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http://market-ticker.denninger.net/archives/1039-Thuggery-And-Mob-Action,-Government-Style.html
Just part of the information contained within:
Just part of the information contained within:
Judicial Watch, the public interest group that investigates and prosecutes government corruption, announced today that it forced the Obama administration to release documents about the October 13, 2008, Treasury Department meeting that coerced major banks to allow the government to take $250 billion equity stakes. Among the other news, the documents confirm former Treasury Secretary Hank Paulson told the CEOs of nine major banks that they had no choice but to allow the government to take equity stakes in their institutions. The documents show Obama Treasury Secretary Tim Geithner, FDIC Chairman Shelia Blair, and Fed Chairman Ben Bernanke co-hosted the meeting with Paulson.
President Obama's Treasury Department attempted to prevent the disclosure of these documents, refusing to respond to an FOIA request. Judicial watch sued.
On February 4th The Obama Administration claimed it had no documents related to the meeting, but was forced to recant and release them.
In other words, THE PRESIDENT LIED AND ATTEMPTED TO COVER UP THE FACTS.
The Obama Administration also redacted Geithner's edits to some of the documents.
These documents show that the banks in question were literally forced to accept the interference of the government in the form of equity investment under the direct threat that their primary regulator (the OTS or OCC, as the case may be) would force them to do so if they refused. Both OTS and OCC are run by Treasury.
The outrage here is not just that these CEOs were forced (literally) to take the money. It is also that they were forced to, at the same time, accept whatever FUTURE restrictions on activity, including compensation, Treasury or Congress desired to impose.
In short the banks were forcibly nationalized without a prior finding of insolvency; this is blatantly unconstitutional as a "taking" without compensation.