Cesar Chavez; Now There Was Man Who Understood What Real Protest And Advocacy Was All About…Truth, Struggle, Risk And Sometimes Strife!
Si se puede - Yes, it can be done!
UFW Kicks Off Cesar Chavez’s Celebrations with Marches throughout Central Coast
03/23/2009
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SALINAS, CA – Hundreds of farm workers and community members are expected to participate in marches being held at different cities throughout the Central Coast. The first march, which will be held Sunday in Greenfield, also marks the official launching of the union’s immigration reform campaign, ‘Con La Union de Campesinos Tendremos Papeles.’
“We are celebrating the legacy of Cesar Estrada Chavez and the impact he made not only in the lives of farm workers but our Latino community as a whole,” said United Farm Workers President Arturo Rodriguez.
“Cesar Chavez is no longer with us, but his work and his spirit continue to inspire us and the UFW to fight for better working conditions for farm workers and their families. Both, President Obama and Secretary of Labor Hilda Solis were inspired by Cesar Chavez. Now, they both have made the commitment to help us bring dignity and respect to the men and women who toil in the fields. President Obama reiterated recently that he will help us achieve a comprehensive immigration reform,” Rodriguez added.
Schedule of Marches in Honor of Cesar E. Chavez:
• March 22 at 12 noon meeting at Patriot Park in Greenfield .
• March 24 at 5 p.m. meeting at Community Park Vosti in Soledad.
• March 25 at 5 p.m. meeting at the Gonzales Central Park in Gonzales.
• March 29 at 11 a.m. meeting at Cesar Chavez Park in Salinas.
http://en.wikipedia.org/wiki/César_Chávez
CESAR CHAVEZ
By Rick Tejada-Flores
Cesario Estrada Chavez, the most important Latino leader in U.S. history, was born in Yuma, Arizona on March 31, 1927 to Librado Chavez and Juana Chavez. He was the second of 5 children.
The Chavez family had a small farm, and ran a country store. As the Depression intensified and years of drought forced thousands off the land, the Chavez family lost both their farm and store in 1937. Cesar was 10 years old when the family packed up and headed for California.
These were difficult years, sleeping by the side of the road, moving from farm to farm, from harvest to harvest. Cesar would attend 38 different schools until he finally gave up after finishing the 8th grade.
As Cesar learned the hard lessons of life, he absorbed important values from his parents. His father Librado taught him the value of hard work and opened his eyes to the inequities of the farm labor system. His mother Juana, a deeply religious and compassionate woman, emphasized the importance of caring for the less fortunate, and the power of love.
In the early 1940s the Chavez family settled in Delano, a small farm town in the California’s San Joaquin valley, where Cesar would spend his teenage years. In 1946, 17 year-old Cesar Chavez enlisted in the Navy, spending what he would later describe as “the two worst years of my life.” When he got out of the service, he returned to Delano and married his high school sweetheart, Helen Favela. Their relationship, and the support that Helen would give him throughout his life, provided Chavez with the solid base that allowed him to devote his life to helping others.
Cesar and Helen moved to San Jose, where their first child Fernando was born. Over the years the family would grow to include 7 children – Fernando, Linda, Paul, Eloise, Sylvia and Anthony.
In San Jose Chavez met a local priest, Father Donald McDonnell, who introduced him to the writings of St. Francis and Mahatma Gandhi, and the idea that non-violence could be an active force for positive change. But he still needed to learn how to put these principles into action.
The man who would teach Cesar Chavez how to put theory into practice arrived in San Jose in 1953. Fred Ross was an organizer. He was in San Jose to recruit members for the Community Service Organization. CSO helped its members with immigration and tax problems, and taught them how to organize to deal with problems like police violence and discrimination. To Chavez, Ross’ simple rules for organizing were nothing short of revolutionary. It was the beginning of a life-long friendship between Chavez and Ross.
Chavez rapidly developed as an organizer, rising to become the president of CSO. When the organization turned down his request to organize farmworkers in 1962, he resigned and returned to Delano. From 1962 to 1965 he crisscrossed the state, talking to farmworkers. His new organization, the National Farmworkers Association (NFWA), would use the model of community service that Cesar had learned in CSO. Chavez didn’t want to call it a union, because of the long history of failed attempts to create agricultural unions, and the bitter memories of those who had been promised justice and then abandoned.
