OK, OK, one more, then RL. Helicopter Ben:
“I don’t see any reason to destroy the franchise value or to create the huge legal uncertainties of trying to formally nationalize a bank when it just isn’t necessary,” Bernanke said at the Senate Banking Committee hearing.
What franchise value? Nobody trusts them, and they don't trust each other, because they're thieves, and they all know it.
The biggest banks, run by the richest people, are now insolvent, and this after sucking up at least two trillion dollars with nothing to show for it.
Where's the "franchise value" in that?
Imagine Bernanke had said that Enron had franchise value; the hearing room would be filled with hysterical laughter.
So how is Big Money different from Enron?
NOTE Unless the ability to suck up trillions, while paying out billions in compensation, is the franchise value. I suppose, to some, that would appeal.
- lambert's blog
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But don't you understand...
...how much it will cost to issue new credit cards with different bank logos to replace the cards with the citibank logos?
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When does the FDIC get to talk about the Banks
Insolvency is followed by receivership in the normal course of events, and it is the FDIC that does this, I understand. So, when does the Senate Banking Committee find the courage to ask for testimony from the FDIC?