"the same guys who took the big risks at the banks are still heading the banks and making the investment decisions"
Couldn't agree more! And what's worse, I think they did learn... the wrong lesson: take huge risks; profit on the upside; have taxpayers bail you out if it goes bad.
In most bankruptcy cases top management is removed so that's another good thing about going that route. But if Geithner is the one making the decisions I'm a little nervous - since he was one of the guys who made bad decisions! (Or at least knew about the bad decisions his friends on the St. were making and didn't do anything as head of NY Fed.)
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Couldn't agree more! And what's worse, I think they did learn... the wrong lesson: take huge risks; profit on the upside; have taxpayers bail you out if it goes bad.
In most bankruptcy cases top management is removed so that's another good thing about going that route. But if Geithner is the one making the decisions I'm a little nervous - since he was one of the guys who made bad decisions! (Or at least knew about the bad decisions his friends on the St. were making and didn't do anything as head of NY Fed.)
- jim 2-11-2009 4:42 pm