Contract Law was nullified in 2009, where the government is concerned.
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My reference had to do with a bank buying out a weaker bank-not the stinkin’ government.
I understand but, to me, it is a matter of degrees.
FDIC money is no different than GMs quantitative easing “loan”.
It came with strings and Class A share-holders (a fiduciary contract instrument) were nullified.
“You can have this money and avoid bankruptcy if you stop making Oldmobiles, Pontiacs and Saturns.”
Full disclosure, my wife is C-level in the local bank.
RegCompliance.
She doesn’t like talking to me about FDIC regulations.
ah...I was thinking standing bankruptcy law on its head...