Geithner urges overhaul of financial regulations

[Rggr]

This part seems scary to me:

"The administration will urge Congress to grant it the authority to take over major troubled instutions whose collapse is judged to pose a threat to the entire financial systmem.

The administration would have the power to limit payments to creditors and to break contracts for executive bonuses, the issue that raised the furor with AIG."

[Mamama Mia]

Originally Posted by InformedConsent

The same Geithner who just set up a scam that lets the banks get nearly full funding for their toxic assets while dumping the losses on the taxpayers? Don't make me laugh.

Open Letter To The FDIC Ombudsman - The Market Ticker
Discussion:
Open Letter To The FDIC Ombudsman [Ticker] - MarketTicker Forums

More on how Geithner's scam goes down:
Mike Morgan Behind Enemy Lines: Geithner's Gift to Hedge Funds (http://realestateandhousing2.blogspot.com/2009/03/geithners-gift-to-hedge-funds.html - broken link)

Now you can see why the market's up.

Yep, one in the same.

[EasilyAmused]

Re: Right to Seize.......

This is giving the governement too much power. Much like the Imminent Domain, land grab issue.

If the government wants a firm, failing or not, they can just take it and say it's failing because, "They said so."

[BigJon3475]

Summers, Geithner, Greenspan, Rubin,

"the committee to save the world"

They're very familiar with each other and how they ran things. Let's not forget Geithner, after working under Rubin, was head of the NYFed and Rubin was rocking it big at CITI.

Well it certainly does seem he might be the only one that knows the details of this whole debacle.

[Kracer]

I'd be investigating the government watchdogs as a first step. The SEC, Barney Frank, etc. along with legislation passed by our representatives are the first line cause of our current state of economic problems.

After that is fixed I'd then look into unregulated practices. Also demand money back from SEC memebers, senate and congress for their deriliction of duty. AIG bonuses are a diversion.