Posted by The name itself makes my head hurt…
From a glee filled state media outlet:
A key part of that regulatory framework will give the government new resolution authority to take over troubled institutions that would pose a threat to the entire financial system if they failed.
Administration officials believe this new power will save taxpayers money and avoid the type of controversy that erupted last week when insurance giant American International Group paid employees of its troubled financial products unit $165 million in bonuses even though the company had received more than $170 billion in support from the federal government.
Under the new powers being sought by the administration, the treasury secretary could only seize a firm with the agreement of the president and the Federal Reserve.
Once in the equivalent of a conservatorship, the treasury secretary would have the power to limit payments to creditors and to break contracts governing executive compensation, a power that was lacking in the AIG case.
Communism, a social theory and political movement for the direct and communal control of society towards the common benefits of all members.
Problem is, it doesn’t work and is only advanced via ignorant masses who have been brainwashed to feel “oppressed.”
Keep your powder dry folks….
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