Well, a Teabagger would tell you that the 16% above Obama’s name was a shortened numebr beause they couldn’t fit the BillionBazookaGaJillion zero’s after that 16 to give an accurate account. And good luck changing a meme with the MSM, where it’s easier to go with the flow than to think and actually do any work, let alone the people who believe the BS in their hearts the same people who think Blacks are shiftless and stupid and predispositioned towards crime, Jews are cheap and evil, Poles are stupid, Jesus was a Founding Father, the Earth’s not warming, and it’s flat besides.Empirical facts count for nothing. No matter whether you make a graph, a pie chart, a flow chart, or present an accountants ledger, you won’t convince anyone because in their hearts they know they’re right, and that those numebrs are liberal numebrs and therefore can’t be right. Beliefs and feelings rule their lives. We see this all of the time, to the point where if they ever ackowledge something logically and factually, we are shocked to a state of a near-death experience. And no, I can’t remember any recent examples of that. Can you?

So if I understand it CDS holdres jump to the front of the bankruptcy line (pari passu with depositors in the case of a bank?) and therefore there is an additional incentive for them, who could well be also an unsecured creditors, to prefer default of the institution. For them, the insurance policy is worth more than any asset, right? Wow! Now I understand why (case of AIG?) it’s better to unwind CDS contracts and pay counterparts. Under these circumstances it’s really better to set up the new good bank or insurer as a completely and legally separate entity and see what CDS holdres would do and where they put their claim

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