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Geithner Seeks Power to Seize Imperiled Firms
FOX News ^ | 3/24/09

Posted on 03/24/2009 8:23:22 AM PDT by freespirited

Treasury Sec. Timothy Geithner asked Congress Tuesday to give the White House unprecedented powers to seize large insurers, investment firms and hedge funds, leaping beyond its present authority to seize only banks.

Geithner argued for such authority during the House Financial Services Committee's hearing on the handling of bonuses paid to executives at American International Group...

"The proposed resolution authority would allow the government to provide financial assistance to make loans to an institution, purchase its obligations or assets, assume or guarantee its liabilities and purchase an equity interest," he said.

Geithner called on Congress to grant him new powers to regulate huge financial companies like insurance giant AIG, whose failure would pose a grave danger to the U.S. financial system and the broader economy.

Specifically, Geithner asked for powers similar to those of the Federal Deposit Insurance Corporation, which has authority to seize control of banks, take over their bad assets and sell good ones to competitors.

Geithner made it clear he believes the treasury secretary should be granted unprecedented power, after consultation with Federal Reserve Board officials, to take control of a major financial institution and run it....

(Excerpt) Read more at foxnews.com ...


TOPICS: News/Current Events
KEYWORDS: fdic; geithner; powergrab; socialism; takeover; toxicassets
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RIP capitalism. It's been nice knowing you.
1 posted on 03/24/2009 8:23:22 AM PDT by freespirited
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To: freespirited

Welcome to our national socialist worker’s paradise!


2 posted on 03/24/2009 8:24:07 AM PDT by WayneS (Respect the 2nd Amendment; Repeal the 16th)
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To: freespirited

Well if they need to do this it just prooves they think the plans will work out great. I better go out and buy a bunch of stocks right away so I do not miss out on the Obama Boom economy.


3 posted on 03/24/2009 8:25:16 AM PDT by screaminsunshine (!!)
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To: freespirited

And the company you work for is next. Visions of the old USSR come to mind.


4 posted on 03/24/2009 8:25:40 AM PDT by RC2 (http://www.youtube.com/user/Funbobbasso)
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To: freespirited

Geithner doesn’t need to seek anything. The power has always been there since FDR.

§ 95b. Ratification of acts of President and Secretary of the Treasury under § 95a

The actions, regulations, rules, licenses, orders and proclamations heretofore or hereafter taken, promulgated, made or issued by the President of the United States or the Secretary of the Treasury since March 4, 1933, pursuant to the authority confered by subsection ( of section 5 of the Act of October 6, 1917, as amended [12 USCS § 95a], are hereby approved and confirmed.
(Mar. 9, 1933, c. 1, Title 1, § 1, 48 Stat. 1)


5 posted on 03/24/2009 8:26:50 AM PDT by OpusatFR (We can give up any pretense of having a government for and by the people after Coronation Day.)
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To: freespirited

Geithner is the perfect example of what Clinton was famous for. He appointed people clearly unfit to hold office, so he could run roughshod over them at will, no possibility of strong opposing views.

This guy’s name will actually appear on our paper money. If that doesn’t shake confidence in the dollar, nothing will.


6 posted on 03/24/2009 8:28:05 AM PDT by DoughtyOne (Resolved: Gregg, McCain, Snowe, Spectre: 2010, Collins, Graham: 2014)
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To: freespirited
The tax cheat and his socialist cohorts deliberately create this mess with bailouts and then pretend to becoming to the rescue by seeking to nationalize private enterprise. The game plan is all spelled out in the Cloward-Piven Strategy
7 posted on 03/24/2009 8:28:22 AM PDT by Man50D (Fair Tax, you earn it, you keep it!)
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To: freespirited
And who decides now that they are “imperiled firms”? Isn't that what chapter 11 was for?

I call BS to this whole line of reasoning.

8 posted on 03/24/2009 8:29:31 AM PDT by Tarpon (It's a common fact, one can't be liberal and rational at the same time.)
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To: freespirited

Now we know why Turbo Tim had to come out with a PLAN

as a precursor to this move

Seriously, who would trust this rat weasel-looking Eddie Haskell with their checking account much less omnipotent control over the US economy??


9 posted on 03/24/2009 8:34:20 AM PDT by silverleaf (Freedom's just another word for "nothing left to lose")
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To: freespirited

Arbeit macht frei.


10 posted on 03/24/2009 8:35:42 AM PDT by jpl (Help us Obambi Wan Kenobi, you're our only dope.)
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To: DoughtyOne
"This guy’s name will actually appear on our paper money"

That's worthless.

11 posted on 03/24/2009 8:39:54 AM PDT by Paladin2 (Big Ears + Big Spending --> BigEarMarx, the man behind TOTUS)
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To: freespirited
Welcome to the new Communist America, with King Obama and his machine at the head. We're cooked.
12 posted on 03/24/2009 8:40:44 AM PDT by Logical me (Oh, well!!!)
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To: RC2

And the company you work for is next. Visions of the old USSR come to mind.”””

Hugo is siezing assets all over Venezuela—NObama is just following his hero.


13 posted on 03/24/2009 8:45:43 AM PDT by ridesthemiles
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To: freespirited

Give me a break. This is not leadership it is Tyranny

WHAT RIGHT DOES ANY GOVERNMENT HAVE TO COME IN AND DESTROY A SOCIALOGY THAT HAS EXISTED AND THRIVED FOR GENERATIONS????

This has gone far enough, this madness must be stopped.


14 posted on 03/24/2009 8:46:11 AM PDT by BornToBeAmerican (Freedom is not free)
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To: freespirited
Can anyone explain how this is materially any different from Hugo Chavez seizing rice production facilities?

Guys, the Unite Socialist States of America is no longer tinfoil paranoia.

We're there.

15 posted on 03/24/2009 8:47:57 AM PDT by Zeddicus
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To: freespirited

Oh the stock market is going to LOVE this one.


16 posted on 03/24/2009 8:49:59 AM PDT by Centurion2000 (01-20-2009 : The end of the PAX AMERICANA.)
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To: freespirited

I can see it now:

CAMPAIGN MANAGER: I see your firm only gave $300,000 towards Obama’s reelection.

BUSINESS EXECUTIVE: Yes, we did.

CAMPAIGN MANAGER: We need you to give another $200,000 this month.

BUSINESS EXECUTIVE: We have nearly exhausted our budget for political contributions; we cannot afford more.

CAMPAIGN MANAGER: It sounds like your company is “imperiled”. Does the Administration need to take over and “fix” things?

BUSINESS EXECUTIVE: How much more money did you want?


17 posted on 03/24/2009 8:52:12 AM PDT by bobjam
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To: freespirited

Not to be crass - but will they at least use a little lube?


18 posted on 03/24/2009 8:55:21 AM PDT by cliniclinical (space for rent)
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To: freespirited

Dick Morris was on tv, last night, saying that Obama does not want his plan to succeed, that what he wants is an excuse to nationalize.


19 posted on 03/24/2009 8:57:23 AM PDT by Eva (CHANGE- the post modern euphemism for Marxist revolution.)
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To: freespirited

This administration has already imperiled the whole country. What more do they want?


20 posted on 03/24/2009 8:59:13 AM PDT by Sig Sauer P220 (Birth certificates are for suckers.)
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