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William Cowie
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  • Why is nobody asking this question? 2 comments
    Apr 12, 2009 12:06 AM | about stocks: AIG, C, BAC, JPM, GS

    So the Obama administration pretty much fired Rick Wagoner. That's not all. They insist that American workers and bond holders must make financial sacrifices before they receive any government money.

    Why are we following different rules on Wall Street? AIG took billions of taxpayer money and paid their counterparties 100 cents on the dollar. Why did we not insist that those counterparties give up a discount of 10% or more? These counterparties, at first guarded so zealously, are outfits like Goldman Sachs and foreign banks. These folks are eminently more able to hand back a bil or two than American wage earning workers. If auto bondholders have to settle for 20 cents on the dollar, why not Big Bank bondholders? The argument that bank bondholders have suffered losses (because their prices are down) is nonsense - no bondholder has been forced to surrender his bonds at a huge loss.

    Why is it OK for this administration to ask American workers/ voters/ taxpayers to give up money, but not OK to ask Goldman Sachs (who paid their CEO $69 million in one year) or foreign banks to even take a discount of 20 or 30%?

    And why is nobody else asking this question? Where are the journalists?

    Disclosure: No positions

    Stocks: AIG, C, BAC, JPM, GS
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  • Clive Corcoran
    , contributor
    Comments (1206) | Send Message
    It's not a lack of questioning that's the problem it's a lack of answers.
    12 Apr 2009, 05:22 AM Reply Like
  • William Cowie
    , contributor
    Comments (408) | Send Message
    Author’s reply » That, too - but I'm not seeing these questions being asked where they require answers...
    13 Apr 2009, 12:59 AM Reply Like
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