New York Post columnist Irwin M. Stelzer notes that President Obama “said last week that he’d override the contractual and legal rights of Chrysler’s senior lenders and carve up the company between the government and the United Auto Workers.”

Stelzer continues:

Obama forced the senior lenders to take something like 30 cents for every dollar they’d lent Chrysler. Many lenders — the big banks who’d taken federal bailout money — rolled over. But some hedge-fund managers pointed out that they have a legal, fiduciary responsibility to do the best they can for their investors (which include pension funds) and decided to take their chances with a bankruptcy judge.

Never mind that this is their long-established legal right. Obama is furious with these “speculators,” and hinted that he knows where they live and will get even when the new financial-industry regulations are drafted.

This continued antagonism towards America’s business community may not be in the country’s best long-term interests, Stelzer points out:

[T]he president is counting on some of these “speculators” to partner with the Treasury and take a big stake in the toxic assets that are preventing the big banks from resuming normal lending. Unprotected by a rule of law, these investors will sit on their assets, rather than partner with a government that might some day decide, after the fact, that they made too much money, or should bear a larger portion of any losses than they had signed on to do.

Meanwhile, a prominent bankruptcy attorney, White & Case’s Tom Lauria, alleges White House threats against an opponent of the government’s Chrysler takeover plan:

One of my clients was directly threatened by the White House and in essence compelled to withdraw its opposition to the deal under threat that the full force of the White House press corps would destroy its reputation if it continued to fight.

The most interesting thing about Lauria’s claim is that the Obama official threated to sic the White House Press Corps on offending “speculators.”

In theory, the White House Press Corps is an independent body, an arm of the press and not the Obama Administration. What would give this official the idea that the press corps would blindly do the administration’s bidding?

Perhaps the press could prove its independence by digging into this story a little bit deeper. (The White House has issued a blanket denial, but the varying accounts don’t add up.)

Nevertheless, I can certainly understand why an administration official might mistakenly conclude the hard-hitting media was merely an extension of Barack Obama’s PR apparatus.