In 1965, the union issue finally exploded. The Agricultural Workers Organizing Committee (AWOC), a mostly Filipino union, struck when the Delano grape growers cut the pay rates during the harvest. Chavez asked his organization to join the strike, and quickly became its leader.
The strikers faced odds that could not be overcome by traditional labor tactics. Under Chavez’ leadership, the struggle became defined in new terms. They would do battle non-violently, since they could never match the growers in physical force. They were a poor movement, so they would emphasize their poverty. For many years every organizer and volunteer from Chavez down would be paid room and board and $5 a week. Although there were picket lines in the fields, the real focus moved to the cities where grapes were sold. Hundreds of students, religious workers and labor activists talked to consumers in front of markets, asking them to do a simple thing: “Help the farmworkers by not buying grapes.” At its height, over 13 million Americans supported the Delano grape boycott.
The pressure was irresistible, and in 1969 the Delano growers signed historic contracts with the United Farmworkers Organizing Committee, which would later become the United Farm workers Union (UFW).
Chavez had inspired an organization that did not look like a labor union. His vision didn’t include just the traditional bread and butter issues of unionism; it was about reclaiming dignity for people who were marginalized by society. What had started as the Delano grape strike came to be known as La Causa, the Cause. Whether they were farm workers fighting for a better life, or middle class students trying to change the world, those who were drawn to the farm workers movement were inspired by Chavez’ example to put aside their normal lives and make exceptional sacrifices.
Chavez placed harsher demands on himself than on anyone else in the movement. In 1968 he fasted (the first of several fasts over his lifetime), to recommit the movement to non-violence. In many ways the fast epitomized Chavez’s approach to social change. On one level it represented his spiritual values, his willingness to sacrifice and do penance. At the same time, he and his lieutenants were extremely aware of the political ramifications of his actions, using the fast as a way of both publicizing and organizing for their movement.
Fasting was just one expression of his deep spirituality. Like most farm workers, Chavez was a devout Catholic. His vision of religion was a progressive one, that prefigured the “preferential option for the poor” of liberation theology. In the UFW, the mass was a call to action as well as a rededication of the spirit.
The 1968 fast marked the beginning of Chavez’ emergence on the national political scene. Presidential candidate Robert Kennedy came to Delano to break bread with Cesar at the end of his fast. Chavez responded by committing UFWOC to campaign for Kennedy in the California primary. Their voter registration and get out the vote efforts provided Kennedy’s margin of victory in California.
Over the years the UFW would become a significant political force, demonstrating that Mexican Americans could and would participate in electoral politics when their concerns were at stake. Chavez’ understanding of the relationship between economic issues and political participation was the starting point for a growing wave of Latino activism and electoral activity, that would eventually lead to the election of thousands of Latino officials and a major shift in the American political landscape.
Chavez had never expected that victory in the battle for farm workers’ rights would be achieved during his lifetime. In fact, the first stunning victories in the grapes were followed by major setbacks. First in the lettuce industry, and then when the grape contracts expired in 1972, growers sought out the powerful Teamsters Union, and signed contracts with them that rolled back the UFW's hard fought gains.
The UFW responded with strikes that led to the jailing of thousands. Many strikers were injured by violent attacks on the picket lines, and two were killed in drive shootings and attacks.. But the “inter-union” battle had left the public confused and made a new boycott against lettuce and grape growers difficult.
Chavez looked for a political solution to the impasse. He supported Jerry Brown’s bid to become governor of California, and in return was able to engineer the nation’s first law giving farm workers the right to union elections. The passage of the Agricultural Labor Relations Act in 1975 led to an overwhelming series of UFW election victories, and it seemed that Chavez had finally achieved his goal of organizing farm workers.
The UFW had given up the boycott in exchange for the right to union elections. But relying on the law became uncertain, as growers learned to use it to delay signing contracts. After early successes under the farm labor law, Chavez pulled back from organizing, although he continued to travel extensively to promote awareness of the farm workers struggle. The election of a Republican governor in 1982 made enforcing the law even more difficult.
Chavez’ goals and vision were changing as well. He began to focus on the dangers of pesticides, which had always been a major source of illness among farm workers. It was a subject that drew a positive response from an environmentally conscious public. Instead of using volunteers, he relied more and more on direct mail. He built low-cost housing for farm workers, and considered starting an urban organizing campaign in Mexican-American communities. He became interested in modern management techniques and group dynamics, including the group therapy techniques of Synanon, a drug rehabilitation program.
