Anthony Scaramucci: Wall Street Should Have A GM Bankruptcy Option

Anthony Scaramucci is at the Bloomberg 2010 Hedge Fund Conference and he is saying that Wall Street should have a General Motors

pre packaged bankruptcy option. He is saying that there are going to be banks in the country that are too big to fail, that it's just a fact. Yet, when these banks do fail, they should be put into a pre packaged bankruptcy, ala GM. Scaramucci believes this should have been done with Lehman Bros. The equity holders would be wiped out, the bondholders would take a hit, and the company would be infused with government capital. Scaramucci argues that we would be well on our way to a recovery had this happened in 2008.