Monday, April 6, 2009

Administration Refuses to Accept Repayment of Bailout Money

This Wall Street Journal Article by Stuart Varney talks about the attempt by one major bank to return the money that was forced on them at the end of the Bush administration. It appears vitally important to the Obama team that they maintain control over all major banks by retaining shareholder status. Scary.

While the article does not identify the bank by name, I am guessing that it is Wells Fargo, given several other stories I have heard. Now more than ever, I am proud to be a Wells Fargo customer! We will be moving our personal account there next month to accompany the business accounts that are already there.

1 comment:

Burgess Laughlin said...

One of the many intriguing threads in political/economic history is following challenges to government actions -- in particular, challenges filed as lawsuits in courts.

If I remember correctly from studying (decades ago) the history of the Roosevelt Administration in the previous depression, several court cases brought by businesses did end up overturning particular laws and programs.

The problem is that the process takes years to prepare the case, file suit, process it through the courts, and climb the ladder of appeals by one side or another. Nevertheless, taking an issue such as refusing repayment to court could be interesting as a test of our society.