Not so much bail-out as rip-off

The US Treasury’s purchase of bad debt will benefit shareholders at the taxpayers’ expense – and worse, won’t work. Nouriel Roubini guardian.co.uk, Monday September 29 2008 13:33 BST Article history Whenever there is a systemic banking crisis there is a need to recapitalise the banking/financial system to avoid a destructive credit contraction. But purchasing toxic/illiquid […]