Word: bankses
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So far as rescue packages are concerned, the presumption must be that, for institutions that avail themselves of a government or central bank rescue operation, the managements concerned lose their jobs, and the shareholders lose their money. This is not vindictiveness: it is needed to prevent moral hazard and to...
And, above all, everyone - banks, borrowers, regulators, central bankers and politicians - must be ever mindful that there is no such thing as an end to boom and bust.
The body count is, to be sure, an astonishing one: in less than a year, three of the nation’s five independent investment banks are gone, and a major insurance company and two behemoth mortgage firms have been effectively nationalized.
And politics, to finish the circle, might end up being more important for future jobs than one would think. A little-noticed provision added to the bailout bill over the weekend would, in five years time, remove the burden of today’s bank woes from the backs of...
Traditionally, human beings are not great at assessing this kind of risk - a peril that has not yet arrived and that is, in any case, hard to viscerally imagine. Witness people's reluctance to evacuate before hurricanes, and weather forecasts portend a danger far easier to comprehend than failing investment...