Exactly.
The Geithner logic is basically "If you force Goldman, JPM et al to take haircuts on AIG positions - even small ones - then they will become so scared and risk averse that, going forward, they will shut down even rock-solid small business loans, student loans, etc."
I got to call bullshit on that thesis.
If Goldman et al received less than 100 cents on the dollar, then they may have had a bit less money in their bonus pool, but they certainly would be able to continue operating, and the bankers there would certainly continue to "earn" more than 10 times the median income.
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