Geithner: I'm Open To Pressuring A Bank CEO To Resign (Video)

Treasury Secretary Tim Geithner tells Katie Couric 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 this week.

Tim Geithner unveiled a plan last week, 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).




CBS News:

Days after GM's CEO Rick Wagoner was forced out by the Obama administration, Treasury Secretary Timothy Geithner left open the possibility that such moves could happen again.

In an interview with CBS Evening News anchor Katie Couric, Geithner acknowledged the government has had to do "exceptional things" – citing AIG as well as Fannie Mae and Freddie Mac.

"We have changed management aboard," he said. "And where we've done that, we've done it because we thought that was necessary to make sure these institutions emerge stronger in the future."

Never Let A Crisis Go To Waste: The Geithner Plan To Take Over Wall Street

Tim Geithner unveiled a new plan today that continues the Obama Administration's war on Wall Street.

And like every other socialist/totalitarian item on the agenda, they have to act fast and act now to get the most out of the "crisis".

Regulation = control and power.

Team "O" wants to destroy free market capitalism. More proof of Obama's war on investors. Welcome to The United Socialist States of America (USSA).

March 26 (Bloomberg)

U.S. Treasury Secretary Timothy Geithner said regulation of the U.S. financial system needs a broad overhaul to heal a crippling lack of confidence caused by the credit crisis.

“To address this will require comprehensive reform,” Geithner said at a House Financial Services Committee hearing. “Not modest repairs at the margin, but new rules of the game.”

Geithner’s proposals would bring large hedge funds, private-equity firms and derivatives markets under federal supervision for the first time. A new systemic risk regulator would have powers to force companies to boost their capital or curtail borrowing, and officials would get the authority to seize them if they run into trouble.

The Obama administration is counting on public anger over the taxpayer-financed rescues of American International Group Inc., Bear Stearns Cos. and other firms to help it win approval for the changes, which could be the most sweeping since the 1930s. Policy makers want to improve the oversight of the financial system now rather than wait until the crisis is over, administration officials said on condition of anonymity.

VIDEO: Stocks Rally As Housing Numbers Exceed Expectations

In related news, President Obama unveiled Tim Geithner's $1 Trillion bailout plan for toxic assets.

In case anyone hadn't noticed, Geithner conveniently did not speak a word today. Obama and Economic Advisors Christina Romer and Larry Summers handled the media.

Maybe the markets are just happy they didn't have to listen to Timmy "Hermey the Elf" Geithner today.



FOX Business reports:

The number of existing homes sold in February unexpectedly rose last month, an industry trade organization said Monday, as distressed home sales continued to remain the dominant force in the nation’s impaired housing market.

According to the National Association of Realtors, the number of homes sold rose 5.1% to a seasonally-adjusted rate of 4.72 million units in February up from 4.49 million annualized units.

The jump in sales was much better than what economists had predicted, who were expecting existing home sales to fall to 4.45 million units. The data helped boost stocks broadly, pushing the Dow Jones Industrial Average up nearly 300 points.

While the increased sale of homes is a welcome sign to Wall Street -- as many believe that the housing will eventually lead the nation’s economy out of this recession -- the bulk of February’s sales were distressed purchases. The average price for a home sold was $165,400, down 15.5% from a year ago.

“Because entry level buyers are shopping for bargains, distressed sales accounted for 40% to 45% of the transactions in February,” said NAR’s chief economist Lawrence Yun in a statement.

As it has been for the past couple months, existing home sales were stronger in the West than the rest of the nation -- primarily in the struggling housing market of California. Existing home sales in the region were up 2.6% from a month ago to 1.2 million annualized units, and are up 30.4% from a year ago.

In the Northeast, sales rose 15.6% to an annualized rate of 740,000 units and are down 14.9% from a year ago. In the Midwest, sales were basically flat -- up 1% -- to 1.04 million units.

In the struggling Southern market, existing home sales rose 6.1% to an annualized rate of 1.74 million units, according to the trade organization.

Geithner's Big Plan: We'll Just Print and Spend Another $1 Trillion!

Problem solved, we'll just print another $1 Trillion. Thanks wonder boy!

