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Politics : View from the Center and Left

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To: Dale Baker who wrote (90858)	10/20/2008 1:50:52 PM
From: Steve Lokness	Read Replies (1) of 541148

Earlier this week, Santander agreed to buy the rest of Sovereign Bancorp Inc. (SOV), a large U.S. thrift that it didn't already own for $1.9 billion in stock, paving the way for the Spanish bank to build a significant presence in the U.S. AND Spain had a significant housing bubble not unlike ours. One could take from this that the mess in the US is not so much housing related as it is banking related. Many banks in the US are not in trouble and are very strong (especially regional banks)........problem is, we are rewarding those banks that took the most risk that led them down the path of failure. I don't understand how this helps us in the long run? steve

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