Wednesday, October 15th, 2008 | Author:


The chief executives of the nine largest banks in the United States trooped into a gilded conference room at the Treasury Department at 3 p.m. Monday. To their astonishment, they were each handed a one-page document that said they agreed to sell shares to the government, then Treasury Secretary Henry M. Paulson, Jr. said they must sign it before they left. [emphasis added]

So starts a story in the NY Times. Here’s more reaction from the Washington Post.

Community banking executives around the country responded with anger yesterday to the Bush administration’s strategy of investing $250 billion in financial firms, saying they don’t need the money, resent the intrusion and feel it’s unfair to rescue companies from their own mistakes.

If these stories don’t make your hair curl, you must be bald.

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