http://money.cnn.com/2008/09/28/news/pdf/index.htm Executive compensation is toothless… it only kicks in if the gov takes an equity position in the firm, otherwise the gov fund can buy ANY asset (not just mortgage related) from any company with executives earning unlimited salaries & parachutes. It can also buy assets from foreign governments. This is a direct transfer of taxpayer wealth to Wall Street. The warrants and “taxpayer consideration” are completely unspecified.
Call Blunt’s Office now (202) 225-6536 Tell him we know he is encouraging retiring congressman to vote for the bailout We will make sure he’s voted out unless he stops this crap ----------------------------------------------------------------- http://www.politico.com/blogs/thecrypt/ Blunt lobbies 10 retiring GOPers From the freedom-is-just-another-word-for-nothin’-left-to-lose file: Minority Whip Roy Blunt, top negotiator for the House Republicans, is huddling right now with about 10 retiring Republican reps get their votes, Patrick O’Connor reports, citing GOP staffers. Illinois Rep. Ray LaHood reportedly encouraged the lawmakers in the room to back the proposal, telling them, “We’re not going to face repudiation from the voters.”
geezus f-in kriste
its over guys, even mccain has had his little song and dance over this corpse. just hope that the mortgage market comes back so we get something decent back, although if i were a bank right now, i’d be setting aside my worthless trash for sale to the gubmint, and hiding my recoverable securities from sight. huge adverse selection problem.
Wall Street just got a straight shot at 138 million suckers, errr, I mean taxpayers.
Just one question surrounding this whole thing. Everyone keeps saying that the government will basically take these products off the books of banks and keep them for a while. Then they say that WHEN (not if) they go up in value later they will sell them back and taxpayers will potentially gain. Why are they assuming that the value will definitively go up? Am I missing something? Thanks
I looked for as many details as I could about that and yes, they pretty much assume recovery. There aren’t many details otherwise. They have the option to liquidate but the luxury to hold them.
What’s wrong with you guys? These securities are backed by solid real estate. Real estate goes up by 8%/year. Some of these securities are 4 or 5 years seasoned so the collateral has increased in value by perhaps 40%. It will certainly continue increasing in value. Commies.
ya but if they print money fast enough, the asset values will recover… gulp.
I see. So if I buy real estate, it = win? Sweet.
till u see the property tax bill
i would gladly pay the tax bill if they give me all that real estate for free.