Banks forced to take money

Current Events
1

If I know my fellow Americans, this won’t make a dent in their political views but it is nice to know for my own piece of mind.

http://www.bloomberg.com/apps/news?pid=206…&refer=home

May 14 (Bloomberg) – Former Treasury Secretary Henry Paulson, saying nine U.S. banks were “central to any solution” of the credit crisis, told their leaders to take government aid or be forced to by regulators, according to a memo prepared for an October meeting.

“If a capital infusion is not appealing, you should be aware that your regulator will require it in any circumstance,” Paulson’s one-page list of talking points for the session with the banks’ chief executives said. “We don’t believe it is tenable to opt out because doing so would leave you vulnerable and exposed.”

I just wish I could say it was unbelievable.

2

It would have been better if at least one of them decided to have it forced on them by regulators. That might have exposed the Fed/Treasury as the brutes that they are to the general public.

As it stands, most people believe that those banks were only too happy to accept TARP funds and it was the government who was at the the mercy of their high pressure tactics.

3

Say it ain’t so, man! The government using force? My whole perception of this country is thrown way off. :stuck_out_tongue: