New ways to foot the hefty bill for making old ships less polluting
> That also imperils banks across the world, which have lent $400bn secured on smoke-spewing ships.So, why should we care? Presumably the banks have paid analysts to determine that was a sound investment.If governments are doing their jobs, banks should be able to eat this kind of loss without becoming insolvent. Otherwise why bother having regulations at all, if every minor hiccup means taxpayers have to bail out the banks?Why do I care if shipping companies go out of business because of over capacity? Isn't that what market forces are all about?So we should keep dangerously polluting ships running, because the banks that loan the shippers money will lose their shirts for several quarters if the shipping company goes bust?