause) reprioritized within the framework of what they had.
HOLM (dutifully): That's right.
SCHULTZ: That's what they did! He can call it a slick Bain term. He's so Bain (excruciating mimicry of Carly Simon's ,,,,)
(Excerpt) Read more at newsbusters.org ...
Special Ed is a little “slow”.
This guy has so much fun being stupid ... let him enjoy himself until the short bus comes to pick him up.
LOL! You nailed it.
I work for a financial services firm.
I have seen the paperwork up close - many times.
And yes, GM most certainly did declare bankruptcy.
For anyone to declare otherwise - well, they are an idiot.
Last I remember is that Bush initiated the TARP thing and Obama took it further and all those tax dollars were to stop GM and Chrysler filing for bankruptcy and keep union jobs.
The Fedgov screwed over the bond holders (100% loss) for the sake of a pact with the auto unions, while claiming the country couldn't allow such large companies go into Chapter 11 (too big to fail).
Huge mistake. Know why? Because Ford Motor Company didn't take any of those funds and still managed to survive and profit. The Fedgov hysteria about GM and Chrysler going down would kill our economy was all about union jobs.
What am I missing here? Pretty sure that's how it worked. If wrong, please refresh me...
Your take on these claims/ statements mirrors my recall of then situations as they occurred. Obama stole GM from the GM bondholders and gave it to the union. If GM had declared bankruptcy, the bondholders would have been first in line for any recovered assets. In the Obama theft, the bondholders got screwed.
"The General Motors Chapter 11 sale of the assets of automobile manufacturer General Motors and some of its subsidiaries was implemented through section 363 of Chapter 11, Title 11, United States Code in the United States Bankruptcy Court for the Southern District of New York."
"After the Chapter 11 filing, effective Monday, June 8, 2009, GM was temporarily removed from the Dow Jones Industrial Average"
stupid is as stupid does (says)
“Ed Schultz..Who?’’<, Schultz , Ed Schultz. He’s Ed, he’s special... He’s “Special Ed’’.
Really? I thought part of the idea of TARP and soon after the STIMULAS was to keep GM and Chrysler from filing for bankruptcy (too big to fail as in Lehman Bros). Guess I didn't pay enough attention, as I was more focused on the banking/mortgage situation of AIG, Lehman, Goldman, et al., and how the dominoes were falling that could bankrupt the world.
BTW, one of the best movies to come out of Hollywood (HBO) about the 2008 crisis was called, "To Big To Fail". They had all the players in real time and walked through the crisis (Geitner was even sitting at the table with the Treasury Secretary) as all the biggest financial CEO's were trying to figure their way out. Eventually, they had to agree to Fedgov interference to save their own ass.
The only thing they didn't show was the push by the Fedgov for many years before on the banks/mortgage lenders to provide "opportunities" to low income people who couldn't afford their payments. They touched on it, but that should have had more weight since it was the original cause of the real estate collapse.
Then, the bankers got greedy and "churned" loans and placed such loans into derivatives and exchanged between themselves and others and we know the results.
We're going to be dealing with the socialist's equal outcome home ownership ideals for years. I personally believe we are experiencing a Japan lost decade of growth.
Ed Schultz Producer Apologizes for Comparing Va. Republicans to Nazi Death Camp Doctors
When has a liberal reached the realm of the truly unhinged? When reined in by Ed Schultz.
This happened yesterday on Schultz’s radio show when one of his producers, James “Holmy” Holm, let loose with yet another memorable rant, this one about Virginia Republicans pushing a law that would mandate an ultrasound before an abortion (audio) —
SCHULTZ: What is happening in America? This is going to be the most radical, intrusive law passed on women’s health since Roe v. Wade. And (Virginia Gov. Bob) McDonnell says that he’s going to sign it.
HOLM: Uh huh. He’s eager to sign it.
SCHULTZ: We gotta do something big on this tonight. (on MSNBC’s “The Ed Show”)
HOLM: To me, and I’m not, I’m not calling the fine folks in the Republican Party Nazis. But what this is, this is Joseph Mengele stuff. This is medical testing. This is arcane, ridiculous, basically torture what they’re doing to these people.
More On Ed Schultzs Bar Fight
September 7th, 2007
Earlier this evening I wrote a post about North Dakota and national radio personality (and Democrat mouthpiece) Ed Schultz getting into an altercation with Kevin Nagle. Upon first hearing of the story, something just didnt seem right.
