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That's ridiculous. How do you recover trillions of dollars lost in the credit default swap market from a CEO's assets? It's up to creditors to determine whether
by WiseWeasel 16y ago
That's ridiculous. How do you recover trillions of dollars lost in the credit default swap market from a CEO's assets? It's up to creditors to determine whether someone can be trusted to pay them back, and to give credit to them accordingly. An individual should always be able to declare bankruptcy, with no recourse for the creditor but to avoid loaning them money in the future. It's completely unacceptable that credit should flow like water to anyone who will soak it up, and then use the court system to force them to pay it back with 300% interest and fees added on. This simply reeks of corruption.
- danielnicollet 16y agoI never said the idea was to use the CEO's assets to recover the losses of that kind of credit. I see prison more as punitive measure in that case. However, I don't see (as kls says very accurately below) why the banks' limited corporate liability should protect them when they do allow such immoral gambling as credit default swap to take place with the hard earned assets of millions of their customers. It my be just negligent but you and I are going to pay for it for long long time...
- mistermann 16y agoor, you could have said "whoosh".