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  • Bailout Fail: Ford Drops Debt, while GM and Chrysler Flounder

    After months of pressure from the federal government to push down General Motors’s and Chrysler’s debt loads, a deal remains far out of reach. With the promise of further federal bailouts, no debt-holders wants to make concessions—accepting just 30 or 40 cents on the dollar, and much of that in … More

    Illegal Bailouts Threaten Economic Recovery

    Rule of law? Who needs it! That seemed to be the message of the Obama Administration as it seeks to maneuver around restrictions imposed by Congress on bailout recipients. As the Washington Post describes, the Administration is laundering money to bailout recipients by “set[ing] up special entities that act as … More

    D.C. Voting Deception: Release the Secret Memo

    Ed Whelan has a strong column in yesterday’s Washington Post on the Attorney General’s attempt to suppress an Office of Legal Counsel opinion concluding that the pending D.C. “voting rights” bill is unconstitutional. (We share that view.) This is not, as the Post had put it previously, a case of … More

    Obama Lawyers: D.C. Vote Bill Unconstitutional

    Chalk up a big loss for constitutional rule of law, thanks to an Obama Administration sleight-of-hand reported on the front page of today’s Washington Post. When the Executive Branch needs legal advice, it goes to the Office of Legal Counsel in the Department of Justice. OLC is like an in-house … More

    Bankruptcy? Nope, It's Just Another Bailout.

    All bankruptcies are not created equal. For months, Heritage and other conservatives have counseled that the proper course for an ailing automaker is the same medicine as for any other sick company: the bankruptcy process. All along, industry shills and union activists have pooh-poohed that idea, claiming that bankruptcy filings … More

    Tragic Facts Make Bad Law: Court Rejects Expert View on Drug Labels

    The decision in the blockbuster case of Wyeth v. Levine is just out, and Lyle Dennison’s early commentary is here. To summarize: In an opinion by Stevens, joined by Kennedy, Souter, Ginsburg, and Breyer, the Court held that FDA approval of a drug’s labeling does not preempt state-law failure-to-warn claims. … More

    The Open-Ended Nature of "Honest Services" Fraud

    (Commentary by Heritage’s Brian Walsh) The Supreme Court yesterday decided not to consider an important case, Sorich v. U.S., on the meaning and scope of an exceedingly broad federal statute that has been used to prosecute a breathtaking range of conduct. Associate Justice Antonin Scalia again broke with the strict … More

    GM Bailout Demands Grow $12 Billion in 2 Months

    An hour later than promised, General Motors submitted a restructuring plan to the Treasury calling for an additional $17 billion in government funds, on top of the $13.4 billion promised by the Bush Administration less than 2 months ago. Today’s request, if granted, would be $12.4 billion more than the … More

    Chrysler Bailout Demands Growing a Billion a Month

    We don’t have the plan, yet, but we already know the bottom line: $5 billion. That’s how much money private-equity-owned Chrysler LLC wants from federal taxpayers to finance its “turnaround plan” submitted to the Treasury at 5 pm today. Chrysler’s previous turnaround plan, released less than 2 months ago, indicated … More

    Congress Bans Pay for Performance

    A small provision slipped into the stimulus (PDF) by Sen. Chris Dodd is making big waves in the banking and finance industries. The last-minute addition to the bill, which pretty much no one noticed until after the legislation passed both chambers, places sharp limits on bonuses available to top executives … More