Cesar Chavez had become a remarkable symbol — for Latinos, community activists, the labor movement, young people, and all who valued his values and commitment. He had accomplished something that no one else had ever been able to do; build a union for farm workers. In the process he trained a generation of activists who would apply their skills in other communities and struggles.
Cesar Chavez died in Yuma Arizona on April 23, 1993, near his birthplace in Yuma, Arizona. He was 66 years old. His funeral in Delano attracted thousands of Americans from all walks of life.
Years before his death, Chavez was asked by a union member if he wanted to be remembered by statues and public memorials. Chavez replied, “If you want to remember me, organize!”
I don’t make it a habit of rally to the side of Nancy Pelosi but this time she is right. We have an Immigration policy that is criminalizing folks who were with a blind eye turned welcomed here as a cheap labor supply in this nation and not until the right wing decided to make them a deflecting scapegoat issue was there a real concern. Our Immigration policy and statutes are a shambles that ought to be scrapped and built from the ground up anew. Folks like Dobbs are simple minded demagogues who ought to be ignored. I would like to see a week in this nation when all undocumented residents of this nation simply went on strike. It would be a helluva a picture!
RealClearPolitics - Articles - Pelosi on 'Un-American' Immigration Law
By Debra Saunders
At a recent San Francisco event, House Speaker Nancy Pelosi denounced the Immigration and Customs Enforcement arrests of illegal immigrants. "Taking parents from their children ... that's un-American," Pelosi said. ...
RealClearPolitics - Articles - http://www.realclearpolitics.com/articles/
Pelosi on 'Un-American' Immigration Law
At a recent San Francisco event, House Speaker Nancy Pelosi denounced the Immigration and Customs Enforcement arrests of illegal immigrants. "Taking parents from their children ... that's un-American," Pelosi said.
Fox News aired videotape of Pelosi's "un-American" remark last week, and a minor national story was born. Be it noted that Pelosi wasn't saying anything new. She has long opposed enforcement of federal immigration laws duly enacted by Congress, even as she pays lip service to the need to enforce the law.
In 2003, Pelosi accused ICE of "terrorizing" workers after agents raided a number of Wal-Mart stores for hiring and contracting undocumented janitors. By the way, during the 2008 primary, then-Sen. Barack Obama also said that some communities "were terrorized" by ICE "raids."
At a news conference last week, La Speaker gave an increasingly qualified explanation: "What I said was separating parents from their children -- ICE raids that separate parents from their children in the middle of night are un-American, and I stand by that. And those were the issues that we were dealing with, three families where the parents were separated -- a parent was separated from the children and the prospect of the second parent being separated. And I do believe that separating parents from their children, in these cases -- sometimes in the middle of night -- is un-American."
I asked Pelosi's staff for information about families that ICE had separated in the middle of the night. Spokesman Brendan Daly sent statements made by two children -- both American citizens -- at the Ess Eff event. The three families turned into two families -- Daly noted that Pelosi spoke with others privately -- and the two mothers were left at home, although the children fear their mothers also could be deported. There was one 5 a.m. arrest. The teenagers also argued that, as U.S. citizens, they have a right to stay in America, and they believe their parents should be able to stay, as well.
Pelosi added, "We have to enforce our laws." But if Pelosi really believes in enforcing the law, why is she criticizing ICE agents who put themselves on the line to make immigration laws work?
At the news conference, Pelosi had little good to say about ICE's enforcement. She noted, "We don't have to kick in doors in the middle of the night and take fathers out of their homes."
Amy Kudwa, from the Department of Homeland Security, told me, "No enforcement actions take place in the middle of the night, whether it be workplace enforcement or fugitive actions." She noted that ICE agents ask "a very rigorous set of questions" about any humanitarian needs or care-giving responsibilities someone might have before they detain the person.
And Homeland Security Secretary Janet Napolitano believes in using her department's "limited resources to the greatest effect, which is targeting criminal aliens and those employers who flout our laws."
While Pelosi's use of the word "raids" suggests random sweeps that deprive individuals of due process, in the past couple of years ICE efforts have targeted "immigration fugitives" -- that is, individuals who have violated a judge's deportation order. Unless they've refused to show up to a hearing, they've had their day in court.
Why were the fathers arrested? I asked Daly. "I don't know specifically beyond what the kids said," he answered. That's interesting because according to ICE, 20 percent of "immigration fugitives" have been convicted of crimes in America in addition to being ordered deported.
