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Politics : American Presidential Politics and foreign affairs
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To: DuckTapeSunroof who wrote (35612)5/21/2009 2:54:06 PM
From: TimF  Read Replies (1) of 71588
 
Since the plan *won the votes* of more then 94% of all creditors (and no alternate plan was even put forward to the Court), then we already know how the choice between "Plan A" and "no plan" goes!

Any plan the government put forward would win the votes of most of the creditors since most of them are in the government's pockets. Not much point in anyone else developing a full formal plan since the government used its money (both inside and outside this process, the later including TARP funds), and its power, to seize control of the process and dictate its terms, in order to favor the unions. The only reason to favor the unions is their political influence. There's no actual need to do so as part of any bankruptcy, but the government likes them more, so it rolls over everyone else, to put them on top.
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