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Roger Altman: U.S. Banking System Is on the Verge of Being Nationalized

‘You can call it a bailout, you can call it something else, but it’s really absolutely profound’
By Grabien Staff


ALTMAN: "Well, no, I didn’t say it has been nationalized. I said they are verging on that because they have guaranteed the entire deposit base. Usually the term 'nationalization' means that the government takes over the institution and runs it and the government owns it. That would be the type of nationalization we have seen in many other countries throughout the world. Obviously, that did not happen here. When you guarantee the entire deposit base, you have put the federal government and the taxpayer in a much different place in terms of protection than we were in a week ago."

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