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I would say that it is very likely Goldman would have made this play regardless of it's federal guarantees. The difference - and the author's point - is that there is less systemic risk in this scenario because Goldman would get the $450M through the equity markets rather than through the debt markets.

The author's point is that we have created a system where risk capital is being financed through debt rather than equity.



...or more specifically, risk capital is being financed through taxpayer dollars.




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