FED, Bernanke, Treasury SUED by 'We the People'

[adam1mc]

http://www.wethepeoplefoundation.org/Update/Update2008-09-18.htm

WTP Brings Federal Lawsuit to Stop AIG Bailout

U.S. Lacks Constitutional Authority for Loan

On the day following the 221st anniversary of the signing of the U.S. Constitution, WTP Chairman and constitutional activist Robert Schulz today filed a federal lawsuit in United States District Court in Albany seeking to halt the execution of the emergency bailout of American International Group, Inc. (AIG) by the United States Government and the Federal Reserve.

The lawsuit asserts that the commitment of public funds and credit for the direct benefit of privately owned AIG is an ultra vires action by the United States Government and Federal Reserve, i.e., beyond the limited legal authority granted by the Constitution. The lawsuit asks for a "show cause" hearing demanding that the Government produce evidence of its legal authority to commit public funds for such a purpose, as well as emergency and permanent injunctions halting the bailout transaction.

Beyond the Constitutional deficiencies, the bailout establishes a dangerous precedent enabling the Fed and/or Government to nationalize virtually any business or property within the United States without legal authority or congressional approval.

The defendants include the Federal Reserve System, Fed Chairman Ben Bernanke, the U.S. Treasury, Treasury Secretary Hank Paulson Jr. and the United States Government.


Digg this:
http://digg.com/business_finance/FED_Bernanke_Tresury_SUED_OVER_AIG_BAILOUT

[Chester Copperpot]

NICE... Now if the bailout still goes through I want my 4 1/2 shares of stock.

[Alawn]

Unfortunately the judge may throw this case out and claim they don't have standing. I completely disagree with that but they tend to say people don't have standing to sue over the government doing something unconstitutional by being a tax payer. They want somebody more directly involved. Of course this ends up letting lots of unconstitutional laws/actions go unchallenged. You might need somebody to be able to prove they directly lost money because of the deal. The system is set up to squash any descent. :(

[anaconda]

I am really getting irritated with the government. We need some new laws about judges throwing out cases. Don't we pay them our tax dollars to hear our cases?