San Francisco, California - In fast breaking financial news, a joint conference headlining House Speaker Nancy Pelosi, Banking Head Barney Frank, and Treasury Secretary, Tim Geithner, the US government announced it had stepped in and assumed control of the Bankrupt Entertainment Company, Michael Jackson , Inc..
The action was taken after the entertainer's death when it was announced that Jackson owed in excess of $400 million in unsecured debt, most due to high risk junk bonds he issued and bought by SEIU corporate execs to shore up the retirement of service industry workers and ACORN volunteers.
The financial security of the bonds, promising a 24.5% return and secured by future royalties of the almost white and balding entertainer, were threatened with the untimely death of the emaciated, drug riddled, gender disorientated singer and tap dancer.
SEIU, the fastest growing union in the US with shadowy beginnings and even closer ties to ACORN, funneled over $60M in union dues into the Obama presidential campaign, and apparently has got what it paid for with the announcement of the Government Bailout Funding.
Critics have been drowned out, or have disappeared, when they asked why triple A bond holders of GM and Chrysler were wiped out in direct contravention of contract law, and why SEIU and ACORN execs have direct access to the White House and unlimited bail out funds for a shaky, and highly speculative bond venture with no approved rating.
In an additional highly unusual legal action, Attorney General Eric Holder has appointed himself, as a friend of the court, to take custodial control of the three alleged Michael Jackson children.
The AG has appointed Barney Frank as Congressional Godfather in charge of the kids, as well as CO Trustee, along with Michelle Obama, to manage their legacy which includes 200 unreleased Jackson songs, 3 test tubes allegedly containing the last nocturnal emissions from the singer, and video proof that Jackson did, in fact, consummate his 2 failed marriages leading to the three siblings and surviving heirs to a possible musical fortune.
In respect for a fellow half white entertainer, President Obama waived the traditional 4th of July Holiday Ceremonies honoring US independence day and fallen war heros and turned the day over to California Politicians to celebrate the sordid life of the singer, while he himself, was in Russia SOCIALIZING.
The body will lay in state in Sacramento, until a collection being taken to help pay for the $24B state debt is realized, then it will be moved by Soul Train accompanied by Rev. Al Sharpton , detailed in an earlier Spoof, to its final resting place in Gary, Indiana.
Additional monetary collections will be taken during the entire route, and after a final accounting by the Sharpton Non Profit Charities, be turned over to Sec. Geithner.
After a thorough tax review by House Ways and Means head Charles Wrangle (sic) the contributions will be recycled into the US economy in the form of Massachusetts welfare payments.
Praise the Lord.