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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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To: freespirited

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.


21 posted on 03/24/2009 8:59:38 AM PDT by anonsquared (Where's Harry Tuttle when you need him?)
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To: freespirited

Ahhhhhh...... Change.


22 posted on 03/24/2009 9:05:08 AM PDT by b4its2late (Ignorance allows liberalism to prosper.)
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To: cliniclinical

23 posted on 03/24/2009 9:26:35 AM PDT by Tex Pete (Obama for Change: from our pockets, our piggy banks, and our couch cushions!)
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To: Tex Pete

24 posted on 03/24/2009 9:27:34 AM PDT by Tex Pete (Obama for Change: from our pockets, our piggy banks, and our couch cushions!)
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To: freespirited
I doubt if, by any stretch of the Donk imagination, the authority to do this can be found in the Constitution.
25 posted on 03/24/2009 9:33:11 AM PDT by ANGGAPO (Leyte Gulf Beach Club)
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To: freespirited

This tells me there’s something coming down the pike.


26 posted on 03/24/2009 9:36:36 AM PDT by b4its2late (Ignorance allows liberalism to prosper.)
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To: freespirited

Yyup,

The USA is a socialist country.


27 posted on 03/24/2009 9:42:15 AM PDT by Para-Ord.45
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To: Para-Ord.45

THATS THE “USSA”.


28 posted on 03/24/2009 10:12:35 AM PDT by snowman1
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To: Tex Pete

Exactly...


29 posted on 03/24/2009 1:03:08 PM PDT by cliniclinical (space for rent)
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To: rabscuttle

ping


30 posted on 03/24/2009 3:09:16 PM PDT by metmom (Welfare was never meant to be a career choice.)
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