In 1995, when the National Rifle Association dismissed those who enforce federal gun laws as "jackbooted government thugs," the left was outraged. Yet Pelosi essentially has a similar opinion of the men and women who risk their safety daily in order to uphold laws passed by her own legislative body. They enforce the law, and she dismisses their work as "un-American." If she doesn't like the law, she should change it. She's the speaker. See all stories on this topic | dsaunders@sfchronicle.com
Speaker Pelosi, What’s un-American? | Just Politics..?
By admin
Speaker Pelosi, What’s un-American? Nancy Pelosi, queen of half baked ideas? It should be little surprise that one of the most Liberal Democrats in Congress, from one of the most Liberal districts in the United States wants to change ...
Just Politics..? - http://harrisonprice.com/
US to Send More Agents to Curb Border Violence
Wall Street Journal - USA
Charles Grassley of Iowa, a Republican member of the Senate Judiciary Committee who has policed interagency turf wars for years, said investigations into ...See all stories on this topic
Pelosi's role diminishes under Obama
Los Angeles Times - CA,USA
By Richard Simon and Mark Z. Barabak Reporting from San Francisco and Washington -- After decades scaling the Democratic Party ranks, Nancy Pelosi reached a ...See all stories on this topic
What An Idea…The Congress Reading and Thinking…WoW!
counterspinyc: Making Congress READ the Laws They Pass.
By counterspiNYC
Making Congress read the laws they pass is a REAL ISSUE. If you don't like the AIG bonuses Congress authorized then please use our quick and easy Educate the Powerful System to tell Congress to pass the "Read the Bills Act." You can use ...
counterspinyc - http://counterspinyc.blogspot.com/
Dobbs falsely claimed Pelosi said "immigration law enforcement is ...
Media Matters for America - Washington,DC,USA
Summary: On his radio show, Lou Dobbs asked his guest for his "reaction" to House Speaker Nancy Pelosi "saying last week that enforcement in the workplace, ...See all stories on this topic (watch out; moronic manic on the loose!)
I Admit It. I Love Michele Bachmann. - Lambert to the Slaughter ...
... over Rush Limbaugh as Putative Head of the GOP has barely died down when we are reminded that Bachmann is working off the same game plan that her party rode to pyrrhic victories with Bill Clinton'simpeachment and George W. Bush's presidency. ... energy and education right is substantially higher now due to the abject neglect of Congressional nihilism during the Clinton years and the entire Jack Abramoff Washington apparatus during the Cheney-Bush years, I missed it. ...
Lambert to the Slaughter - http://blogs.mspmag.com/brianlambert/
Prosecuting the Bush Administration’s Torturers by Andy ...
By dandelionsalad
There are, of course, two major problems with this explanation: firstly, senior officials in the administration — including George W. Bush, Dick Cheney, David Addington (photo, left), Donald Rumsfeld and William J. Haynes II, ...
Dandelion Salad - http://dandelionsalad.wordpress.com/
http://www.satp.org/satporgtp/detailed_news.asp?date1=3/24/2009#18
Sri Lanka- -128 civilians killed during past 48 hours in SLA operation in Mullaitivu, claims Tamil Net
India- -Five militants and four soldiers killed in the continuing encounter near LoC in Jammu and Kashmir
India- -Maoists kill four civilians in Chhattisgarh
India- -Two militants and a civilian shot dead in Manipur
Pakistan- -Policeman killed in suicide attack on Special Branch office in Islamabad
Pakistan- -Two persons killed for ‘spying’ in North Waziristan
Nepal- -One person killed in bomb blast in Nepalgunj
Pakistan- -SSP activist killed in sectarian incident in NWFP
Sri Lanka- -Three soldiers injured in LTTE-laid landmine explosion in Ampara District
India- -CPI-Maoist attack on Police Station in Jharkhand repulsed
Pakistan- -Troops neutralize militant hideouts in Balochistan
Sri Lanka- -280 kilograms of C4 explosives recovered in Colombo
India- -Six suspects arrested and explosives recovered in Bihar
India- -Three suspects arrested as Police seize explosives in Andhra Pradesh
Bangladesh- -Top HuJI cadre arrested in Dhaka
India- -Lashkar-e-Toiba militant Ajmal Kasab admits he is from Pakistan
Sri Lanka- -President Mahinda Rajapakse invites Tamil National Alliance legislators for a special discussion
Pakistan- -Pakistan could collapse in six months, says CENTCOM adviser
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HERE WE GO FOLKS…NOT WILLING TO WAIT A FEW MORE YEARS!
