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Make illegally trained LLMs public domain as punishment
(www.theregister.com)
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this post was submitted on 22 Dec 2024
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At the same time, if a bank goes under, that means they owe more than they own, so "ownership" of that entity is basically worthless. In those cases, a bailout of the customers does nothing for the owners, because the owners still get wiped out.
The GM bailout in 2009 also involved wiping out all the shareholders, the government taking ownership of the new company, and the government spinning off the newly issued stock.
AIG required the company basically issue new stock to dilute owners down to 20% of the company, while the government owned the other 80%, and the government made a big profit when they exited that transaction and sold the stock off to the public.
So it's not super unusual. Government can take ownership of companies as a condition of a bailout. What we generally don't necessarily want is the government owning a company long term, because there's some conflict of interest between its role as regulator and its interest as a shareholder.
With banks this is also true if they do not have enough liquid assets to meet the legal requirements. So the bank might not be able to count all bank accounts as assets but the FDIC is. Also they can then restructure the bank and force creditors to take a haircut.
This is why investment banks should be separate from banks that have consumer accounts that are insured by the government.
Then you can just let the investment bank fail. This was the whole premise of glass steagall that was repealed under clinton..
Happy cake day!