“WASHINGTON (Reuters) – The Obama administration on Tuesday mounted a full-scale push for government authority to shut down troubled institutions like insurer AIG to avoid the need for future bailouts.
U.S. Treasury Secretary Timothy Geithner, testifying before lawmakers still fuming about big bonuses for executives at bailout recipient AIG, called on Congress for new powers to take over big non-bank financial firms that run amok.” (Read more from news.yahoo.com)
First government gives itself the power to redistribute our money to AIG (despite the Constitution). Now they want to give themselves the power to shut down a private company.
WTF!?!?!?!!?!?
If the assholes in government would have simply done NOTHING, then AIG would be shut down – probably by a bankruptcy court. The net effect would be identical, but we’d have more of our money, and governments would have no new powers.