Re:RIP Good Times (2008)
by thelamest on Thursday May 19, 2022 @07:43PM
(#31441661)
It’s not that dark:
>When the Federal Reserve propped up A.I.G. in September 2008, unlike its approach with most of the big banks, it threw out the company’s chief executive and took control of 79.9 percent of the company, nearly wiping out many of its shareholders. Taxpayers got all of their money back, and then some, receiving a profit of more than $20 billion.
Enacted since then, Title II of the Dodd-Frank Act sets up bailouts to be “forcing shareholders and creditors to bear the losses of the failed financial company, removing management that was responsible for the financial condition of the company (…)”.
>When the Federal Reserve propped up A.I.G. in September 2008, unlike its approach with most of the big banks, it threw out the company’s chief executive and took control of 79.9 percent of the company, nearly wiping out many of its shareholders. Taxpayers got all of their money back, and then some, receiving a profit of more than $20 billion.
(https://www.nytimes.com/2015/06/16/business/dealbook/surpris...)
Enacted since then, Title II of the Dodd-Frank Act sets up bailouts to be “forcing shareholders and creditors to bear the losses of the failed financial company, removing management that was responsible for the financial condition of the company (…)”.