>
>The bailouts also shredded bankruptcy law and forced first secured lenders to take major losses on loans they had made to the automakers with the legal assurance they'd be first to recover assets from the companies.
>
Could you go into more detail on what is meant here ?

Few days ago there was the trhread where customer assets were given as security to a bank
and the bank was allowed to keep them after collapse. Disturbing tendency IMO.
Makes the trend into clinking Gold even more plausible..

tia

thomas