When it comes to matters economic, I like to put my faith in the knowledgeable people I trust and cut to the chase. Here's Jerome a Paris at Daily Kos:
the biggest scandal is the open-ended commitment to protect the creditors of the two organisations. Shareholders are wiped out, but bondholders are sittign rather pretty.Jerome's a French banker currently up to his eyeballs in alternative energy investment. If you follow the link, you can find his real name at one of the European blogs he also posts at.
Nevermind. Found it on Google. Very clear explanation.
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