What's the stick?
It’s in the TARP. If they took any bailout money, whether they paid it back or not, they are at the mercy of Commie Obammy.
“And just how is he intending to require banks to unilaterally adjust signed contracts? What’s the stick?”
Tax their $30 Billion bonus by 50%? This may not be right but banks loved socialism a year ago, their whining will not register with me.
Remember that bailout money? It had strings.
Socialist revolution and the will of “the people” is here.
Perhaps the same way he unilaterally adjusted established bankruptcy law when he took over GM and Chrysler -- just stepped in and placed unsecured union creditors and the government ahead of secured bondholders.
It's increasingly apparent that, like any good communist, laws are merely minor irritants to be brushed aside when they don't suit him. But just let us try the same thing, and we'll wind up in his gulag so fast our heads will spin.
Welcome to the Brave New World of Psychosis.
Sounds about as legal as “Obama orders all non-Democrats into Concentration Camps and bank accounts and property confiscated”.
Of course, when did rule by other than “Sez me!” be adopted by the “make up the rules as we go” Dems?