Another wave of bailout groups has now appeared.

Transit companies got into a deal where they sold their rolling stock to
banks, which then leased them back to the transit companies.  The
point here was to take advantage of the tax credits the transit companies
held.  (Sounds like smoke, mirrors, and legalized dishonesty, to me).

The deals were insured by AIG, and there were clauses that if AIG's
credit ratings dropped, then the transit companies would be totally
liable for the costs.  Transit companies entered into these agreements
even though they knew they didnt have the money to pay, but thinking it
would never happen.

It did happen.

Now, dozens of these metropolitan transit groups are out of money and need
about
a half billion each.  Maybe they will fly commercial when these locusts
descend
upon Washington.

Who is next??