And seemingly
"If the bank owes $100 billion, thats the taxpayers problem"
abadidonque
joined 2 years ago
Yeah, my understanding is that once bankers have bet more of other people's pensions and life-savings than they can cover if they lose the bet, they are in line for a bailout.
In effect, the more catastrophic your bet is, the less personal responsibility you have to take for it.
One of the many hypocrisies and perverse incentives of capitalism.
Sounds great! Where do I find a capitalism like that?!