Monday, June 8, 2009

Supreme Court Not Allowed To Rule On TARP?

I have studied a bit on the Constitution and Bill of Rights but I am no legal expert but I find it hard to believe that the Supreme Court does not have the right to review and judge the TARP legislation and its implementation by the Executive Branch. That is what the Obama Administration argued unsuccessfully today in trying to prevent the hold place on the sale of Chrysler to Fiat as part of its bankruptcy.

The argument was that not only did the Pension Funds who were creditors not have standing but the fact that the TARP was used to give money to car companies rather then banks couldn't be reviewed either. The argument made was that move was in the national interest to protect against "disrupting the stability of the Nation’s economy and financial markets.”

I guess Justice Ruth Bader Ginsburg didn't buy it.

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