jmorace

Citi: Off the Banking Reservation

It's not a cave in if C gets an advantage over its 'competitors' as C will have the taxpayers cover the cram down loses but the other banks won't. It's just plain typical of the crony capitalism of these overwhelmingly large corporations. They need to be broken up. Dismantle them so that none are to big to fail and we wouldn't be faced with these gangsters holding us, the tax payers, hostage in the first place.

For capitalism to thrive there needs to be fair play. We are so far from that in the US that its hard to use the word 'capitalism' to describe what we've got going on even modified with "crony" or "gangster".

Look out below.