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March 17, 2008

Expert:
David Skeel
Professor of Law
University of Pennsylvania


Credentials:
Researches and teaches bankruptcy law, corporate law
Author of “Debt’s Dominion: A History of Bankruptcy Law in America” and “Icarus in the Boardroom”

Quote:
“I worry that the bailout of Bear Stearns will give us the worst possible world with the subprime crisis. We’ll find some executives to put in jail, while propping up the banks whose extravagant bets helped to fuel the crisis. It’s hard to imagine a more mixed message. A few executives will be hung out to dry if their businesses fail, but no one else will be expected to bear the consequences of the failure. The sale of Bear Stearns may be the only silver lining in all of this, since it at least suggests that Bear Stearns' decisions had real consequences and that there are limits to the Fed's willingness to bail out a troubled bank.”