#1 "Resolution Authority" To Seize Businesses.03-19-2009, 11:11 AMChange would give US power to seize firms
'Resolution' unit would take over toxic assets
By Jennifer Loven and Martin Crutsinger
Associated Press / March 19, 2009
WASHINGTON - President Obama said yesterday he will seek new powers that would allow his administration to seize troubled companies such as the insurer AIG - and take ownership of their toxic assets - if their collapse would threaten the financial system.
Obama said his administration will fast-track new financial industry oversight that includes a "resolution authority" that would have powers similar to those of the Federal Deposit Insurance Corp., which can seize control of banks, take over their bad assets, and sell the good ones to competitors.
"Nobody here was responsible for supervising AIG and allowing themselves to put the economy at risk by some of the outrageous behavior that they were engaged in," Obama said. "We are responsible, though. The buck stops with me. And my goal is to make sure that we never put ourselves in this kind of position again."
Obama touted the idea as his top officials and members of Congress scrambled to deal with public outrage over millions in employee bonus payments made by American International Group, which has received more than $180 billion in government support.
03-19-2009, 12:09 PM
Is this specific to businesses who received federal bailout money? Because that would be different from the government intervening in any business that is having problems. Whenever you take federal money, you take federal control to a certain extent. That's always been the way it is, whether it's a state government getting funds or a business accepting federal funds or a contract to do federal government business.
03-19-2009, 12:42 PM
Fascism is a radical, authoritarian nationalist ideology that aims to create a single-party state with a government led by a dictator who seeks national unity and development by requiring individuals to subordinate self-interest to the collective interest of the nation or race.Stand up for what is right, even if you have to stand alone.
03-19-2009, 12:58 PM
Can Grass-Roots Supporters Fire Up the Budget?
By JEFF ZELENY
Published: March 18, 2009
Can the Obama army rise again?
For more than four months, the legions of volunteers who helped elect President Obama have largely been given a breather, a reprieve from the rigors of political chores that some had been dutifully performing for nearly two years. But their respite may be over. This week, a new test is under way to see whether the network can still come alive.
The timing is by design. Not only is Mr. Obamaís budget proposal facing an uphill climb in Congress, but his administration also is weathering fresh criticism over an onslaught of financial rescues and disclosures about bonuses paid out by bailout recipients. So the presidentís advisers did not want to wait too long before trying to engage ó or, to borrow a bit of campaign lingo, to fire up ó supporters.
Anyone who donated $5 (or significantly more), knocked on doors or even ordered a T-shirt from the Obama store likely received an e-mail in recent days to sign a pledge supporting the presidentís economic plan and domestic agenda for education, health care and energy. And on Saturday and Sunday, the rank-and-file are urged to reprise a staple of the presidential race: the neighborhood canvas.
The campaign, which was known as Obama for America, has morphed into a group called Organizing for America, keeping the same O.F.A. initials and hoping to hold onto at least a share of the loyalty that millions of people from all 50 states showed last year. But rallying behind the budget is hardly as captivating as campaigning for a candidate, which raises questions about the effectiveness of the effort.
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