Now is the time for all broke men to file for the aid of their country.
It has come to my attention that a certain company in New England has made moves to purchase a small, broke bank in such a way as to be eligible for TARP funds. It has come to this. And clearly as transition happens in Washington, many slick operators will take advantage of the new trough the government has funded.
While there are dozens of political arguments as well as deep theories of economics that are brought to bear in this time of unprecedented chaos, it seems to me that the most certain way that we can avoid any excess of moral hazard in this entire bailout business, is for those companies most desperate to get at those funds should simply take the route of bankruptcy. If this economy has bankrupted you, then go bankrupt.
We could then fund TARP to give us more bankruptcy courts and officers.
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