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“But if capital and collateral are adequate, and enforcement against misrepresentation and fraud is enhanced, losses will be restricted to equity shareholders who seek abnormal returns, but in the process expose themselves to abnormal losses. Taxpayers will not be at risk. Financial institutions will no longer be capable of privatizing profit and socializing losses.”
Alan Greenspan before Congress on April 7, 2010
Alan Greenspan before Congress on April 7, 2010
