Thus, when a large financial firm runs into problems that require a government bailout, the government should be prepared to provide a safety net to depositors and depositor-like creditors, but not to bondholders. In particular, if the firm’s equity capital erodes, the government should not provide funds (directly or indirectly) to increase the cushion available to bondholders.
所以，当一家大型金融机构驶入泥潭，需要政府救助的时候，政府就应当做好保护储户以及类储户性质的债权人的准备，而不要去顾及债券持有人。当企业的权益资本变质的时候，政府尤其不应当为债券持有人直接或间接提供资本以供缓冲。更好的做法应当是，将债券（至少是部分债券）转换为权益资本，并且政府注入的任何新鲜资本都应当用以购买优先于债券持有人所持有的债券的企业证券。