All financial institutions to be run by the federal government.

[famousringo]

TheRealMafoo said:

Millennium said:

TheRealMafoo said:

He also wished to be given the power to dissolve any company he thinks needs to be.

The government has had this power for years: all it has to do is revoke a corporation's charter. It's almost never actually used -more's the pity- but this wouldn't actually represent an increase in power.

"The Government" and the Executive Branch based on there discression are two completly diferent thing

The Government can not revoke Bank of America's charter without a shit storm of political mess, along with a fight all the way up to the supreme court. If what this sounds like passes, Obama and his team can revoke it with zero recourse.

It also sounds like what Geithner wants is a far less brutal tool than just revoking a charter. After all, the goal here is to cut the giant down to size before he falls over, not to push him over and hope that the collateral damage isn't too bad.

Basically, it sounds to me like he wants the power to slice up banks like the Supreme Court sliced up Standard Oil almost a century ago.