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Geithner Proposes Vast Expansion of U.S. Oversight of Financial System

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posted on Mar, 26 2009 @ 12:43 PM
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Geithner Proposes Vast Expansion of U.S. Oversight of Financial System


www.washingtonpost.com

Treasury Secretary Timothy F. Geithner today proposed a sweeping expansion of federal authority over the financial system, breaking from an era in which the government stood back from financial markets and allowed participants to decide how much risk to take in the pursuit of profit.

The Obama administration's plan would extend federal regulation for the first time to all firms trading in financial derivatives and to companies including large hedge funds and major insurers such as American International Group. The administration also will seek to impose uniform standards on all large financial firms, including banks, an unprecedented step that would place significant limits on the scope and risk of their activities.
(visit the link for the full news article)




posted on Mar, 26 2009 @ 12:43 PM
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Great. After a generation of the Federal gov't letting former banksters from Lehman rewrite dismantle our banking and finance laws and regulations, Geithner, alum of Kissinger & Associates, the CFR, IMF, and the FED, proposes closing the barn door.

Call me cynical.

The money quote:

"Our system failed in basic fundamental ways," Geithner told the committee.


Excuse me, but this guy is the system.

www.washingtonpost.com
(visit the link for the full news article)


[edit on 26-3-2009 by gottago]



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