Sunday, March 20, 2011

@10:51, @15:52, 03/19/11






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http://www.nytimes.com/2011/03/20/world/africa/20libya.html?src=tp

Only the borrowers want loan modifications.  Loans will not be modified.
The bank's behaviour has been criminal but as we have seen prosecuting boards of directors and bank executives is very difficult.  Replacing the system is probably politically impossible.  Getting it regulated going forward is proving more than can be done in the face of bipartisan congressional recalcitrance.



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