Geithner to push legislation for more involved gov’t regulation
[UPDATE]: The Washington Post today published an article about new legislation soon to be presented to Congress that seems to have some potentially scary implications. Tim Geithner spoke yesterday about a proposal that would allow Washington to seize non-banking financial institutions when the companies show sign of decline and threaten to destabilize the American economy. Specifically, Geithner states that the new document gives the government authority to take partial ownership of the company and break existing contracts (i.e. AIG bonuses). Read the earlier portions of this post about misguided government regulation after the jump.

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