IanB

Preview of the Bank Buy-In

This could be even worse for the taxpayer than the original plan. We'll probably end up getting some noncumulative perpetual preferred with no voting rights and no exits, with a dividend that Warren Buffett would laugh at. Why in God's name shouldn't we dilute the shareholders? The shareholders (including myself) enjoyed the benefits of excess leverage on the upside, we should deal with it on the downside.