Wed, 15 Oct 2008

Drama Behind a $250 Billion Banking Deal

Anybody still have any doubts about this being outright nationalization?

The chief executives of the nine largest banks in the United States trooped into a gilded conference room at the Treasury Department at 3 p.m. Monday. To their astonishment, they were each handed a one-page document that said they agreed to sell shares to the government, then Treasury Secretary Henry M. Paulson Jr. said they must sign it before they left.

I wonder what would've happened if one of these captains of industry had grown cajones and said no? Firing squad? Justice Department lawyers? What?

Next time I hear one of our State Department officials criticize some leftist government for taking over private businesses I think I'm gonna gag.

The Treasury secretary gave little choice to nine major banks but to accept selling shares to the government.

(link) [New York Times]

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