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May 07, 2009

30 Days' Notice: Feds Give Bank of America, Citi One Month to Change Management?

Stress:

The results of the stress test are due to be released at 5:00 PM to ensure minimum news cycle impact, and the Feds have released a statement on what to expect. By this point, there's been so much leaking and throat clearing, it almost seems like an old story at this point.

...

One very interesting note, which David Zaring picked up on, is that in this 30 day period "...firms will need to review their existing management and Board in order to assure that the leadership of the firm has sufficient expertise and ability to manage the risks presented by the current economic environment."

While no one should mourn the loss of these guys, we have an exceedingly dangerous precedent here. Obama is perfectly willing to punish those industry leaders and lenders who won't play ball with him, by which I mean "screw over their clients and shareholders to achieve Obama's political ends."

With his fingers now in so many private-enterprise pies, that gives him an awful lot of power to simply fire executives who won't kowtow to him, no?

Thanks to Anti-Harkonen Freedom Fighter Geoff.


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posted by Ace at 01:28 PM

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