Monday, March 16, 2009

Obama on AIG

Barack Obama ponders the AIG situation:
The President said the bonus situation underscored the need for overall financial regulator reform and said the government needed “some form of resolution mechanism in dealing with troubled financial institutions, so we have greater authority to protect the American taxpayer and our financial system in cases such as this".

Is he joking around? The Federal government needs "greater authority"? It has a huge controlling stake in an otherwise bankrupt firm. That is authority. You just have to want to exercise it.

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