"looks" like a bailout resolution...
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| Sun, 09-28-2008 - 2:19am |
but we will see how the voting goes...
http://abcnews.go.com/Business/wireStory?id=5902159
some highlights:
Congressional leaders hope to have the House vote on the measure Monday. A Senate vote would come later.
The plan calls for the Treasury Department to buy deeply distressed mortgage-backed securities and other bad debts held by banks and other investors. The money should help troubled lenders make new loans and keep credit lines open. The government would later try to sell the discounted loan packages at the best possible price.
At the insistence of House Republicans, some money would be devoted to a program that would encourage holders of distressed mortgage-backed securities to keep them and buy government insurance to cover defaults.
The legislation would place "reasonable" limits on severance packages for executives of companies that benefit from the rescue plan, said a senior administration official who was authorized to speak only on background. It would affect fired executives of financial firms, and executives of firms that go bankrupt. Some of the provisions would be retroactive and some prospective, the official said.
Also, the government would receive stock warrants in return for the bailout relief, giving taxpayers a chance to share in financial companies' future profits.
To help struggling homeowners, the plan would require the government to try renegotiating the bad mortgages it acquires with the aim of lowering borrowers' monthly payments so they can keep their homes.

The legislation would place "reasonable" limits on severance packages for executives of companies that benefit from the rescue plan,
Unfortunately, what looks "reasonable" for one sector of the population looks totally extravagant to another sector.
I want to know what "reasonable" means.
I also think that the names should be published of the representatives and senators who insisted on having any sort of compensation for the CEOs so the American people can determine whether they should be voted back in office or not.
i have to agree. this makes me sick.
Bea