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There is now an obvious public interest in eliminating existing and preventing future TBTF institutions. A progressive tax on corporate profits and on capital gains could limit that, though steps would have to be taken to prevent a proliferation of de facto subsidiaries masquerading as independent companies. Limits to or a ban on individuals serving on multiple boards would help. Chris Cook has suggested how having the same executives both in Goldman and BP probably served to facilitate the development of forward leasing of oil in the ground to commodities markets with the result of bringing the typical price of oil up near the demand destruction boundary rather than letting it drift down to the capacity destruction boundary. While a balance between the boundaries is needed it is hard to see a PUBLIC interest in the situation that has obtained.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Nov 14th, 2011 at 09:54:01 AM EST
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