http://www.nytimes.com/2009/04/20/business/20bailout.html?_r=1&ref=business
"simply by converting the government existing loans to the nation's
19 biggest banks into common stock."
~~~~~~~~~~~~~un-fucking-belivable,hehe
So every tax payer owns a piece of these shit banks.
Where have we seen this "conversion of debt to equity"?
Answer: in a bankruptcy event.
BTW: I think this will be a huge huge dilution for affected banks.
