After all, the shareholders would have been wiped out and that would have been a disaster!

http://delong.typepa...r-depression.html

Investors in Goldman Sachs have lost more than half their money since 2007:

Investors in Morgan Stanley have lost more than three-quarters of their money since 2007:

Investors in Citigroup have lost 93% of their money since 2007:

Investors in Bank of America have lost 85% of their money since 2007:

Investors in Bear Stearns, Lehman Brothers, and Merrill Lynch lost more than 90% if their investments as well…

Management's doing very well, though, thanks for asking. :-/

Cheers,
Scott.

BoA and Citi and lots of others had to limit executives pay until they paid back their government TARP loans - http://www.nytimes.c...siness/04pay.html

Trouble is, much of the assistance the banks got was well beyond the direct loans from TARP and the like (e.g. direct action by the Fed, etc.) - http://motherjones.c...ig-bank-bamboozle - and it was too easy for them to get out from under the restrictions (without really improving the health of their institutions) and turn on the executive compensation tap again.

Cheers,
Scott.