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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.
Please support our work and consider making a
tax-deductible donation to the WTP Foundation or
joining the WTP Congress. |
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