[lbo-talk] no BS

Doug Henwood dhenwood at panix.com
Wed Mar 18 08:38:15 PDT 2009


[from a Financial Times piece on the Swedish bank bailout - how un- American!]

Arne Berggren, the finance ministry official responsible for bank restructuring, is blunt about the approach he took. It was clear from the outset that the government would act as a commercial investor, demanding equity stakes in return for capital. "We were a no-bullshit investor - we were very brutal," he says. The authorities also insisted on control. "You take command. If you put in equity, you have to get into the management of the business, [otherwise] management is focused on saving the skins of the [remaining private] shareholders."



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