What to Do About Fiscally Irresponsible States Like Illinois?

[vooch]

“...> obviously the senior bondholders take control of the assets until they get paid in full <

That’s what the GM bondholders thought, too. Didn’t quite work out that way....”

no investor should ever forget that high crime, thanks for reminding us

[Buckeye McFrog]

The U.S. Constitution, in Article 4, Section 4, prohibits any federal bailout to a bankrupt state.

So they'll give it to a non-bankrupt state, who will pass it on to Illinois, while keeping a 10% Finders Fee. You have to think like a Democrat.

[JohnBovenmyer]

and zero electoral votes during that time.

Pay state and local pensions at whatever level they were actually funded, only. The funding that should have been was likely mostly spent on pay increases to the same folks, and so lobbied for by the same folks. So they already have what's 'missing.' RICO as many of the state employee union funded politicos as possible as well as the union officials for triple damages. The Rats want to tax the rich; well, those are the remaining rich! Just as the political/government worker cabal has ended up with whatever money is left in Cuba and Venezuela.

[Yosemitest]

“What Do You Do With States That Get Into Fiscal Trouble Like Illinois?”

FIRST: PROSECUTE THE GUILTY, after public and televised hearings expose them and their fraud, waste, and abuse.

SECOND: PUNISH THE GUILTY through court trials and maximum sentences with both maximum fines and maximum prison times.

THIRD: CHANGE THE LAWS the guilty used to sell their lies, and give even stiffer available punishments.

FINALLY: REMOVEANY JUDGE THAT TRIES TO REDUCE THE SENTENCES OR RELEASE THE ACCUSED DUE TO A TECHNICALITY.

ENFORCE THE SPIRIT OF THE LAW ! ! !

[RegulatorCountry]

Amen.

[Reily]

I think you would actually find very little real fraud in the Illinois fiscal crisis. It’s all fueled by the liberal notion that “the bill” is someone else’s problem.

It’s not against the law to be stupid and stupid they were both the legislators who made it all possible and the “pixie dust” believing voters who enables them.

[Yosemitest]

FOLLOW THE MONEY SPENT FROM ILLINOIS STATE TAXES.
AUDIT EVERY PENNY SPENT !
Any, and I MEAN ANY ... FRAUD, WASTE, OR ABUSE is found,

PROSECUTE THE GUILTY !

The MONEY is what it's all about.
And the GUILTY MUST BE PUNISHED, and made to SUFFER !