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Where's My Bailout?? (Part I)
By Michael Taylor
Treasury Secretary Hank Paulson called me yesterday to ask what he could do to provide unlimited financial security to my small business.
“Michael,” he said solemnly, “Cedarcrest Capital is too important to fail. How about we open up the Federal Reserve discount window to smooth over any rough patches you might have, like we did for Bear Stearns, and Fannie and Freddie, and like we'll probably do for other banks and brokerages? Would that be something you’d be interested in?” I was about to decline politely when…
…my alarm clock woke me up.
Instead, last week, I hosted two auditors from the New York State Department of Labor. It was a delightful visit, like having laser hair removed from my back, follicle by follicle. Or so I imagine. I’ll describe that in more detail in a future posting. (The auditors' visit, not laser hair removal.)
In the meantime, as a small business owner, I can’t help but be a little resentful when I read about what the government is doing to make up for massive financial errors made by large businesses. I’m bothered by the asymmetrical risk borne by large company owners versus that borne by small company owners. It’s one thing to see these “heads they win, tails I lose” types of bailouts, which may utilize my tax dollars but is an at least arguable course of action; it’s quite another when these bailouts exclude small companies from government care.
I’m not looking for government support, but I am looking for consistency of treatment for success or failure regardless of a company’s size. Is that so much to ask for?
Comments (0)August 4, 2008 10:02 AM