China: Time For a New Global Currency
Tuesday, March 24, 2009 8:21 AM-Article Font Size
China is calling for a new global currency controlled by the International Monetary Fund, stepping up pressure ahead of a London summit of global leaders for changes to a financial system dominated by the U.S. dollar and Western governments.
The comments, in an essay by the Chinese central bank governor released late Monday, reflect Beijing's growing assertiveness in economic affairs. China is expected to press for developing countries to have a bigger say in finance when leaders of the Group of 20 major economies meet April 2 in London to discuss the global crisis.
Gov. Zhou Xiaochuan's essay did not mention the dollar by name but said the crisis showed the dangers of relying on one nation's currency for international payments. In an unusual step, the essay was published in both Chinese and English, making clear it was meant for an international audience.
"The crisis called again for creative reform of the existing international monetary system towards an international reserve currency," Zhou wrote.
A reserve currency is the unit in which a government holds its reserves. But Zhou said the proposed new currency also should be used for trade, investment, pricing commodities and corporate bookkeeping.
Beijing has long been uneasy about relying on the dollar for the bulk of its trade and to store foreign reserves. Premier Wen Jiabao publicly appealed to Washington this month to avoid any steps in response to the crisis that might erode the value of the dollar and Beijing's estimated $1 trillion holdings in Treasuries and other U.S. government debt.
The currency should be based on shares in the IMF held by its 185 member nations, known as special drawing rights, or SDRs, the essay said. The Washington-based IMF advises governments on economic policy and lends money to help with balance-of-payments problems.
Some economists have suggested creating a new reserve currency to reduce reliance on the dollar but acknowledge it would face major obstacles. It would require acceptance from nations that have long used the dollar and hold huge stockpiles of the U.S. currency.
"There has been for decades talk about creating an international reserve currency and it has never really progressed," said Michael Pettis, a finance professor at Peking University's Guanghua School of Management.
Managing such a currency would require balancing the contradictory needs of countries with high and low growth or with trade surpluses or deficits, Pettis said. He said the 16 European nations that use the euro have faced "huge difficulties" in managing monetary policy even though their economies are similar.
"It's hard for me to imagine how it's going to be easier for the world to have a common currency for trade," he said.
China has pressed for changes to give developing countries more influence in the IMF, the World Bank and other finance bodies. G20 finance officials issued a statement at their last meeting calling for such changes but gave no details of how that might happen.
Russia also has called for such reforms and says it will press its case at the London summit.
Zhou said the new currency would let governments manage their economies more efficiently because its value would not be influenced by any one nation's need to regulate its own finance and trade.
"A super-sovereign reserve currency managed by a global institution could be used to both create and control global liquidity," Zhou wrote. "This will significantly reduce the risks of a future crisis and enhance crisis management capability."
Zhou also called for changing how SDRs are valued. Currently, they are based on the value of four currencies - the dollar, euro, yen and British pound.
"The basket of currencies forming the basis for SDR valuation should be expanded to include currencies of all major economies," Zhou wrote. "The allocation of the SDR can be shifted from a purely calculation-based system to one backed by real assets, such as a reserve pool, to further boost market confidence in its value."-
Geithner's Plan: Like An Oil Spill
LAURA FLANDERS | Finance flooded our economy with garbage, and now we're going to let the ships captains control the clean up?
Twenty years ago this week, the Exxon Valdez ran aground, spilling ten millions gallons of filthy oil over 10,000 square miles of Prince William Sound. The Exxon corporation spent the next two decades fighting paying punitive damages to the victims. Announced, by coincidence, on the anniversary of that disaster, the Obama administration bank rescue plan is about as comforting as Exxon's clean up.
The economy's drowning in bad assets; trillions of dollars worth. The Treasury proposes renaming that bad stuff "legacy assets" and hopes to drive up the price by paying private investors to buy them. Go ahead and buy -- the Treasury says -- the taxpayer will take the hit if those toxic assets turn out to be, well, toxic.
Like Exxon, which has gone in for a major publicity make-over, pushing renewable energy in advertising even as it funds global warming denial, Geithner's hoping to persuade investors to engage in a whole new round of protected gambling, the very phenomenon that got us into this mess in the first place. Those "complex derivatives" aren't bad, just undervalued, he claims, victims of public panic. Treasury's willing to push a few cheap hits in the hope that a little free dope will get the hedge funders addicted again.
