"Too Big To Fail" Bill Unveiled By Treasury Department, House Dems


	"Too Big To Fail" Bill Unveiled By Treasury Department, House Dems

sincitykitty

10-28-2009 1:37 PM

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sincitykitty says:

The bill would force large banks and other financial firms to contribute to a "financial superfund," so that they, instead of taxpayers, would foot the bill for the failure of immense institutions.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/87006017-4b50-4bb1-8817-ffd28a6f0e82/F6949BD1-93CE-4CC2-A7B5-4DC70880D3EF/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.huffingtonpost.com/2009/10/28/too-big-too-fail-bill-unv_n_336554.html" href="http://www.huffingtonpost.com/2009/10/28/too-big-too-fail-bill-unv_n_336554.html" style="font-size: 11px;">www.huffingtonpost.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.huffingtonpost.com/2009/10/28/too-big-too-fail-bill-unv_n_336554.html"><H1><A id="title_permalink" href="http://www.huffingtonpost.com/2009/10/28/too-big-too-fail-bill-unv_n_336554.html">"Too Big To Fail" Bill Unveiled By Treasury Department, House Dems</A></H1></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.huffingtonpost.com/2009/10/28/too-big-too-fail-bill-unv_n_336554.html"><P>The Treasury Department and the House Financial Services Committee chairman Barney Frank (D - Mass.) last night unveiled a sweeping new bill that attempts to rein in "too big to fail" financial institutions. The proposed legislation, its authors argue, would end the era of taxpayer bailouts for failed firms. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.huffingtonpost.com/2009/10/28/too-big-too-fail-bill-unv_n_336554.html"><P>In essence, as the blog Volatility put it, the bill would force large banks and other financial firms to contribute to a "<A href="http://attempter.wordpress.com/2009/10/28/financial-superfund/">financial superfund</A>," so that they, instead of taxpayers, would <A href="http://www.nytimes.com/2009/10/28/us/politics/28regulate.html?_r=1&ref=business">foot the bill for the failure</A> of immense institutions. Here's more on the proposed cost-shifting from House Financial Services Committee's website:</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/F6949BD1-93CE-4CC2-A7B5-4DC70880D3EF/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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