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    tomder55's Avatar
    tomder55 Posts: 1,742, Reputation: 346
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    #21

    Mar 15, 2013, 11:42 AM
    Uhhh, follow the law... When a creditor goes broke it's taken over by its creditors, or it declares bankruptcy and works out a payment plan. It does NOT get supplanted by government.
    Unless it's GM
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #22

    Mar 15, 2013, 02:10 PM
    Ex I don't understand what you are on about, I have seen a number of Local Government entities placed in Administration, it can be because of financial problems but more usually because of corruption of those "elected" officials whose position you think shoul;d be sacrosanct just because they were elected.
    tomder55's Avatar
    tomder55 Posts: 1,742, Reputation: 346
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    #23

    Mar 15, 2013, 03:08 PM
    The fact is that especially recently ,a state takeover of a state chartered city ,municipality ,township etc is common practice. I bet the clowns in Detroit didn't complain when the state guaranteed the city municipal bonds when they had junk bond ratings . The state of Michigan did a similar move in Pontiac ,and that city is on it's way to recovery. The Dems weren't complaining when the former Governor did similar takeovers.
    smoothy's Avatar
    smoothy Posts: 25,490, Reputation: 2853
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    #24

    Mar 15, 2013, 03:37 PM
    Quote Originally Posted by tomder55 View Post
    unless it's GM
    What MOST people don't know... is the people that got screwed by Obamas takeover of GM... wasn't the white collar workers... all the white collar retirees kept EVERYTHING... including their medical coverage...


    It was the blue collar retirees the left pretends to be standing up for that got screwed (the Union workers)... they got their pensions cut... and lost ALL of their retiree medical coverage...

    My father was a GM retiree... he was a blue collar worker.
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