They are richer.
The initial justification for the bailouts was (for those gullible enough to believe it) that we faced annihilation of our financial system if we didn’t do it. Bailout advocates are now in the position of having to explain why we face annihilation of our financial system if Mr. “X” doesn’t get his million dollar bonus. It’s a more difficult sell.
DL at Barry Ritholtz.
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