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Oh. I didn't catch that angle. Well, that does make it much less objectionable. Although any wage-reducing deal that does not require the equity holders to go all the way down to a return of [German sovereign debt plus reasonable risk premium] and does not require upper management to take a drastic haircut (to the level of - say - university professor or mid-level public bureaucrat) strikes me as socialising losses from previously privatised gains.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Tue Mar 3rd, 2009 at 05:03:52 AM EST
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