Secret Bailouts Coming?Submitted by northstar on Fri, 09/26/2008 - 15:21
It’s bad enough that the federal government wants to spend trillions of dollars of your children’s money to bail out financial institutions that should be allowed to collapse for the good of the economy. But under the terms of the proposed bailout plan, the government will be able to rescue bad banks in secret.
Thursday the government took over Washington Mutual and sold it off to J.P. Morgan Chase, completely in secret. Not even the company’s board of directors had any idea the takeover was coming. Though people who read carefully through the last two weeks’ business stories would have expected such a move and would have had plenty of time to close their accounts.
... section 2(b)(2), which would grant the Secretary the authority to enter into contracts ‘without regard to any other provision of law regarding public contracts,’ and with section 8, which would make the Secretary’s decisions non-reviewable ‘by any court of law or any administrative agency.’”
Actually, I'm sure secret bailouts have been happening for years.
Worldwide, the rEVOLution is alive and well