Wednesday, 1 April 2009

Finally! Obama Believes Bankruptcy Best Solution for GM, Chrysler. Now, What is the Solution for Banks Like Citigroup or Financial Companies Like AIG?

Bloomberg News moved this story late last night:

April 1 (Bloomberg) -- President Barack Obama believes a quick, negotiated bankruptcy is the most likely way for General Motors Corp. to restructure and become a competitive automaker, people familiar with the matter said. Click here for the link to the entire story.

The thing is, my comments have to be more moderate from now on. The surprise will come on April 8. Anyways, I am surprised by the assymetry of the comments by the newly-sworn in president: he has failed to produce a similar comment concerning the situation of banks that, like Citigroup Inc. or financial services companies like AIG, had awful risk-assesment strategies and led the credit markets to the shambles they are on right now.

I ask, When this new U.S. administration will say something solid, concrete and strict about the heath of these financial companies and when the world will stop bailing out these institutions?

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