Lawmakers Reach Tentative Bailout Deal |
I don’t have a handle on all the details, but from what little I know at this point, it looks like we are going to get at least some of the protections I had hoped for. There will be warrants in place, ( first dibs for the beleaguered taxpayer ) executive compensation limits, no multi-million dollar golden parachutes and, surprise of surprises, they are going to get a wheel barrow out and haul back the gigantic and totally unearned bonuses that the pirates tried to sail away with!! Yeeesssss!!
~~John Cronin~~
http://online.wsj.com/article/SB122257682963083173.html
Tags: Federal Bailout Plan, Taxpayer ProtectionTop U.S. policy makers emerged from hours of tense negotiations with a clear message just after midnight Sunday morning: A deal to bailout U.S. financial markets has been agreed on and all that remains to be done is to commit the legislation to paper.
Treasury Secretary Henry Paulson, House Speaker Nancy Pelosi (D., Calif.), and Senate Majority Leader Harry Reid (D.), were flanked by key negotiators in the Capitol as they announced that a $700 billion plan to have Treasury buy up toxic assets had been all but finalized after hours of exhausting negotiations.
“I think we’re there,” an exhausted Mr. Paulson said, a sentiment echoed in the statements of negotiators such as House Financial Services Chairman Barney Frank (D., Mass.) and Senate Banking Committee head Christopher Dodd (D., Conn.).
A House Democratic aide said the government would be able to receive warrants it could hold until maturity from financial firms on assets received either through auctions or through direct purchases.
The summary also said the legislation would institute new executive-compensation requirements for participating companies, including “no multi million dollar golden parachutes,” limits on compensation generally, and the ability to recover “bonuses paid based on promised gains that later turn out to be false or inaccurate.”
