The ''new'' Geithner plan

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to force distressed banks into a Bulow-style bankruptcy procedure? (yes, I remember you scolded me already for bringing up the Bulow proposal, but since Sandro also seems to like it ... I try again!)

I think I should concede on that one. My mistake: by reading the presentation in the press and in the Hall&Woodward's blog I had the, incorrect, impression, that it was another crazy proposal aiming at making miracles (i.e. getting rid of the bad assets by some magic trick). Instead, they have essentially in mind taking over the banks and suggest purely a procedure to keep the bank active and functioning while going through the bankrupcy procedure.

In any case, it seems that unfortunately we will not do that, no? Contracts are sacred, if signed by bank's employees, less sacred if signed by anyone else ...