There's just one catch: those derivatives are bad: bad bets upon bad bets, based on cost-free betting. Traders gambled, reaped the profits in transaction fees and walked away. Kind of like Exxon: profiteering off the good days and reaping the private gain from public resources, and throwing the cost of environmental clean up back onto the taxpaying public.
The problem is with the commanders, many of those who drove us aground, are still sitting pretty. As Frank Rich and others have reported, Larry Summers can't admit fault: he helped torpedo the regulation of derivatives while he was in the Clinton administration.
Learn from Alaska. Years after the Exxon Valdez belched guck all over the coast, ruining a fishing industry and bankcrupting a people, the financial industry's flooded our economy with garbage and we're letting the ship's captains control the clean up.
Ask the Alaskans how well that worked. Not so bad for Exxon; less well for the people and the planet.
Laura Flanders is the host of GRITtv which broadcasts weekdays on Free Speech TV (Dish Network Ch. 9415) on cable (8 pm ET on Channel 67 in Manhattan) and online daily atGRITtv.org and TheNation.com.
Krugman: Geithner Plan Certain to Fail
Nobel-prize winning economist Paul Krugman said in remarks published on Monday that the latest U.S. Treasury bailout program is nearly certain to fail, triggering a sense of personal despair.
U.S. Treasury Secretary Timothy Geithner on Monday unveiled a plan aimed at persuading private investors to help rid banks up to $1 trillion in toxic assets that that are seen as a roadblock to economic recovery.
"This is more than disappointing," Krugman wrote in The New York Times. ""In fact it fills me with a sense of despair."
"The Geithner scheme would offer a one-way bet: if asset values go up, the investors profit, but if they go down, the investors can walk away from their debt," the Princeton University economist said, citing weekend reports outlining the plan.
"This isn't really about letting markets work. It's just an indirect, disguised way to subsidize purchases of bad assets," he added.
Krugman called it a recycled idea of former Treasury Secretary Henry Paulson, who later abandoned the "cash for trash" proposal.
"But the real problem with this plan is that it won't work," he says, adding that bad loans may be undervalued because there is too much fear in the current climate.
"But the fact is that financial executives literally bet their banks on the belief that there was no housing bubble, and the related belief that unprecedented levels of household debt were no problem. They lost that bet. And no amount of financial hocus-pocus -- for that is what the Geithner plan amounts to -- will change that fact," Krugman wrote.
While the real economy is being hurt by the meltdown of the financial system itself, Krugman says this is not the first or the last time this has happened. And there are lots of roadmaps to get us out.
"It goes like this: the government secures confidence in the system by guaranteeing many (though not necessarily all) bank debts. At the same time, it takes temporary control of truly insolvent banks, in order to clean up their books," Krugman said.
Time is running out on the Obama administration to take control of the banks - and the crisis.
"If this plan fails - as it almost surely will - it's unlikely that he'll be able to persuade Congress to come up with more funds to do what he should have done in the first place," he wrote.
The White House strongly disagreed with Krugman's assessment, defending the administration plans on the morning talk shows.
"I think Paul's just wrong on this one," Christina Romer, head of the White House Council of Economic Advisers, said on ABC's "Good Morning America" show just ahead of the plan's release.
"This is really tails both the government and the private sector win, heads both the government and the private sector lose. We both are going to have, as the saying goes, skin in the game."
GEITHNER TO SEEK UNPRECEDENTED POWERS, INSIDERS SAY
WASHINGTON (CNN) -- Treasury Secretary Tim Geithner will push for unprecedented new regulatory powers on Tuesday to seize financial institutions whose failure would pose serious risks to the U.S. financial system, according to two senior administration officials.
Geithner is expected to make his case in testimony before the House Financial Services Committee.
With such "resolution authority," the federal government could intervene and aggressively reorganize a troubled business -- such as insurance giant AIG -- before its problems ripple through the global financial system, the administration officials said.
In the absence of such early intervention, AIG ended up needing a taxpayer bailout of at least $170 billion to contain financial instability.
The authority would allow the government to sell or transfer assets and components of a troubled company, including renegotiating or dissolving executive compensation agreements and addressing risky derivatives portfolios, the officials said.
GOOD NIGHT AND GOOD LUCK!
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