Read Bailout Plan HERE

[lucky8]

http://financialservices.house.gov/

It is allegedly posted on this website, however the website is currently unavailable. Stay tuned to see if they fix it...until then, here are some of its provisions:

Among the provisions of the draft bill:

• The $700 billion would be disbursed in stages, with $250 billion made available immediately for the Treasury's use.

• Curbs will be placed on the compensation of executives at companies that sell mortgage assets to Treasury. Among them, the bill would limit golden parachutes to executives at companies that participate; they will not be able to deduct the salary they pay to executives above $500,000.

• An oversight board will be created. The board will include the Federal Reserve chairman, the Securities and Exchange Commission chairman, the Federal Home Finance Agency director and the Housing and Urban Development secretary.

• Treasury is allowed the option to take ownership stakes in participating companies under certain circumstances.

• Treasury may establish an insurance program - with risk-based premiums paid by the industry - to guarantee companies' troubled assets, including mortgage-backed securities, purchased before March 18, 2008.

 

[D_season 5]

did anyone find it ODD..that Pelosi, Frank and Dodd...the ones speaking as if they had no fault in this scam...that they think they have saved this country? its FRANK and TODD...that are the primary culprits...followed by COX...SEC then followed by Obama, all of his friends at FREDDIE MAC and FANNIE MAE....while BUSH for the last 7 yrs along with Mc Cain have been trying to put reigns on these two mortgage gov lenders...the senate and the congress all have been taking pay offs from these instituitinos...and now...they claim they are going to be in charge of over seeing all this...

CALL THE POLICE...we are being held up still and again...

 

[deleted213967]

I really like the steep taxes on executive compensation over USD 500k.

Yeah!

That will work. They'll get their usual $100m GROSSED UP to compensate for the steep taxes and an even more obscene number of non-cash perks.

I cannot believe there is almost nothing for the victims here: consumers and taxpayers. We have them hanging by the balls, and FOR ONCE both Democratic and Republican lawmakers, facing re-election, agreed on Wall Street's responsibility.

 

[transformer_99]

"An oversight board will be created."

Those are already in place, execs & BOD's at the failing companies have cited that "over sights and mis-calculations" as reasons for their failings. :biggrin1:

 

[B_Nick4444]

was reading it this evening

here:

http://online.wsj.com/public/resources/documents/bailoutbill20080928.pdf

 

[faceking]

Nothing in there about forcing banks to make sub-prime loans I take it? Nothing about tossing the CRA out the window? The shit that got us into this mess, then the banks leveraged the shit threefold.

 

[D_Davy_Downspout]

Nothing in there about forcing banks to make sub-prime loans I take it? Nothing about tossing the CRA out the window? The shit that got us into this mess, then the banks leveraged the shit threefold.

Nobody forced them to do that in the first place, you silly, silly man.

 

[Smooth88]

The only people as bad as the politicians in this country are the Fortune 500 bigwigs who pump money to said politicians and themselves and the judges who keep said Fortune 500 bigwigs and politicians out of jail for fraud and corruption because theyre corrupt too.

Seriously I'd bet that if all the underhanded stuff the government does. There'd be riots and revolting all over. But at the higher levels, it's easier to sweep it all under the rug. Seriously this whole mess is both the Democrats and the Republicans faults. All parties are accountable.

Things like this are why I don't want to become really powerful. Einstein said: "A life without purpose is not worth living" I wont ever make the mistake of living for wealth and power.