TARP-CPP strikes! Treasury may appoint directors to bank boards!

We knew it could happen (I discussed it in class the other night).

For banks that received TARP money under the Capital Purchase Program, Treasury can appoint 2 board members if the bank is in arrears with their preferred dividends.

"It will never be necessary" pundits said, back when it passed.

Sure.

George Orwell was right, and this is a small step toward Big Brother-dom.