Geith-stapo

First the banks. Now This.

If you aren't paying attention, your company might be next.

Any idiotic congressperson who votes for this lunacy should be the next to lose his/her job.


U.S. Seeks Expanded Power to Seize Firms

The administration's proposal contains two pieces. First, it would empower a government agency to take on the new role of systemic risk regulator with broad oversight of any and all financial firms whose failure could disrupt the broader economy.

The government also would assume the authority to seize such firms if they totter toward failure.

Besides seizing a company outright, the document states, the Treasury Secretary could use a range of tools to prevent its collapse, such as guaranteeing losses, buying assets or taking a partial ownership stake. Such authority also would allow the government to break contracts, such as the agreements to pay $165 million in bonuses to employees of AIG's most troubled unit.

H/T to Robbie at Urban Grounds