Geithner: U.S. May Oust CEOs at Banks Needing ‘Exceptional’ Aid (Video)

Obama Wants to Control the Banks
There's a reason he refuses to accept repayment of TARP money.

Treasury Secretary Tim Geithner told Katie Couric last week he is open to more unconstitutional terminations of CEOs, continuing Team "O"s assault on the markets, investors and capitalism.

President Obama, in a blatant abuse on his constitutional Executive power, felt it necessary to fire GM CEO Rick Wagoner.

Geithner has recently unveiled a plan designed to give Treasury Department the ability to take over financial institutions at the Secretary's choosing.

Recently, a bill has been introduced in Congress, HR 1664 Grayson-Himes Pay For Performance Act of 2009, which aims to cap pay which is not performance based and any and all employees who work for companies receiving bailout dollars.

It's a power grab to redistribute wealth, penalize the successful and establish a communistic "equality" among Americans. Regulation = control and power. Team "O" wants to destroy free market capitalism. There is ample proof of Obama's war on investors. Welcome to The United Socialist States of America (USSA).

The "Firing" executives discussion begins at the 6:00 mark.

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April 5 (Bloomberg)

Treasury Secretary Timothy Geithner said he’s prepared to oust the senior management and boards of directors at banks that require “exceptional” assistance from the U.S. government.

“If in the future, banks need exceptional assistance in order to get through this, then we will make sure that assistance comes,” while ensuring taxpayers are protected, Geithner said today in an interview on the CBS “Face the Nation” program. “Where that requires a change in management and the board, then we will do that.”

Geithner noted that American International Group Inc., Fannie Mae and Freddie Mac had their chief executives removed after it became clear the companies couldn’t
survive without government rescues. The Treasury is reviewing how much capital the biggest U.S. financial companies need in order to endure a severe economic downturn.

“Where we’ve had to do exceptional things,” the government has replaced management and boards of directors, Geithner said.

Obama hates America and hates capitalism.