It's not often that I'm proud of the Bush administration, so this calls for a celebration. Hank Paulson refused to bailout Lehman....if they had only drawn the line on Bear Stearns maybe we could have avoided bailing out Fannie Mae/Freddie Mac.
The moral (hazard) of the story: if you're not "too big to fail", you'd best get there quick unless you want to be the next Drexel Burnham Lambert. (Credit goes to Reason for consistently pushing this story.)
I'm sad to see the demise of the firm that employed my father for 20 years (and me for three); guess all of my Merrill Lynch chotckes will be going on eBay in five years.
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