So why did the present government bail them out? Love it how our present Administration claims they want to ta the so called 1% after they gave trillions of the 99%'s money to them in the form of bailouts.
I wish I could ask a government economist "what is the standard procedure when a big bank fails?"
- Let it fail and have millions of people lose their deposits?
- Bailing out every single bank that fails with taxpayer money? (aka making the bank's debt public and force the taxpayers to pay via "emergency taxes" and wage cuts, like the ones imposed in Spain, Italy and Greece)
Of course, the real solution would be to confiscate everything the CEO, managers etc of the bank own, and then bail the bank out, and then mandate a proper minimum reserve.
Honestly, after all these years of being trained as "people who owe money lose their property" I am surprised just how tolerant the people are when it comes to bankers of purposely-mismanged banks always getting off the hook. Even here in Greece, the voters chickened out and didn't vote for the radical left, or anyone else than the major two parties.