Nationalise the banks, change the management, forgive all covenant transgressions until the end of the crisis, and above all, when it's all over, keep them nationalised.
Put all the assets and liabilities into a Custodian entity, and put the Bank company shares into trust on behalf of the staff and management. Then let this Bank company (Labour) share revenues proportionally with the Investors (Capital).
Any losses of Capital (defaults) are shared proportionally between Investors, whether existing (Private) or new (Public).
It's not Rocket Science: but this Capital Partnership is IMHO a form of nationalisation that actually has a chance of working sustainably. "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
Because I do. "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
I think we should put all of the heads of insolvent banks in a dunk tank and let the public throw balls at them. $1 per dunk until Big Shitpile is paid off. Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin
