So now we have Secretary of the Treasury Timothy "Turbo TaxCheat" Geithner telling the banks that additional bailouts will come with strings that may include the government dictating bank management.
Geithner to Banks: Get Federal Help, Government Decides Your Executive Line-Up
I certainly don't feel sorry for the banks, but I fear what this portends for private enterprise in general.
This could be the end of the story for some banks, but it is not the beginning. Seems that the repeal of the Glass-Steagal Act and enactment of the Commodity Futures Modernization Act in 2000, signed by the First Black President, was the beginning of the financial meltdown we are having today. Glass-Steagall was a Great Depression era law which prevented merging of banks, insurance companies, and financial brokerages. The Commodity Futures Modernization Act of 2000 prevented the U.S. regulatory agency, the Commodity Futures Trading Corporation, from having oversite of derivatives such as Credit Default Swaps, such as those involved in the AIG insurance disaster.
Why is this important? The then-Secretary of the Treasury pushing passage of the legislation with the First Black President was Larry Summers, now director of the White House's National Economic Council for President Obummer. His assistant? Drumroll please......
Timothy "Turbo TaxCheat" Geithner. Read Geithner's 'Dirty Little Secret'.
He's from the government, and he's here to help.