I backslid in recently speaking of a vote by common shareholders on a new issue of preferred stock or on Treasury being on the Board of Directors. Treasury is above the Board! By the TARP legislation (Troubled Assets Relief Program), Treasury can seize any financial asset of the banks at a price it decides. My finance training took my eyes off the power ball that I only recently blogged on here. A complete rundown of the power grab is my article here. John Washburn has stayed focused on the power grab. The news today also brought me back to the … Continue reading U.S. Treasury owns all bank wealth