Ed Schultz, those of us in North Dakota know, has a somewhat legendary temper. Hes known to be belligerent and very, very defensive. Kevin Nagle, on the other hand, seems to be a prominent businessman (a quick Google search shows him to be a prominent health care professional routinely quoted in news articles about issues like Medicare). The idea that Schultz was sitting innocently in a bar when Nagle came up and picked a fight with him just didnt pass my smell test.
So I took the liberty of contacting Nagle directly and learned a few things that are pretty shocking, and certainly didnt make it into the Fargo Forum article about this incident (or Schultzs accounting of it).
After the altercation, Schultz talked about it on both his local North Dakota talk radio show and his national show. Apparently Schultz has given out Mr. Nagles phone number to his listeners, and Nagle has been receiving hordes of phone calls to the point where it is threatening his ability to serve his clients.
At one point Schultz asked Nagle why he and his family werent over fighting the war in Iraq, and Nagle responded by pointing out that some of his family was, in fact, in Iraq. Or had been in Iraq. Schultz responded to this by saying that he hates f***ing right-wing Republicans and threatening Nagle to the point where the restaurant security began to take notice
Nagle responded to Schultzs threat by saying he and his group were going to leave, at which point either someone from the hotel/bar or one of Schultzs party (Nagle isnt clear on this) grabbed his arms and pinned them behind him as Schultz approached with a fist cocked as though he was going to throw a punch.
Before Schultz was able to throw a punch, Nagles fiancee stepped in and Eds fist grazed both her and Nagle.
Nagles fiancee has bruises from this encounter.
At this point things were broken up. Nagle spoke with the bar owner, named Rick, and was told that he and his party were free to stay and that Schultz had left. Nagle is unsure of Ed left because he was asked to or because he simply fled.
Rather shocking, is it not? Of course, this is just one side of the story, but according to Nagle there were plenty of witnesses in the bar able to back up his story. Nagle also says that there is more to tell, which may or may not be forthcoming in the following days.
I get the feeling that Nagle really just wanted this all to go away until Schultz himself directed his listeners to Nagles private phone number.
Personally, I find Nagles story to be entirely believable and feel that Schultz is probably guilty of assault. And although this altercation started over a political disagreement, there is no excuse for it coming to blows. I think Schultz needs to apologize, at the very least for the thuggish and childish personal attack he launched at Nagle by making public his private phone number, if not for throwing a punch at both Nagle and his fiancee.
What's an "u may"?
I’ve never heard of any Ed Schultz unless he was a German sergeant.
It’s a “LMAO”..but incognito........
"GM filed for Chapter 11 reorganization in the Manhattan New York federal bankruptcy court on June 1, 2009"
Chapter 11 is bankruptcy. GM Filed bankruptcy. Don't believe me GOOGLE IT.
Two strikes ED. . . . .
Maybe he’ll honor all the worthless old bonds and shares of the former General Motors.
Mental illness, has to be.
GM declared Chapter 11 and the Feds through their buddies on the bankruptcy court did screw the bondholders and fatten up the unions.
Obama called the bond holders greedy and threw them under the bus.
Technically, I don’t think GM or Chrysler ever did file for Bankruptcy protection.
OBama just basically seized those entities.
Then he disolved them.
Preferred Bond Holders didn’t get a dime
Preferred share holders didn’t get a dime
Common share holders didn’t get a dime.
Vendors on Accounts Payable didn’t get a dime.
I am pretty sure that vacations/pensions/seniority was passed over to the union employees- who are Barry’s minions.
The original companies were disolved by fiat by Barry.
The shares of the ‘new’ GM were given to the unions ‘because their pensions were not fully funded’—so they got the new shares.
GMAC=General Motor Acceptance Corporation, the financial arm of GM was disolved & all those assets became ALLY BANK!!!
Didn’t we all wonder where this new bank suddenly came from???
All those car purchase contracts were the Genisis of ALLY BANK!!!
I believe that this was a complete abrogation of anything even close to a bankruptcy law in the USA.....
And NO ONE even made a whimper of a challenge to it all!!!!!
“...but you have no idea of the UNPRECEDENTED fraud committed on GM bond holders...”
Actually, I do. Bondholders got screwed royally.
GM may not have been your regular bankruptcy - but it was a bakruptcy nonetheless.
“Technically, I dont think GM or Chrysler ever did file for Bankruptcy protection.”
I beg to differ: