These bad old days seem to coming to the developed world, where the likes of Tim Geithner et al have decided that it's ok to bail out financial institutions without either bondholders or shareholders taking a hit, as per capitalist principles. The latest rumor comes from Neil Garfield, who comments on the MERS mortgage registration mess (via FT Alphaville):
The legislation is already being drafted under the interstate commerce clause to ratify MERS and everything it did retroactively. It appears that the Obama administration is ready to pardon all the securitization deviants by signing this bill into law.If this rumor is true, then the Geithner Gang is ready to ride again. Where is the outrage?