Henry Blodgett puts it exactly right:
The Obama administration has demonstrated admirable cojones in dealing with Detroit. It is taking a hard line that actually has a chance of producing a viable and sustainable U.S. auto industry -- and it is handing the bill for the existing wreckage to those who deserve to pay it: Current shareholders and bondholders.
Which makes the administration's wimpiness in dealing with Wall Street all the more bizarre.
Why does the Obama administration refuse to hand the bill for our banking catastrophe to the folks who deserve it -- bank bondholders and shareholders? Why do taxpayers have to pay those costs, while we're spared most of the pain in Detroit?
This is the central mystery of the Obama administration so far, and it's galling that folks who claim to be all about "transparency" refuse to even address the question.