THIS IS SOCIALISM.
NO taxxayer money should have been spent.
It’s BAD DECISION MAKING by a coproration getting a free pass and YOU payng for it. Even BUSINESS like SOCIALISM when it is covenient.
I am disgusted.
I think the real problem is that the executives, earning 7 figure salaries, who presided over this mess, should have to answer for it.
The $30mm was not a bailout. The feds backed underlying loans in order to facilitate a takeover of Bear. Had Bear collapsed, the effects on worldwide money markets could have been disastrous.
I’m generally against government regulation, but in the financial markets, the government needs to set the rules, IMO, and then private players can compete. These investment banking houses still are largely unaccountable to anyone, even with recent reforms splitting investment banking operations from research, for example. (Much as I hate the guy, Spitzer was responsible for that....)
Requiring investment banks to have greater capital will hurt their profitability, but enhance their stability. These are multi trillion dollar markets, and these banks and the rating agencies have created a credit disaster.
How much was?
Actually, it’s fascism.
Just as bad, probably worse.