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Bank Eat Bank: Bailout Encourages Mergers
With newfound bailout money in their wallets, big banks have been rushing to gobble up smaller ones. At the center of these mergers is the Treasury Department, led by Goldman Sachs alums Henry Paulson and Neel Kashkari. While neglecting struggling homeowners they have created major incentives for widespread bank consolidation, which could lead to a host of new problems. And, as members of Congress recently noted, Treasury officials seem to be making the rules up as they go.
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Keywords: Economy, Government, bailout, bank of america, Barney Frank, citibank, consolidation, dodd, Economic crisis, Foreclosure, Goldman Sachs, Issa, jp morgan, Kashkari, Kucinich, LaTourette, national city bank, Paulson, pnc, tarp, treasury, United States, wachovia, wells fargo
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Huge issue
Where is this being covered? I see it on this site and the Center for Public Integrity. Is other media asleep?
bank eat bank
here we go again The Boys Are BACK IN TOWN so no change: GOD BLESS AMERICA (hope he*s listening, as nobody else is)
Great topic!
This story deserves a lot more attention and investigation! Why are there no checks and balances on (or even review of) Treasury's decisions? How does the CEO of the (financially sound) Ohio bank feel about the buyout? Can he make a case for a reverse transaction - purchase of the bigger, money-losing bank? Why shouldn't managers of profitable banks be put in charge of the money-losers?
Hope to hear more,
- Don
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