Here is some history and background by Bloomberg columnist Matt Levine https://archive.ph/XHuGW https://archive.ph/XHuGW > But in fact, the way they work is t

Here is some history and background by Bloomberg columnist Matt Levine https://archive.ph/XHuGW https://archive.ph/XHuGW > But in fact, the way they work is that every time their net worth increases, the government’s senior preferred claim — that $348.4 billion — increases by the same amount. So if they earn $30 billion this year, the government’s claim will increase to $378.4 billion, and the shareholders will be no closer to getting paid than they are now.