So, I guess it will be like the GM bailout. Remember that the preferred bond holders, who should have been paid FIRST in any bankruptcy, were shafted by the Obama administration.
Now, it appears Goldman Sachs, or other groups, will be forced to eat the debt. If so, the “rule of law” is extinct in the US.
What does rule of law have to do with anything? It’s called bankruptcy for a reason. With the situation they were in BEFORE the hurricane they were already bankrupt. Pension funds in a lot of states are going to face the same problem in the next 20 years