AIG failure may cause public transit bankruptcy, page 1

I just heard about this today.

Basically the transit systems across the country were doing a form of legal tax evasion and are now getting screwed by the fine print. AIG was the backer of all these deals and they fell below a certain rating and now all the debts must be paid back along with early term fee's.

The transit systems have no money to pay back the banks and because of this may end up going bankrupt.

cbs5.com...

Here is an article that gives better detail. This could be a major impact to society if we lose a large portion of public transit. And of course they are now joining the rest of America with their hands out for a bail out.

*Note to self- do something that takes no moral's and screws everyone over so that I can get a huge amount of money in a bailout.

[edit on 21-11-2008 by whoshotJR]

reply to post by whoshotJR

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gotta love it, the crash is coming, hold onto your hats

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