Re: [Pen-l] Nationalization of banks with haircuts

[Shane Mage <shmage@xxxxxxxxxxxx>]

On Jan 23, 2009, at 11:13 AM, Julio Huato wrote:

Shane Mage wrote:

Yes there is [disagreement among Fred, raghu, and me

on whether the goal is to prop up banks or bankers.]

Cite us then.  Or let Fred and raghu speak for themselves.  Or re-read
the thread.
_

I didn't say *your* [own]goal.  I said *the* goal of the actually existing bailout.

This from todays NYT:

"According to a report in The Financial Times on Thursday, Merrill granted $3 billion to $4 billion in bonuses in December — part of a total compensation budget of $15 billion for the year that was just slightly less than that of 2007.

The year-end bonuses were approved by Merrill’s compensation committee just days after shareholders approved the merger and days before Bank of America was made aware of Merrill’s stunning fourth-quarter losses. The news of the rushed bonuses almost prompted Bank of America to pull out of the deal and ultimately required the Treasury to provide an extra $20 billion, as well as a guarantee on billions more in potential losses."

Shane Mage

This cosmos did none of gods or men make, but it

always was and is and shall be: an everlasting fire,

kindling in measures and going out in measures."

Herakleitos of Ephesos

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