Gov't sets rules to leave bailout program

Gov't sets rules to leave bailout program

www.google.com

The nation's largest banks that want to exit the financial rescue program will have to demonstrate to the government that they can survive without its support.

In a joint statement, Treasury Secretary Timothy Geithner and other government banking officials said Wednesday that the 19 largest banks seeking to withdraw from the $700 billion rescue program will have to prove that they can borrow money without the support of the Federal Deposit Insurance Corp.

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All they are doing is giving people the illusion that this is an optional program. The government does not want banks to opt out of the bailout agreements because then there will be nothing to hold over them. The required "proof" that the banks will be able to stand on their own two feet will be so difficult to provide that none of them will be allowed to leave the bailout program.

Unless they have buddies in Washington, that is...


TA

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

[edit on 6-5-2009 by TheAssociate]

well lets thank god they all have friends in washington then.
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