Quotes of the day

“In addition, the bill gives Geithner the authority to decide what pay is ‘unreasonable’ or ‘excessive.’ And it directs the Treasury Department to come up with a method to evaluate ‘the performance of the individual executive or employee to whom the payment relates.’…

‘This is a growing concern, that the powers of the Treasury in this area, along with what Geithner was looking for last week, are mind boggling,’ Garrett said.”

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“‘Is there a heightened risk for the Obama administration’ to remove a banking executive? asked Scott Talbott, chief lobbyist for Financial Services Roundtable. ‘I think you’d have to conclude that the answer is yes.’…

The government is currently stress-testing the nation’s 20 largest banks and ‘maybe three fail the test,’ said an executive at a large bank receiving government funds. Obama ‘could remove the heads of those banks,’ the executive said.”

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“He’s realizing, ‘Hey, the economy’s mine now, and I better do it my way…’ So the administration is collaring people and letting them know who’s in charge. The days of saying, ‘It’s not our economy’ have come to an end.”