RichardfromHB

Another Happy Day for Banks: Cramdown Bill Fails

A similar cramdown proposal was floated last fall when the TARP funding was first being debated. Obama urged that the cramdown be unlinked so as to not delay the TARP emergency funding. In retrospect, the banks got all their trillions and can now sit back and pick off the bills that might give them any haircut. Ah the American way.