Tuesday, October 14, 2008

Federal Government Makes Nine Big Banks Nationalize Partially

According to today's Washington Post, our government is moving beyond the $700 billion dollar bailout plan to partially nationalize at least nine of our major banks. I have to think on this a bit. Is this the way some banking's done in China?
The Treasury Department's decision to take equity stakes in banks represents a significant reversal, coming just weeks after Treasury Secretary Henry M. Paulson Jr. had opposed the idea. In a momentous meeting yesterday afternoon in Washington, Paulson, flanked by top financial regulators, told the executives of nine leading banks that they needed to participate in the program for the good of the national economy, two industry sources said on condition of anonymity because they were not authorized to speak publicly.

The government's initiative, which was to be announced this morning before the markets open for New York trading, is part of a wider plan that goes beyond the $700 billion rescue package approved by Congress earlier this month. (WaPo)
The WaPo article says similar action has been taken in Europe. And so it begins, paranoia, I'm sure in some quarters, about a one-world government and new world order.

Read the full article here at this link.

No comments: