“…the AIG bailout, a hideous political contrivance that ranks with the great acts of political corruption and thievery in the history of the United States.”
Remarkable that in light of the massive failure of the Executive and Legislative Branches of the United States Corporatocracy to protect and defend the public from the outrages being committed by the FIRE sector, the Judicial Branch is providing a haven for the rights of the people under the Constitution.
Can this be due to the fact that federal judges do not require huge campaign contributions, which Wall Street doles out like a foreign power to the craven denizens of Foggy Bottom?
Indeed. The clauses that designate the Credit Default Swaps as super senior to nearly everything else (Some animals are more equal than others clauses) are being struck down by bankruptcy courts. The banks do not take precedent in the hearts and minds of everyone, despite assertions by Timmy and Hank to the contrary.
This is an old financiers trick in the equity world of venture capital, the Sand Hill Road clause, long used to strip the holders of common shares of their slice of the pie in the evolution of startups. The CDS and CDO variation took the gambit a step too far, stepping on the rights of the bond holders, and the courts are nullifying it. Good for them.
Wall Street does not always come first, when honest public servants uphold their oaths to protect and defend the Constitution against those confiscating the wealth of the people.
Do what thou wilt shall be the whole of the Law is the guide of those doing their darker god’s work. In the short term it makes them strong, because they deny themselves nothing: no trick or falsehood, no claim or deceit, no act of betrayal or sympathetic ploy. They simply have no shame.
But there is also no honour among thieves, only greed and fear. The best part of honour is the love of something greater than ourselves. And so the bonds of their coalition are weak. Greed and self-interest will be unable to sustain the partnership of government and the Banks when the tide turns– in the end only the fear remains.
And will Timmy whimper when the zombies turn on him?