The Law of Prompt Corrective Action
The foundation of "fraud" is "deceit." Instead of bailing these troubled financial institutions with fraudulent (since these are based on "deceit") plans like TALF and pPiP, the administration should follow the LAW OF PROMPT CORRECTIVE ACTION and put these banks into "receivership." You can read the law in complete detail at the following link:Cornell University Law School Code Collection - Prompt Corrective Action
We thank Professor Bill Black of the University of Missouri to brining this law into everyone's attention. To see his interview with Bill Moyer, please check our Video Resources section.
Did Hank Paulson break the law by covering up the extent of under-capitalization of these banks? Is the current secretary Geithner doing more of the same with his pPiP plan? If you are a concerned American citizen, what is your responsibility? What can you do today so that people who are in charge of protecting the laws don't actually break them. Thank you for your attention to this matter.
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