1.) Under Dodd's bill - if it comes to it - creditors of Goldman Sachs won't have to go the route of bankruptcy court. They will get better than the normal deal that they would get in bankruptcy court.
2.) Dodd's "resolution authority" would give better deals to creditors of failed large firms. The creditors of smaller failed firms get to go to bankruoptcy court where they will not get nearly as good a deal.
3.) Non-failed, stable businesses would have to pay into this "resolution authority," with the money being used to pay the creditors of failed Big Banks, etc. The stable businesses will then pass on the cost to the consumers their having to contribute to this "resolution authority."
4.) Obama was lying when he said that McConnell was being "deceptive and cynical."
Who do you think wants this? The Big Banks?
They would sure love others to have to supplement their high rolling and involvement in subprime mortgages or other risky investments.
That “resolution authority,” as in part 1.) sure gives the big boys a better deal than the smaller firms, doesn’t it?
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Too big too fail. What a joke. This isn’t economics it’s RICO.
Thanks for posting this.
Heard in passing the other day Rush say something about this bill gives nobama the power to take over any business he wants. Did I hear right? If so, this bill can stop America in her tracks.
btt