4 ms·
Well, to a degree, they personally didn't get a bailout. (Speaking more for the UK as I'm here so know it better.) Their business model was flawed, they went bu
by eftpotrm 16y ago
Well, to a degree, they personally didn't get a bailout. (Speaking more for the UK as I'm here so know it better.) Their business model was flawed, they went bust, we bought them up quickly to protect their customers, which ends up impoverishing the bank's previous owners who had allowed it to operate so recklessly.
This isn't to say I don't think bits of the relief work for the banks could've been done better, but it wasn't exactly a free gift to them.
- mentat 16y agoNo purchasing or nationalization happened in the US. The people who made the bad bets just got public money with essentially no strings. They did not get acquired, the same people maintained control and are now paying themselves about the same as before.