Crisis on Wall Street: What Business Leaders Say
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Michael Bloomberg
Media
8th wealthiest American
$20 billion
On Lehman's bankruptcy (to reporters on Tuesday):
"Some have called on the federal government to bail out Lehman Brothers, and I understand the arguments for it. Last March, I supported the federal government's role in the takeover of Bear Stearns. But the reality is that the federal government cannot save every failing company, nor should it try. America can't afford it, and it's bad policy. Capitalism is based on risk, and if we guarantee every firm that fails, we encourage bad risks and end up with more bailouts."
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