During the depth of the crisis, the idea of paying bankers “in kind” with toxic assets started to gain traction. And since the toxic asset problem hasn’t gone away, it’s still being talked about.
Said Vince Farrell of Soleil Securities on CNBC:
“If your own self interest is on the line, you might be a little more careful of what you trade,” Farrell said.
His rationale is that this would force them to figure out the assets’ values- something that’s been somewhat of an issue in the past year- which in turn would help clean banks’ balance sheets.
But we like Jim Rogers’s take even more: “Most of the toxic waste came from the bankers, let them have it. Pay regulators in toxic assets as well.”
At this point, the government should just roll out a toxic waste currency. Question: Whose portrait should be on the bill?*
*No bonus points to whomever says the US dollar is already a toxic waste currency.
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