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Barney Frank's Modest Proposal

Now that more than a year has passed since Lehman was proven to be not too big to fail, lawmakers have had ample opportunity to inspect the wreckage and devise a detailed, reasonable strategy to prevent the same type of carnage from happening again. It's tough enough for analysts to dig through the complex web of businesses at large financial institutions to place earnings estimates on them. A surgical dismantling requires a carefully orchestrated series of steps on-par with launching the Space Shuttle. Barney Frank has some ideas about which commands should be coming from Mission Control and shared them today with Timmy G.

"There will be death panels enacted by Congress this year, I hope. But they will be for those large institutions who are to be put out of business, whose shareholders will be wiped out, whose executives will be fired, whose boards of directors will be replaced."

Geithner makes a pitch for regulation of financial industry [LA Times]