TheHill.com - Schumer and Frank cast doubt on stimulus
Schumer, the head of the Senate Democrats’ campaign arm, also said he was concerned that some of the money was helping larger banks carry out mergers and acquisitions instead of simply inducing them to lend more money.
“I’m calling for any mergers completed with our money first be approved by the Treasury,” he said. “We’re not in the business of subsidizing pure business transactions.”
Unless we approve of them, of course, of course.
Socialism brooks no competition. The socialists will manage the businesses, not the capitalists.
That has always worked so well, you know.
Submit to Stumbled Upon!
The Fed, the OCC and the FDIC already have to approve any bank M&A. The OCC and FDIC I am pretty sure report directly to the Treasury and absolutely sure they would indirectly otherwise. So the Treasury in essence already approves all bank mergers. Also, isn’t these three agencies’ approval scrutiny enough!
Isn’t Barney Frank the head of the Financial committee in Congress and he doesn’t know this. These are the people running things?!
We’re doomed.