US Treasury Secretary: “We need the ability to seize firms”
Wednesday, March 25, 2009 Treasury Department secretary Timothy Geithner and the Obama administration are pressuring Congress to allow the government to seize troubled financial institutions such as insurance companies and investment firms. Currently, banks are the only such entities that the government has authority to take over. Speaking before the House Financial Services Committee, Geithner said “The United States government does not have the legal means today to manage the orderly restructuring of a large,…