“Third, govt serve other groups than just lenders.”

That is why we have such a mess. There is no logical reason for the unions to benefit. They are not owners. Their money was not invested in the company. The standard bankruptcy process would have most assuredly rejected this approach.

“Fourth, financial players who purchased claims went in there with their eyes wide open.”

How does that old saw go? Fool me once—and shame on you. Fool me twice—and shame on me!” The government will find it very difficult in the future to find new suckers.