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Because it was wholly unnecessary. Management should have been dismissed, shareholders wiped out and debt converted to equity.

What has been done will just prolong the pain and cause more collateral damage in the form of foreclosures and bankruptcies of other entities which would have survived otherwise.

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma

by Migeru (migeru at eurotrib dot com) on Mon Aug 17th, 2009 at 04:27:55 PM EST
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