May 20, 2013
Bailout, Tune Out
Posted on Jan 30, 2012
The BBC reports that while the United States and the U.K. have made a habit of buying too-big-to-fail banks and then looking the other way, the safest banks in the world aren’t just owned but operated by civil governments.
In the U.K., “[t]he government has decided that pretending it does not own the bank is the best way to get their ... money back.” In the U.S., Washington even let the same executives who drove their institutions into the ground remain in charge.
Other governments in Europe and China not only meddle in their banks’ affairs, they manage them “with specific roles that are deemed to have value beyond gaining profits.”
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