Rath said:
I read the article you just linked to and I couldn't find the bit where it said Obama can take over a profitable bank if he deems its needed. Can you quote it to me? It seemed like stricter regulation and the much needed ability to wind down financial firms 'too big to fail'. |
Gah, You made me look harder for it :p
Here is the article I first read this in:
http://money.cnn.com/2009/06/15/news/economy/market_reorganization/index.htm?postversion=2009061512
"The U.S. financial system is far less centralized than other mature economies, according to Geithner, pointing to the between 8,000 and 9,000 banks throughout the country. To hold a vast system accountable, he said that there has to be a more centralized regulation system."
"Another component of the plan, which 'will be available only in extraordinary circumstances,' according to Geithner and Summers, creates an option to dissolve financial companies that are too big to fail."







