FT.com | Willem Buiter's Maverecon | Insuring toxic assets: throwing good tax payers’ money after bad private money
FT.com | Willem Buiter's Maverecon | Insuring toxic assets: throwing good tax payers’ money after bad private money
"The reputation of the banks and of some of the other highly leveraged financial institutions has taken quite a battering as a result of the financial crisis and economic slump. Despite this, the powers of persuasion, lobbying prowess and influence of the established banks and other financial institutions and of their representatives exceeds that of the millions of tax payers who stand to lose as a result of this bail-out, compared to the economically more efficient and fairer alternative offered by the ‘good bank’ solution. No-one speaks for the legions of tax payers with the same ‘voice’, eloquence and powers of persuasion that the City establishment can turn on when it makes its case in the corridors of power."
"The reputation of the banks and of some of the other highly leveraged financial institutions has taken quite a battering as a result of the financial crisis and economic slump. Despite this, the powers of persuasion, lobbying prowess and influence of the established banks and other financial institutions and of their representatives exceeds that of the millions of tax payers who stand to lose as a result of this bail-out, compared to the economically more efficient and fairer alternative offered by the ‘good bank’ solution. No-one speaks for the legions of tax payers with the same ‘voice’, eloquence and powers of persuasion that the City establishment can turn on when it makes its case in the corridors of power."
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