U.S. calls on man who nationalized Swedish banks to Washington

The Swedish financial chief known as "Mr Fix It" has been summoned to Washington to advise on how Sweden's model might avert a global banking meltdown.

www.telegraph.co.uk...

I wonder if the administration is truly considering nationalizing banks according to the Swedish model? Why else would they call the one in charge for doing this to Washington, especially in the midst of revealing the bad bank plan? Something fishy is going on.

RR something fishy is going on and here is my take

they know that the public outcry from what looks like a thinly vieled attempt to over pay for various toxic bank assets by taxpayers (using the FDIC to put up 85 of loans that don't need to be paid back) ......which is just one part of a three pronged bailout plan (whose goals are to make foreign Bond holders i.e creditors whole and happy and GAME the crisis so that selected political insiders make a killing.......will politically lose even more support...for Obama...

so they will probably have the Swedish Mr. Fix it LOL guy come in and say a few words....kind of like NFL teams are required to interview a minority coach before they hire someone (which i think is a good intended practice but insulting to those they don't take seriously)....in other words i don't think they will listen to this guy .......unless of course the bank plan doesn't take ENOUGH of the toxic assets off the books......and they still need to be taken over down the line....but even if the plan "work's" to clear up balance sheets the ECONOMY will not be returned to "Normal"...because "normal" is not sustainable when a consumer economy needs a Ponzi like Securitized debt market to account for 40% of lending to keep the economy (read; debt) growing enough to stay out of recession (even with politicized CPI and GDP data)

the Securitization MKT apparently (noted by many economists) can't be relaunched because there are not enough greater fools to buy another round of phoney rated security's.(not to mention that the naive typical consumer may not have the will to think it is in their best interest to chase material possesions beyond their income ANd TAKE ON more debt anyway ..but this is certianly debatable..lol)......and the Gov't can not keep this market going at a comparable size to the way the bankers did......(for fear of public backlash or more likely rising interest rates) but they can keep it going long enough to bailout foreign bond holders of poor bank debt (who are justifiably angry and needed to keep buying treasury bonds) ....and the irresponsible ..coerced...short cited bankers who will be taken care of by the fox's in the public henhouse.....

watch for a one time devaluation to be cooridnated within the next year or two to bring debt levels down to somewhere...from which an economy may be able to grow from........(gold sales may also be suspended shortly before or after this announcement) ..............but either way the US economy will be re-setting to a lower level which wil be painful....and probably why obama is making it more difficult to obtain AMMO that is affordable and confroms to legal standards (only half joking there)

cpdaman beat me to the punch...but I will add to that post with this news...
US withdraws request for Swiss help on UBS case, involving UBS based in
Switzerland concerning tax fraud by clients. I report...you decide.

U.S. authorities have withdrawn a request for administrative assistance from Switzerland concerning tax fraud by clients of UBS (UBS.N)(UBSN.VX), the Swiss government said on Thursday.
A spokesman for Switzerland's Federal Tax Administration said the request was related to a criminal case, which was settled after UBS agreed to identify certain U.S. clients and pay a $780 million fine.

"The U.S. Internal Revenue Service (IRS) has withdrawn the request for administrative assistance submitted in July 2008 in the case involving UBS," the Federal Tax Administration said in a statement.

UBS disclosed the identity of about 300 U.S. clients to avert criminal charges that Swiss regulators said would have put its existence at risk and hurt the economy, a decision that has brought the country's banking secrecy into question.

UBS is still fighting a U.S. civil case that is seeking to force the bank to reveal the names of 52,000 clients suspected of dodging taxes by stowing cash in Swiss accounts and is seen as a threat to Swiss banking secrecy and UBS's reputation.

The IRS declined to comment. Source