Word: ownership
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Dates: during 2000-2009
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...that the real problem is that lots and lots of financial institutions are insolvent--their losses, if they actually recognized them, are enough to wipe out their capital reserves. If that's true it would make more sense for taxpayers to give them cash outright, and take a big ownership stake in return (with the idea of selling it off a few years down the road). The Swedish solution, they call it (and longtime readers of this blog know it was being discussed here long before anybody else in the U.S. was talking about it). The version of the bailout...
...owner on average $5,000 to $10,000, but the costs can run to 100 times that amount. "You can't just crush it up into a cube," says Helton. Meanwhile, state fines for abandonment run a lot lower, as little as $100. Definitions of vessel, abandonment and ownership also vary among states, which means that ship owners can sometimes sink boats and get off scot-free. Federal legislation, meanwhile, typically only deals with pollution or obstruction caused by vessels, not with ship abandonment itself...
...everyone agrees. After Winfrey picked Jonathan Franzen's The Corrections in 2001, the author said he had never seen her show and the thought of his book having "that logo of corporate ownership on it" dismayed him. "[S]he's picked enough schmaltzy, one-dimensional ones that I cringe," said Franzen at the time. Winfrey's reaction was swift: she rescinded an invitation for Franzen to appear on her show. (The Corrections stayed in the club; Franzen, chastened perhaps by his publisher, thanked Oprah in his acceptance speech when the novel won the National Book Award...
...Swedish example offers one way to minimize such "moral hazard" and potentially recoup some of the funds taxpayers are being asked to spend to help get the credit markets rolling again. The idea, says Lundgren, is not to just give money, but "to get some ownership (in return), and eventually be able to get some revenue back." By taking a stake in its enfeebled banks, Sweden was able to minimize the taxpayers' burden in the long...
...This is equivalent to enhancing the ownership of already rich people,” Reeves said before the vote...