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Politics : American Presidential Politics and foreign affairs
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To: DuckTapeSunroof who wrote (35405)5/6/2009 4:46:49 PM
From: TimF  Read Replies (1) of 71588
 
If its not outright illegal, its still legal and political maneuvering to disadvantage the senior creditors to favor better connected junior creditors.

Many of the creditors who are going along are only doing so because they have become dependent on the government for reasons outside this particular bankruptcy case, and so they do the government's bidding here.

The issue isn't one of favor going towards those who show up with new cash. The government isn't grabbing special favors in exchange for the new cash, in fact its forgiving even recently made loans. The favor here is not going towards the government but towards junior creditors in particular the unions.
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