The FDIC's current approach, subject to change at the whim of the bureaucracy, is that it will seek to protect the creditors, and particularly the short-term creditors, of the operating subsidiaries while seeking to impose losses on the long-term creditors of the parent companies.

WSJ: Review & Outlook: The Dodd-Frank Downgrade

According to Mr Eyerman, he is acting in a way similar to how an independent judge would act in a Chapter 11 proceeding, giving Alstom short-term protection from creditors so that its managers can try to show that the firm is worth financing in the capital markets.

ECONOMIST: Going bust in Europe

But I believed that if each of us were willing to work and sacrifice in the short term -- workers, management, creditors, shareholders, retirees, communities -- it could mark a new beginning for a great American industry.

WHITEHOUSE: Fighting for American Auto Workers