Wednesday, May 13, 2009

Why Governments Shouldn’t Run Banks

Because the government will bring political pressure to bear on lending decisions, which will result in worse decisions, says Executive Suite Blog at The last American maker of men's suits, Hart Shaffner and Mark, will have to be liquidated unless Wells Fargo kicks in some more money, which the union and one Congressman are demanding. Although there is no prospect that the money will ever be repaid, that doesn't matter, say the demanders, because Well Fargo took TARP money.

The surprise here is that the NYTimes is reporting this story, not that it's happening. Perhaps they are a tad less pro-union given the ongoing problems with the Boston Globe?

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