Tax payer funded but not gifted by tax payers. There is a big difference for shareholder value.
But managers do not need to concern themselves with the difference.
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Tax payer funded but not gifted by tax payers. There is a big difference for shareholder value.
But managers do not need to concern themselves with the difference.
I wonder if after the last 12 years, shareholders are seeing the value in letting the economies be screwed so they get a bailout.
That's a coordination problem. Shareholders are concerned with their own value first and foremost.