Feds want broader powers to take over troubled companies

03/25/2009 | NYTimes.com

As the public outcry over American International Group continues, the White House and the Federal Reserve have proposed a plan to give the government greater authority to take over financial institutions that pose a systemic risk and are on the verge of collapse. President Barack Obama said the AIG situation could have been handled more effectively if the government had the authority to take over financial firms similar to the power it has to seize troubled banks.

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