The bailout breakdown

[dawnbt]

...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 of the program's $700 billion 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.

Full story
http://www.breitbart.com/article.php?id=D93FJ1182&show_article=1


So let me get this straight...they still get the money (since George can veto a no vote) and the CEO's still get severance packages? What changed?

[Ozwest]

Taxpayers buying bad debt.

The dominoes will still fall... Later.

Harder and faster.

[Ozwest]

Could happen tomorrow or in 4 months.

But, It will happen.

[Ozwest]

Put your house in order.

[Bruno]

...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 of the program's $700 billion 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.

Full story
http://www.breitbart.com/article.php?id=D93FJ1182&show_article=1


So let me get this straight...they still get the money (since George can veto a no vote) and the CEO's still get severance packages? What changed?

Yes, from what I read, the only hit the CEO's are going to take it a 20% tax on their Golden Parachutes. I don't think a 20% tax on a $30 Million severance package is what most Americans had in mind.

[Charles Wilson]

Put your house in order.

Good advice.

[dawnbt]

Put your house in order.

Why? So the government can take it? They do own it now after all.

[Ozwest]

Why? So the government can take it? They do own it now after all.

They are taking it.

Own yourself. Do your best.

I prefer self-reliance.