Administration Seeks Unprecedented Powers to Seize Companies

The Washington Post reports that the Obama Administration this week will argue before congress for an unprecedented expansion of the Treasury’s power to seize financial companies. Tim Geithner and the Administration seek the power to seize troubled non-bank companies whose collapse they deem to be a risk to the economy.

This report comes on the heels of a New York Times piece on Sunday which discussed the Administration’s plans to regulate the compensation of financial industry executives, whether their companies received bail-out money or not.

Suggested bill names: The Fair Share Law, The Public Stability Law, The Preservation of Livelihood Act…  Hey, at least it’s for the greater good, right?