RE: Wells Fargo being asked to take government money.
Is it legal for the government to force a bank to take bailout money even if they don’t want to ?
Good question.
Who would make the “arrest” if it is not legal?
remember that meeting in late november or early december
when paulson called the bank ceo’s into a closed room
and read them the riot act?
only the chief of wells fargo had the temerity to speak up.
paulson told them they were taking federal money.
They weren’t legally “forced,” but when you’re in a heavily regulated industry and the regulators tell you you have to do something, life could get very unpleasant if you don’t.