The perils of quasi-non-nationalization

From Clusterstock:

If the government had just seized Citigroup six months ago, as it was supposed to, we wouldn't be in this position. The company would have been chopped up and units like Phibro would already have been sold off.  Bondholders would have absorbed some of the costs (as they should).  And we wouldn't be in the absurd position we find ourselves in now.

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