Maybe we should send a copy of The Constitution to these people. This nationalization, regulation furor is getting out of control!

The Maximum Wage crusade is in full swing.

I have no problem with setting stipulations on companies who receive government aid moving forward.

But this plan calls for Big Brother-style Government to regulate all banks, investment firms and possibly other companies!

Legislation such as the law passed last week in Congress to tax AIG bonuses is unconstitutional. and violates every free-market economic principal!

It's hard to imagine that a government who will run a $10 Trillion deficit over the next ten years will help Wall Street.

Where do they expect to get this money? Inflation is going to rise to levels never dreamed of and that's exactly what Obamunnism is all about!

Break the banks, destroy Wall Street and the investment community, and have a Totalitarian government takeover of the entire American economic system.

You'll see.

WASHINGTON – The Obama administration's latest attempt to tackle the banking crisis and get loans flowing to families and businesses will create a new government entity, the Public-Private Investment Program, to help purchase as much as $1 trillion in toxic assets on banks' books.

The new effort, to be unveiled Monday, will be followed the next day with release of the administration's broad framework for overhauling the financial system to ensure that the current crisis — the worst in seven decades — is not repeated.

A key part of that regulatory framework will give the government new resolution authority to take over troubled institutions that would pose a threat to the entire financial system if they failed.

Maximum Wage Crusade, War On Wall Street Continues; Obama To Set Pay Limits

The Maximum Wage crusade is in full swing.

I have no problem with setting stipulations on companies who receive government aid moving forward.

But this plan calls for Big Brother-style Government to regulate all banks, investment firms and possibly other companies!

Legislation such as the law passed last week in Congress to tax AIG bonuses is unconstitutional. and violates every free-market economic principal!

It's hard to imagine that a government who will run a $10 Trillion deficit over the next ten years will help Wall Street.

Further, Obama has detested Wall Street since the early 80s when his first job out of college was on Wall Street. In his memoir, "Dreams of My Father", Obama writes:

Eventually a consulting house to multinational corporations agreed to hire me as a research assistant. Like a spy behind enemy lines, I arrived every day at my mid-Manhattan office and sat at my computer terminal, checking the Reuters machine that blinked bright emerald messages from across the globe. As far as I could tell I was the only black man in the company, a source of shame for me but a source of considerable pride for the company’s secretarial pool.

I'm not entirely sure what the motivation is for Obama's war on investors, but it seems increasingly real.

It is unfair and unconstitutional for the White House and Congress to attempt to regulate a private company's payroll. It's ridiculous. The Government cannot tell a board of director's how to draw-up a compensation contract.

Government regulation and rules are what got us into this mess and adding stricter control is dangerous.

The fury and outrage over the AIG bonuses is not originating from Main Street -- it is a calculated Alinsky-esque political ploy created in Washington.

And it is shameful that Obama is using the AIG bonus scandal and other efforts to demonize Wall Street.

But what else should be expected from a Socialist with Communist leanings.



The NY Times reports:

WASHINGTON — The Obama administration will call for increased oversight of executive pay at all banks, Wall Street firms and possibly other companies as part of a sweeping plan to overhaul financial regulation, government officials said.

The outlines of the plan are expected to be unveiled this week in preparation for President Obama’s first foreign summit meeting in early April.

Increasing oversight of executive pay has been under consideration for some time, but the decision was made in recent days as public fury over bonuses has spilled into the regulatory effort.

The officials said that the administration was still debating the details of its plan, including how broadly it should be applied and how far it could range beyond simple reporting requirements. Depending on the outcome of the discussions, the administration could seek to put the changes into effect through regulations rather than through legislation.

One proposal could impose greater requirements on the boards of companies to tie executive compensation more closely to corporate performance and to take other steps to assure that outsize bonuses are not paid before meeting financial goals.

The new rules will cover all financial institutions, including those not now covered by any pay rules because they are not receiving federal bailout money. Officials say the rules could also be applied more broadly to publicly traded companies, which already report about some executive pay practices to the Securities and Exchange Commission. Last month, as part of the stimulus package, Congress barred top executives at large banks getting rescue money from receiving bonuses exceeding one-third of their annual pay.