First things first
May 5, 2010 | federal legislation, industry | Comments (0)Senators need to pretend they’re are not bailing out big banks with this bill. From the story:
Senators are tripping over one another to inoculate themselves from the most toxic concept in the Wall Street reform debate: the Washington bailout.
Democratic leaders are lined up behind an amendment from Sen. Barbara Boxer (D-Calif.) asserting that taxpayer funds would never be used again to bail out a financial firm. Sen. Susan Collins (R-Maine) wants to go a step beyond Boxer by prohibiting taxpayer dollars from being used to rescue any kind of company.
And some Republicans are looking to go even further by pushing a doomed financial firm toward bankruptcy, rather than have the government intervene to dissolve the company.
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