Title 12, Section 18310 mandates that banking regulators take "prompt and corrective action" to resolve any troubled bank. The law further mandates that the administration place troubled banks, well before insolvency, in receivership, appoint competent managers, and restrain senior executive compensation (no bonuses, no salary raises). The law doesn't provide for taxpayers to bail out troubled banks.

Question 1: Why are bank regulators and Secretary Geithner continuing along the Bush path of flaunting the law?

Question 2: Why not have a "Pecora" investigation?

Pecora was the prosecutor hired by the Senate banking committee to investigate the misconduct that helped cause the Great Depression. Americans should urge Congress to stop playing games with taxpayers and a nation in deep trouble. Tell your members of Congress to institute meaningful oversight hearings of financial regulations during the Bush administration. Only intense public pressure will overcome congressional and administration resistance to a Pecora-style investigation.