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Strategies & Market Trends : Ride the Tiger with CD

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From: robnhood	1/29/2009 1:22:39 PM
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<<DJ MARKET TALK: What Banks Really Need Is To Face The Music Former labor secretary Robert Reich says the banking sector needs a giant reorganization in which shareholders get wiped out, creditors get paid 20c on the dollar and assets are written down to approximately 20% of face value. "In effect, it's an industrywide reorganization under bankruptcy," he writes on his blog. "This way, bank balance sheets are cleared up, there's no run on any one bank, everyone starts anew, and taxpayers aren't left holding the bag." To the extent Treasury Secretary Geithner is serious about preserving a private financial system, Reich says a reorganization of the entire sector is the best alternative.

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