“Let me be clear,” Geithner told the committee. “The days when a major insurance company could bet the house on credit default swaps with no one watching and no credible backing to protect the company or taxpayers must end.”
But it is fine if a major automobile company bets the house on plug-in-cars with everyone watching andwith tons of backing for the company from the taxpayers.Gotta love the hypocrisy here. You also gotta love how they slip the hedge funds into this new regulatory framework, when arguably they have been the most stable institutions in this whole deal. In fact, they are being asked to play a big role in the toxic asset plan. Just the precursor for more plunder.