Barack Obama and John McCain, in endorsing the rescue plan, pointed to the restrictions on Wall Street pay. And the curbs were a key point stressed by congressional leaders on both sides of the aisle when they spoke about the deal Sunday.
"This is the first time in the history of United States that anything has been done by Congress to curtail excessive CEO compensation," said House Financial Services Chairman Barney Frank, D-Mass, on Sunday. "It's not everything we'd like, but it's a very good beginning."
But those hoping for an end to golden parachutes - the large pay packages that top executives get when they leave a company - may end up disappointed.
Under the bill, Wall Street executives who already have golden parachutes are likely to keep them even if their companies get government help.
"This is the first time in the history of United States that anything has been done by Congress to curtail excessive CEO compensation," said House Financial Services Chairman Barney Frank, D-Mass, on Sunday. "It's not everything we'd like, but it's a very good beginning."
But those hoping for an end to golden parachutes - the large pay packages that top executives get when they leave a company - may end up disappointed.
Under the bill, Wall Street executives who already have golden parachutes are likely to keep them even if their companies get government help.
updated (cant fall asleeP!!!!) 11:21
full story http://money.cnn.com/2008/09/28/news/economy/bailout_foreclosure/index.htm?postversion=2008092820
In Sunday's version of the bill, federal agencies holding mortgages and mortgage securities would be required to identify loans that could be modified without causing big losses for taxpayers. However, exactly how that would be done isn't totally clear.
"There is nothing in the bailout that will mitigate widespread damage caused by foreclosures," said Michael Calhoun, president of the Center for Responsible Lending.
"The bill includes a vague provision that calls for the government to buy mortgages and securities and then try to modify them, but this will have very limited impact. It doesn't stop the epidemic that will continue to drag down property values for everyone."
http://money.cnn.com/2008/09/28/news/pdf/index2.htm ENTIRE 100 pg BAILOUT DOC
excuse me (I am Jewish) but this HANKY PANKY PAULSON PROVISION well it sounds like HITLER has come back into power
(1) AUTHORITY.—The Secretary is authorized
10 to establish a troubled asset relief program (or
11 ‘‘TARP’’) to purchase, and to make and fund com12
mitments to purchase, troubled assets from any fi13
nancial institution, on such terms and conditions as
14 are determined by the Secretary, and in accordance
15 with this Act and the policies and procedures devel16
oped and published by the Secretary.
futures red, but who cares....we've been sold out by Silverster FUDDD
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*NOTHING CHANGES>>>NOTHING EVER DOES>>> UNTIL WE DEMAND IT>>
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