The professors call this covenant banking. And it looks a lot like the kind of personal liability that was a fact of life among the top Wall Street firms when they were private partnerships.
With their own money at risk, partners of Salomon Brothers, Lehman Brothers and Goldman Sachs were much more careful about their business dealings. When these firms became public companies funded more by outsiders’ money, that self-discipline diminished.
“In the old days, because a partnership paid the fine, it would all come out of the partners’ pockets,”
not your average Panic Screamer, on one of the Most Panic Screaming sites on the Net.
20+ -year Barron’s Roundtable panelist, Felix Zulauf -
This year RT pt 2 Barron's 2 weeks ago.
...audio intv ....click play
I always joke that Deutsche Bank has the right name because it will eventually be owned by the German public. I think several banks could eventually be nationalized because otherwise they will not survive, or the risk of not surviving and taking down the system is too big…
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