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 ...
I can see it already...
CALPERS or some other huge government workers union is invested in a company which they feel is not giving them a good enough return on their retirement investments. The union gets their buddies on Capitol Hill to seize the private company and sell off the pieces to fatten the union’s coffers.
Ahhhhhh...... Change.
This tells me there’s something coming down the pike.
Yyup,
The USA is a socialist country.
THATS THE “USSA”.
Exactly...
ping
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