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But there's an important difference:

If you buy a bond and you have to restructure it into equity, society incurs a very real cost - at a minimum the cost of lawyer-hours during the bankruptcy proceeding. If you buy a share of common stock on the exchange and it drops to half the price, there is no particularly compelling reason for society to give a shit.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Tue Aug 28th, 2012 at 11:29:45 AM EST
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