Tuesday, April 01, 2008

Fed eyes Nordic-style nationalisation of US banks - Telegraph


Wake up call! Your stock portfolio sinking along with your retirement, health insurance coverage shrinking - still thinking unbridled capitalism is the American Way? Hate democracy when it votes out your leaders? Still clinging to imperialism with the U.S.A. as the world's big cop?

[Excerpt] "Norway ensured that shareholders of insolvent lenders received nothing and the senior management was entirely purged. Two of the country's top four banks - Christiania Bank and Fokus - were seized by force majeure. "We were determined not to get caught in the game we've seen with Bear Stearns where shareholders make money out of the rescue," said one Norwegian adviser. ..." Read more ... the joke's on us.

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