> From: [email protected]
> I have my suspicions that if US government were to announce that it was
> “regulating” JP Morgan Chase, Bank of America, Citigroup, Wells Fargo, and
> Goldman Sachs by taking 100% ownership and consolidating them under new
> state-appointed management as the Bank of the United States, their current
> directors and shareholders and the right wing generally would not see the
> expropriation as a matter of mere semantics. But, judging by some of the
> comments on this thread, maybe it is time to follow suit and drop my
> obsession with these words and labels. :)
================== Well, to continue the thought experiment it's pretty clear
that ownership underdetermines competence and no amount of property law is
going to bring the kind of knavery-free competences needed for a robust and
global financial system into being. To expand to another context. Consider an
organization with, until recently, 100% state ownership and appointed
management; the US military. Should the State take over Wharton, Harvard,
Stanford, LSE etc. business schools and make managerial and professorial
appointments the prerogative of Congress and the Office of Personnel
Management? Will that create a better financial system down the road? E.
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