Translates to a bend over type assurance, Rab thinks
x company is a big republican donor. Must dissolve company
isnt that unconstitutional..not that they care ...
back door to communism.
Of course, the jobs leave this country, too.
yeah - you should be scared.
And with an “activist” in the White House you want to STAY OFF THEIR ENEMIES LIST.
This power will be especially useful in the next election. Don’t support Obama? Well, we’ll see what the new board of directors thinks.
These people are deserving of a trial for treason followed by a 21 gun salute... if you get my meaning.
Thanks heaps, Senator Scott “Pickup Truck” Brown!!!
Years ago, Jesse Jackson proposed a “corporate death penalty”, for corporations found to be committing repeat, and even murderous crimes, with little criminal recourse other than small fines.
As far as this goes, in practice it may not be as bad as it sounds.
To start with, a lot of the corporations that would be covered by this have been deeply involved with dangerous financial speculation. Essentially high risk gambling with immense, multi-billion and even trillion dollar stakes.
In effect, they discovered a way to create money out of thin air, which they could then use to buy real assets. But if they lost big, they figured that the taxpayer would bail them out because they would destroy the economy if they were taken down.
They had also mastered Chapter 11 bankruptcy laws, so as to be able to loot their corporation further before it collapsed.
And the FDIC may be just the right choice for this as well, as they have to deal with bankers as cutthroat as Barbary pirates, so have learned how to quickly disassemble a financial institution with minimum fuss.
So the bottom line is that if a corporation is too big to fail, it must be failed in a controlled fashion before it can be destroyed by natural causes.
Once upon a time companie were not allowed to merge if the result was to diminish competition, and yield monopolies.
Seems like an equivalent objection to mega-mergers would be prevention of companies that are “too big to fail” and avoid the possibility for government to feel compelled to rescue them.
Once upon a time the government broke up the big oil companies.
my 2 cents
Thank you Scott Brown, Snowe and Collins.
Ok,so when is the FDIC going to shut down the Federal Government?