US banks buy their freedom
The US Treasury has approved ten banks to be able to buy back USD68 billion in government shares. The banks are buying the freedom to operate without the supervision of officials ordering them when and how to lend, how to set up compensation policies and run their day-to-day operations.
US treasury secretary Timothy Geithner believes the repayments are encouraging signs of financial repair, although there is still a great amount of work to be done. The decision to allow the banks to spend so much currency on buying back government shares comes from mounting pressure to break away from government intervention following the financial bailouts of late 2008.
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