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It's not really an underworld if it happens completely out in the open, is it?
by debacle 14y ago
It's not really an underworld if it happens completely out in the open, is it?
- wpietri 14y agoHow out in the open is it? For years before the banking blowup that preceded the Great Recession, people knew that there was a lot of risk somewhere. It's just that nobody knew where. It turns out that too-big-to-fail banks and fears of systemic collapse meant that the risk was with taxpayers. Or you can look at private equity's privatization of gains and socialization of losses: http://www.bloomberg.com/news/2012-07-15/romney-s-bain-yielded-private-gains-socialized-losses.html http://www.bloomberg.com/news/2012-07-15/romney-s-bain-yield... The finances were out in the open, but what was hidden was that the companies were no longer being run in good faith.