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Geithner seeks new powers over financial companies

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one...two...tree Grand Master

one...two...tree   2,762

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WASHINGTON – Treasury Secretary Timothy Geithner asked Congress on Tuesday for broad new powers to regulate nonbank financial companies like troubled insurer American International Group whose collapse could jeopardize the economy.

"AIG highlights broad failures of our financial system," Geithner told the House Financial Services Committee. "We must ensure that our country never faces this situation again."

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Geithner joined Bernanke in calling for greater governmental authority over complicated and troubled financial companies — power they likened to the authority wielded over banks by the Federal Deposit Insurance Corporation. That includes the power to seize control of institutions, take over their bad loans and other illiquid assets and sell good ones to competitors.

http://news.yahoo.com/s/ap/20090324/ap_on_...rnanke_geithner

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Hilarious Clinton Grand Master

Hilarious Clinton   452

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Geithner. The tax cheat? I wouldn't trust him with more power.

"The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies."

Senator Barack Obama
Senate Floor Speech on Public Debt
March 16, 2006



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