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October 6, 2008

WTP Pushes Further Into Bailout Legal Challenge 

AIG Has Already Consumed $61B of $85B Government Loan

Early this morning, WTP Chairman Bob Schulz filed a supplemental Memorandum of Law in support of the Emergency Appeal to the Second Circuit Court of Appeals contesting last week's order of the U.S. District Court in Albany which barred any injunctive relief in WTP's constitutional challenge to the Wall Street bailout.  The lower court had (erroneously) ruled that its jurisdiction to impose injunctive relief was not properly invoked.  

The supplemental brief brings additional facts before the appellate court including added urgency supported by a report in The New York Times that over just several days, insurance giant and bailout recipient AIG has already expended $61 billion of the $85 billion loan extended to it via the Treasury and Federal Reserve. That loan, made days prior to the passage of the "Emergency Economic Stabilization Act of 2008", i.e., without any congressional authority whatsoever, along with the full EESA, are being challenged on the grounds that the acts all lack Constitutional authority. 

The bailout bill, which was signed by the President into law last Friday afternoon, (allegedly) provides the authority for the U.S. Government to purchase or insure $700 billion of unspecified (private) assets from unspecified (private) institutions, (including foreign entities), at its sole discretion. 

Unlike the draconian language contained in Treasury's original draft which would have completely exempted the Treasury Secretary from all congressional and judicial oversight, the EESA act passed Friday expressly recognizes the jurisdiction of the U.S. Courts and directs them to grant or deny requests for Temporary Restraining Orders within three days of a request seeking to, "remedy a violation of the Constitution."

Today, Monday October 6, marks the third day following WTP's initial appeal of the order to the Second Circuit Court of Appeals in Manhattan. As of this publishing, the Court of Appeals has as yet taken no action on the WTP appeal and the Government has not responded.

Click here for:     Supplemental Memorandum
                         NY Times article: AIG Uses $61B of $81B
                         Schulz Declaration #2
                         Full EESA Bill as Passed Oct. 3 2008 (H.R. 1424)

Our Fight Needs Your $

As you might imagine, the ongoing efforts of the WTP organization to hold Government accountable to the Constitution through judicial confrontation and constitutional activism cannot be accomplished without your continuing support.

Just this past week, WTP Foundation expended almost $1200 in federal court filing fees alone -- the two related federal lawsuits ($350 each) and the federal appeal that is the subject of this update ($455).

These legal actions make up just a small fraction of the federal litigation activities WTP initiated during the past year and do not include the travel costs of numerous trips to NYC and DC or any of the significant operating and administrative expenses that WTP incurs on a day-to-day basis that enable it to continue this important work.

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