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New at Reason: Katherine Mangu-Ward on Banks Held Hostage
Bankers who jumped at bailout money
now seem surprised to discover that the fine print gave the
government the right to retain ownership stakes in the banks for up
to 10 years. Sure, banks were led to believe the warrants provision
was minor, and wouldn't be a problem when the time came to
negotiate repayment terms. But if there's anything this financial
crisis should have taught us, writes Associate Editor Katherine
Mangu-Ward, it is to be skeptical of lenders who casually promise
that paying back enormous loans won't be any problem at all (ask
anyone with an adjustable-rate mortgage).
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