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Treasury Says Has Power to Take Ownership Position In Private Banks | Reuters
News Type: Event — Seeded on Thu Oct 9, 2008 8:39 AM EDT
Article Source: Reutersadvertisement
U.S. Treasury Secretary Henry Paulson said on Wednesday a recently approved financial bailout bill gives him wide authority to inject capital into the banking system and would not rule out having Treasury take an ownership position in banks if necessary.
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 | Paulson endorses bank stock purchase plan | Associated Press | Wed Oct 8 | 0 |
 | U.S. May Take Ownership Stake in Banks | The New York Times | Thu Oct 9 | 2 |
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{"commentId":3396065,"authorDomain":"jcatom"}
"I'm not going to speculate on all the things we may have to do," he said. "I would simply say we have a broad range of authorities and tools...to work with going forward here."
The New York Times, quoting unnamed government officials, said Treasury was considering taking ownership stakes in many U.S. banks. A Treasury spokesperson could not be reached for comment on the story...
...That may make taking direct stakes in banks -- a relatively radical idea in normal times for a Republican administration committed to private enterprise -- more palatable.
{"commentId":3396065,"threadId":"383668","contentId":"1975151","authorDomain":"jcatom"}
- 2 votes
#1 - Thu Oct 9, 2008 8:43 AM EDT{"commentId":3396071,"authorDomain":"jcatom"}
This is, actually, extremely radical isn't it?
{"commentId":3396071,"threadId":"383668","contentId":"1975151","authorDomain":"jcatom"}
- 3 votes
{"commentId":3396468,"authorDomain":"cyan412000"}
And no he does not have the power to take ownership in banks or any other industry
{"commentId":3396468,"threadId":"383668","contentId":"1975151","authorDomain":"cyan412000"}
- 2 votes
{"commentId":3397223,"authorDomain":"shore"}
This is, actually, extremely radical isn't it?
From an American perspective, yes.
From the perspective of Fascism, no.
There are things to be said for a well-regulated financial sector - it keeps government away from capital while protecting the public interest. That's generally a good thing.
The sooner that we can re-restablish healthy regulation of commercial and investment banking, the better.
{"commentId":3397223,"threadId":"383668","contentId":"1975151","authorDomain":"shore"}
- 1 vote
{"commentId":3400111,"authorDomain":"Oil-and-Blood"}
As I under stand the bill it does not allow "Him" to make a final decision on that matter. That would have to be authorized by the Congress as well.
Oh Fudge: I forgot that the FED and the Treasury Dept own the congress, so I guess he can pretty much do what he wants.
When they get control of the banking system here and abroad; Isn’t that the end of Capitalism? One unified World bank and one currency. The new world order.
Grab your torch and pitchfork. It’s time to cut the head of this beast. If we don’t stop this now The fed will run our country completely. They are the most organized Mafia in the world.
{"commentId":3400111,"threadId":"383668","contentId":"1975151","authorDomain":"Oil-and-Blood"}
- 2 votes
#2 - Thu Oct 9, 2008 12:58 PM EDT{"commentId":3400306,"authorDomain":"Oil-and-Blood"}
As I under stand the bill it does not allow Him to make a final decision on that matter. That would have to be authorized by the Congress as well.
Oh Fudge: I forgot that the FED and the Treasury Dept own the congress, so I guess he can pretty much do what he wants.
When they get control of the banking system here and abroad; Isn’t that the end of Capitalism? One unified World bank and one currency. The new world order.
All Hail The USSA
{"commentId":3400306,"threadId":"383668","contentId":"1975151","authorDomain":"Oil-and-Blood"}
- 1 vote
#3 - Thu Oct 9, 2008 1:10 PM EDT{"canLink":false,"threadId":"383668","isPrivate":false}
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