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Originally Posted by jfman
Thanks for proving my point.
Privatise the profits and nationalise the losses. These companies position themselves as “too big to fail” thus the state has to step in. As with failed train operators.
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They still made losses. They paid taxes on any profits. The people who borrowed the money that wasn't paid back, made profits or were looking for a quick and easy profit. As the recently repeated documentary on Lehman Brothers revealed, it was the people on the ground who were faking documents and earning lots of commission. Some of that effect did pass back up the chain, but it was still the lowest levels initiating it all.