Treasury wants more takeover power. Congress should make it happen.
By Chadwick Matlin of The Big Money
Tim Geithner is getting the hang of this Washington thing. A day after inflaming and subduing critics with a bailout plan that Wall Street (at least temporarily) loved, Geithner turned to a classic form of D.C. distraction on Tuesday: wave a shiny new piece of legislation in front of Congress. Faced with the uncomfortable task of explaining how much (or little) he knew about the AIG bonus scandal, Geithner diverted attention by telling Congress he needed its help. He wants it to authorize more power for the Treasury Department so that it can seize financial institutions that aren’t banks. Congress would be wise to make it happen—after they sort through a few snags.
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