Posted on 04/05/2009 2:07:50 PM PDT by Son House
"And where the government has acted, like in Fannie and Freddie or like in AIG, where we've had to do exceptional things to stabilize them, we have replaced the management and the board," Geithner said.
Asked if chief executives of big banks such as Citibank and Bank of America should worry about their jobs if their companies don't improve their performance, Geithner said the government would not shy from such a restructuring.
As part of the new administration's overhaul of the $700 billion bailout effort, banking regulators are requiring stress tests for the 19 largest banks to see whether they will need additional support to withstand a more severe downturn than the country is experiencing now.
Those tests are scheduled to be completed by the end of April. After that, the banks in need of additional capital will be given time to raise it on their own.
If they are not able to do so, they will be provided with extra support from the bailout fund. But the administration has said the additional support will come with tougher requirements to make sure the banks' are using the money to increase lending to consumers and businesses.
(Excerpt) Read more at foxnews.com ...
I don’t remember the management or the board at Fannie, Freddie or AIG being replaced, guess I must have been busy.
“Geithner hasn’t even filled positions for his department...”
Tyrant says: “I don’t need no stinkin’ staff”
Less eyeballs on his dirty deeds, no?
That is the correct conservative position, all of this butt kissing of the failed corporation management is beyond belief. If you don't want the principle stock holder to run the place don't sell to him are buy him out.
though I would normally agree;
1. As part of the new administration’s overhaul of the $700 billion bailout effort, banking regulators are requiring stress tests for the 19 largest banks to see whether they will need additional support
2. If they are not able to do so, they will be provided with extra support from the bailout fund. But the administration has said the additional support will come with tougher requirements
.
Stress test and additional requirements enable Geithner and Øbama to ruin banks at will
There is one caveat here. Some banks are trying to return TARP money and Barry O isn’t willing to take it back.....
That is the really scary thing.
If you take tax dollars then you lose the freedom to do as you please...should be applied post haste to all recipients of all forms of taxpayer supported welfare. Plus anyone that has been in elected office or guv bureaucracies must not take jobs in private industries, non-profits or foreign countries that have been legislated during their tenure. That along with full disclosure of looby ties and term limits would help take this big azz government back. Next I’d propose a 1 year moratorium on all non-profits and a relicensing investigation before renewing any NP!
Management was changed at Fannie, Freddie and AIG — but all those were taken over by the government. Our budding fascist Treasury secretary and our Muslim president want to make be able to hire and fire just because they are contributing capital to a bank. This is fascism people. It’s here. It’s now. What are we going to do about it?
1. banking regulators are requiring stress tests for the 19 largest banks
2. they will be provided with extra support from the bailout fund
.
that is not a law, it is a blatant attempt to allow the take over of banks by Geithner and Øbama
http://online.wsj.com/article/SB123879833094588163.html
Some "little paper" you might want to read.
Sadly it is true.
http://www.foxnews.com/video-search/m/22056716/extorting_our_banks.htm#q=judge+napolitano
According to Judge Napo and Fox News, there were solvent banks that were forced to take TARP money under threat of Federal audits. The Fed is now not allowing them to repay the TARP money and they want to impose Barney Franks pay restrictions, prolly kick out the CEO and board, etc. But, since they took tarp money, I guess you think it is okay, even though this was clearly extortion.
See my post 16. Judge Napolitano and Fox News are some of the few sources I trust. Not koolaid drinkers. Why should a healthy bank file for bankruptcy, anyway?
I don’t agree with penalizing those companies who were strong armed. My point was that going to the government should be the last place where people should go.
Bingo.
The government used the taxpayer’s money to bail out the banks...shouldn’t we own them? Americans should have a say in the proceedings.
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