NEW YORK (AP) — The chief executives of the country’s nine largest banks had no choice but to accept capital infusions from the Treasury Department in October, government documents released Wednesday have confirmed.

Obtained and released by Judicial Watch, a nonpartisan educational foundation, the documents revealed “talking points” used by former Treasury Secretary Henry Paulson during the October 13 meeting between federal officials and the executives that stressed the investments would be required “in any circumstance,” whether the banks found them appealing or not.
Paulson also told the bankers it would not be prudent to opt out of the program because doing so “would leave you vulnerable and exposed.”
The meeting was hosted by Paulson, Federal Reserve Chairman Ben Bernanke, FDIC Chairman Sheila Bair and current Treasury chief Timothy Geithner, who was then president of the New York Fed. Read the rest of this entry »
Filed under: FEDERAL RESERVE, bailout, economy , bank, CEOs, Department, Documents, forced, Paulson, tarp, treasury

Gov. Arnold Schwarzenegger wants to sell the Los Angeles Memorial Coliseum, San Quentin State Prison, the Orange County Fairgrounds and other state property to raise cash amid the state’s growing fiscal crisis, according to a copy of a proposal reviewed by The Times.
Sale of the properties, to be included in the governor’s revised budget plan on Thursday, would raise between $600 million and $1 billion, although it would not provide relief to state coffers for two to five years, according to the proposal.
Other items on the list for potential disposal include Cal Expo, site of the state fair in Sacramento; the Del Mar Fairground; the Cow Palace in Daly City; and the Ventura County Fairgrounds. It’s not clear whether lawmakers would be willing to part with the real state the governor has identified. Proposals to sell San Quentin and the Coliseum have not advanced in the Legislature in recent weeks
Filed under: Arnold Schwarzenegger, CALIFORNIA, VLOGZ , coliseum, Crisis, FISCAL, Quentin, san, SCHWARZENEGGER, sell, state, U.S. Politics
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