Stockholders insist on getting their pound of flesh.

Holders of European government bonds believed that they knew what they had bought.

Executives collected generous bonuses, and equity holders were protected by limited liability.

The common shareholders in financial firms do not have an incentive to induce executives to take into account the losses that risks can impose on preferred shareholders, bondholders, depositors, and taxpayers.

As a result, holders of dollar denominated assets should be looking forward to two alternative scenarios.

Nor does the IMF s arrival mean that bond holders are off the hook.

The better known consequence has been deepening uncertainty about the US dollar, the main global reserve currency, and US Treasury securities, supposedly the world s safest financial asset.

Now we hear that sub prime mortgage holders have only themselves to blame.

Not surprisingly, the major investors in US Treasuries, China and Japan, have expressed alarm.

But, contrary to populist rhetoric, it is not just rich, well connected bondholders who get bailed out.

Recently, holders of Argentina s debts have been receiving a rate of return of 15 per year or even higher.

As lenders, they are also less efficient at monitoring firms than shareholders are.

Unlike depositors, bondholders generally are not free to withdraw their capital on short notice.

Having access to insured credit, banks shareholders find it irresistible to borrow excessively.

The agency has dealt with actual situations where the holders of bearer certificates have attempted to collect insurance compensation through the courts , the DIA stated.

Alternatively, the debt holders can agree to reduce the face value of debt, in exchange for some warrants.

According to Changjiang Securities, 320 listed companies experienced a change in their controlling shareholder in 1996 2001.

Rising asset prices lead to a general increase in purchasing power, because many asset holders are willing (and able) to borrow more.

As to corporate mergers, it remains to be seen how many are simply the vanity plays of bosses who do not face tough stockholder scrutiny.

And, apart from possible political considerations, large holders of dollars would find a substitution account attractive as a form of protection against strong fluctuations in the dollar s value.

(If it devalued the exchange rate, creditors holding Argentine debt denominated in pesos would receive a smaller amount in terms of US dollars).

In both cases, because some bondholders owned CDS contracts, they stood to gain more from bankruptcy than from reorganization.

Shareholders were often required to suffer losses or were even wiped out, but bondholders were generally saved by the government s infusion of cash.

Holders of Argentine debt now scream that the world will come to an end if Argentina devalues its currency or suspends payments on its debts.

This means that the Irish government (maybe the next one) should demand that holders of bank bonds share the losses, perhaps by offering them a simple debt equity swap.

Moreover, when providing their capital to a financial firm, bondholders can generally be expected to obtain contractual terms that reflect the risks they face.

If bondholders knew that the government would protect them, they would not insist on getting stricter contractual terms when they face greater risks.

Holders of Argentine debt now scream that the world will come to an end if Argentina devalues its currency or suspends payments on its debts.

In Ireland and Spain, private bondholders, not Irish and Spanish taxpayers, should have taken the hit from bank failures.

Bank officers may have walked away with hundreds of millions of dollars, but everyone else in our society shareholders, bondholders, taxpayers, homeowners, workers suffered.

Holders of long term bonds, for example, must have thought that inflation would come roaring back after the effects of the 1981 2 global recession had passed.

Through pension funds, investment funds, and arbitrage (or hedge) funds, shareholders became well organized and seized power in developed countries firms.

Workers and other asset holders place a very high value on safety, security, and predictability, so a defined benefit pension plan is extremely valuable.

Workers and other asset holders place a very high value on safety, security, and predictability, so a defined benefit pension plan is extremely valuable.

But, while debt forgiveness benefits holders of both equity and debt, debt holders don t voluntarily agree to it for two reasons.

Shareholders would instantly realize that the books were cooked, and roundly punish the offending company's share price.

The logic behind that decision was that, previously in the crisis, equity shareholders had been severely punished when their firms were judged too big to fail.

When a sufficient proportion of creditors agree to a restructuring plan (in the case of Argentina, the holders of more than 90 of the country s debt did), the others can be forced to go along.

In 1992, Sweden s central bank, the Riksbank, allowed private bank equity holders to be wiped out, but it rescued depositors and creditors by buying up risky assets of failing institutions.

The principal risk I see today is that being borne by investors in dollar denominated debt and I don t believe they are charging a fair price for what they are doing.

For example, bondholders were fully covered in the bailouts of AIG, Bank of America, Citigroup, and Fannie Mae, while these firms shareholders had to bear large losses.

Holders of bonds of the eurozone s member states have now been put on notice that, when the going gets tough, the real sovereign, We, the people, might be asked whether they actually want to pay.

Therefore, foreign speculators should, any day now, dump their dollar denominated assets onto the market, and so bring about the dollar decline that they so fear.

Наивысшие оценки будут означать автоматический доступ страны к Чрезвычайным Кредитным Линиям, а держатели облигаций получат гарантии, что в случае развертывания программы МВФ их требования будут полностью удовлетворены.

China's stock market cannot be a vehicle for privatization. According to Changjiang Securities, 320 listed companies experienced a change in their controlling shareholder in 1996 2001.