The same was true in government bailouts in the United Kingdom, Continental Europe, and elsewhere. Bondholders were saved because governments generally chose to infuse cash in exchange for common or preferred shares – which are subordinate to bondholders’ claims – or to improve balance sheets by buying or guaranteeing the value of assets.
过去，政府注资普遍具有的特点是保护所有对银行贡献了资本的人，而股东则排除在外。股东经常得迫受损失，甚至直接清扫出去。但是多数债券持有者则可收到政府注资的保护。