Muddle through
There is a final choice: carry on muddling through on a case-by-case basis from one institutional failure to the next and hope that the public and private sector can each find a way to play a positive role.
Didn’t this just happen with Citigroup and Wachovia?
There are four interesting aspects to this deal. First, Citigroup appears to have recast itself as a winner in the crisis, one of the strong, having absorbed $55 billion in write-downs and losses, and raised $50 billion in tier 1 equity.
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