Treasury Department secretary Timothy Geithner and the Obama administration are pressuring Congress to allow the government to seize troubled financial institutions such as insurance companies and investment firms. Currently, banks are the only such entities that the government has authority to take over.
Geithner would work with the White House and Federal Reserve to execute any such takeovers.
The expanded powers would have allowed the seizure of companies such as pariah AIG, which has already received US$180 billion in government aid. The recent controversy over the payment of bonuses has bumped up the plan to high priority. It was initially to have been part of a more comprehensive overhaul by the government of the financial regulatory system.
Maxine Waters (D-CA) criticised the government for its lack of transparency in dealing with the current crisis, and questioned Geithner on whether firms such as Goldman Sachs had received preferential treatment by the government. Such probing may indicate reluctance on the part of Congress to grant the expanded powers.
Other than simply taking over a firm, the government would also be able to purchase its assets, guarantee losses, and take out a partial ownership interest.
"It is a terrible, tragic thing that this country came into this crisis with such limited tools for trying to protect the economy itself from the kind of distress that would come as the system came back down to Earth," Geithner summarized.
Television producer and owner of the anti-Scientology website www.xenutv.com (XenuTV), Mark Bunker, also known as Wise Beard Man, chatted online with Wikinews for nearly three hours. More than 120 people followed the interview live (many from Project Chanology), which makes this exclusive Wikinews interview our most attended IRC interview to date.
Bunker started XenuTV in 1999 and began to make videos that he provided for the Lisa McPherson Trust. Bunker has been a critic of the Church of Scientology since 1997.
In 2006, he won a Regional Emmy Award after he and KUSI-TV news reporter Lena Lewis produced a documentary news video on the issues with the United States – Mexico border with San Diego, California.
According to reports, a man protesting the G20 Summit in London, England has died after collapsing at a protester camp.
Sky News says the man collapsed on the street inside a camp close to the Bank of England and when found he was still breathing, but efforts by paramedics to rescue him failed and he was pronounced dead at an area hospital. The name of the person and cause of death are not yet known, but several people were injured earlier in the day. The police claim that protestors threw bottles at them while trying to rescue the protestor.
Earlier in the day a minimum of 20 protesters broke into the bank and according to reports vandalized furniture, broke windows and cut the telephone lines to the building.
Militants in north-west Pakistan blew up a fuel tanker carrying supplies to NATO forces in Afghanistan on Monday. More than ten armed men shot at the tanker and fired a rocket at the vehicle outside Peshawar city, and the driver and a passenger were injured in the attack, although no loss of life is reported.
Head of the north-western city's administration, Sahibzada Anees, said "About ten armed people fired at a tanker carrying petrol for NATO forces and later lobbed a rocket at the vehicle, which set alight some 78,000 litres (17,000 gallons) of fuel".
According to witnesses, the tanker was quickly in flames. The residents of the areas were successfully rescued by police and fire fighters and the blaze was brought under control. Police have launched a search operation in nearby areas, although with no success.
Nobody has yet claimed responsibility for the attack. Oil tankers and trucks bringing goods from port city of Karachi for allied forces battling the Taliban in Afghanistan have been regularly attacked. About 80% of supplies destined for the more than 113 thousand NATO troops in Afghanistan have to pass through Pakistan. The coalition forces bring 70% of supplies through Pakistan every month, from a total of two thousand truckloads.
Steve Kubby who was facing extradition from Canada, returned to California, was arrested, and is now in custody in Placer County, California Jail, pending a hearing today. He is a medical cannabis patient who relies on the drug to regulate the symptoms of malignant phenochromocytoma, a cancer of the adrenal gland which can cause the level of adrenaline in his system to fluctuate out of control. If left unregulated, this can result in sudden, fatal heart attack, stroke, pneumonia, and a variety of other conditions.
Kubby was arrested on arrival at San Francisco International Airport Thursday night on behalf of the Placer County Sheriff's Department, having exhausted his extradition appeals in Canada. He was taken to San Mateo County Jail, pending transport to Placer County Jail. While at San Mateo County Jail, he was reportedly denied access to medication and sufficient bedding. On arrival at Placer County Jail, his blood pressure was dangerously high, and so was given Marinol, a THC synthetic.
Communication with Kubby is highly restricted. According to his wife, Michele, Kubby has been placed in solitary confinement, denied access several times to sufficient bedding to keep him warm, and denied access to the cannabis which, according to several experts on his universally fatal condition, has been solely responsible for keeping him alive for decades. The Marinol he is being given partially mitigates his symptoms, but does not completely control them. He now grows dangerously ill.
In particular, he relates how he was ordered by prison medical staff to take beta-blockers for his blood-pressure. Due to the episodic nature of the adrenaline spikes causing the high blood-pressure, according to all of his doctors, the beta-blockers would likely kill him once the spikes dropped. In an interview by phone with journalist Pat McCartney over the weekend, Kubby reported that, for refusing the beta-blockers, he was coerced into signing a waiver absolving the prison of liability, and has since been refused all care, including even Tylenol for pain management.
Activists concerned with medical marijuana, human rights and prison reform will hold a rally at noon today in front of the Placer County Superior Courthouse, where Steve Kubby is scheduled to be arraigned on violation of probation charges.
Kubby was a co-author of California's Compassionate Use Act of 1996, also known as Proposition 215. He fled to Canada in 2001 to escape the possibility of incarceration for an extended period without access to cannabis, a possibility which, in both his and expert medical opinion, would certainly prove fatal.