At last! Screams about the egregious double-standard with which the Obama administration is treating Wall Street and Detroit has resulted in some modest concessions.
Tim Geithner now says he might someday be willing to toss Wall Street managers if their firms keep nuking the taxpayer:
WSJ: Treasury Secretary Timothy Geithner said the federal government might remove top bank executives or board members if “exceptional” assistance is required to keep the banks operating in the future.
“When in the future — or I would say, if in the future — banks need exceptional assistance in order to get through this, then we’ll make sure that assistance comes with conditions, not just to protect the taxpayer, but to make sure this is the kind of restructuring necessary for them to emerge stronger,” Mr. Geithner said on CBS’s “Face the Nation.” “Where that requires a change of management and the board, we will do that.”
Now maybe Geither will finally discuss the possibility of dinging the bank bondholders, too. After all, they’re the ones who lent the banks all the money that they have since vaporized.
Business Insider Emails & Alerts
Site highlights each day to your inbox.