CaliforniaCato

Bear Stearns Shareholders Sacrificed for the Economy

Sounds a lot like the government seizures of S&Ls about 20 years ago. While it made sense with the very worst firms, they even took over the solvent ones and, in true government style, made them insolvent. Like today, those well-connected with the administration got the assets at "bargain" prices and made out unconscionably well. The less connected got hosed. So, what is new?