Geithner indicates most explicitly
his intention to violate the Prompt Corrective Action law
for favored insured institutions
It appears that he intends to keep (favored) insolvent banks
under the control of the managers that caused their failure
Of course, the entire asset disposition plan
violates the Prompt Corrective Action law
which requires least cost resolution…
You see, insolvent banks
will have "capital" supplied in unlimited amounts by the taxpayers
Only favored failed financial institutions will be bailed out…
The Prompt Corrective Action Act
had the quaint notion that we should be a government of laws
and outlawed this kind of favoritism
Former Bank Regulator William Black
Who is more foolish
the few who lent and borrowed more than could be repaid
or the many living within rational financial boundaries
being penalized for other’s recklessness?
Plutocracy
Government by the wealthy
A controlling class of the wealthy
Merriam-Webster Dictionary
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