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The U.S. Treasury stops pretending that it recognizes private property
Gods, this is one place I wish I were wrong.

In FIscal Porn, I told you:

The corporate executives, the board of directors, even the stockholders will have no voice in how the company is run.

The once mighty Masters of the Universe will be reduced to lapdogs.

Neutered lapdogs. With only two legs. And dyed obnoxious colors.

In Bribe the politicos and they might leave you alone, I said:

Meanwhile the hostile takeover of Wall Street continues. The Treasury Department is threatening to take over banks, whether they want to be taken over or not. All for the "common good" of course. Officially, the FedGovs aren't seriously considering nationalize banks. Supposedly. But that is the weekend's story, it will probably change by next week.

Well, guess what happened. From the New York Times via this Cato @ Liberty entry.

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.

The chairman of JPMorgan Chase, Jamie Dimon, was receptive, saying he thought the deal looked pretty good once he ran the numbers through his head. The chairman of Wells Fargo, Richard M. Kovacevich, protested strongly that, unlike his New York rivals, his bank was not in trouble because of investments in exotic mortgages, and did not need a bailout, according to people briefed on the meeting.

But by 6:30, all nine chief executives had signed — setting in motion the largest government intervention in the American banking system since the Depression and retreating from the rescue plan Mr. Paulson had fought so hard to get through Congress only two weeks earlier.

Hat tip to Coyote Blog.

Ladies and gentlemen, make no mistake. The gloves have come off. It's time to choose liberty or live as a serf.

The election is the theatre to distract you. The real assault against freedom has already been launched.

— NeoWayland

Posted: Mon - October 20, 2008 at 02:02 PM  Tag


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