From Alistair Horne, The Age of Napoleon: Yet when Recamier pleaded for a modest government loan to bail out the bank, Napoleon was unapproachable and unforgiving, writing from Austerlitz within days of his triumph (December 7, 1805), "Is it at a time like this that I must be obliged to make advances to men who … Continue reading Napoleon on Bank Bailouts
Right now, for GM to avoid a bankruptcy filing, it has to get concessions or "sacrifice" from the "stakeholders". In plain terms this means the union and the bondholders. The union has already stepped up to the plate. It has sacrificed and offered additional sacrifice contingent on the bondholders. So far, though, the bondholders haven't … Continue reading Why GM will almost certainly go bankrupt.
Excellent but long post by Edward Harrison at Naked Capitalism. This post describes what's happening with the "Geithner Plan" for revised bailout of banks/ dealing with toxic assets in the context of an earlier bailout: the Mexican currency crisis in 1994-95. It''s many of the same folks involved: Summers, Geithner, and a populist sentiment in … Continue reading Change? Looks like same ol’ same ol’ to me.