"History is a wonderful thing, if only it was true"

Monday, March 02, 2009

James Baker on Banking

Flush management, boards, and shareholders, bondholders if possible.

Again, Banking Should be Boring

FT.com / Comment / Opinion - How Washington can prevent ‘zombie banks’:

"Many are to blame for the current situation. But we have no time for finger-pointing or partisan posturing. This crisis demands a pragmatic, comprehensive plan. We simply cannot continue to muddle through it with a Band-Aid approach.

During the 1990s, American officials routinely urged their Japanese counterparts to kill their zombie banks before they could do more damage to Japan’s economy. Today, it would be irresponsible if we did not heed our own advice."

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