What a great idea! That should cut down on the number of companies participating. BTW, I see nothing wrong with the government setting terms for participation. If you take taxpayer's money, then lawmakers have every right to set the terms.
"I notice at Lehman ... some $2.5 billion in compensation," McCain said. "If they're bankrupt, where did they get that? But the major point is that no CEO of any corporation or business that is bailed out by us, that is rescued by American tax dollars, should receive any more than the highest paid person in the federal government."The highest paid person in the government is the president, who makes $400,000 a year, just under twice as much as the House Speaker and the Chief Justice.
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The Bushies are Wall Street's fairy godmother.
That's unfortunate, since it's the Dems that are getting paid the most by Freddie Mac and Fannie Mae.
BUSH'S LEGACY OF SQUANDERING TAXPAYER MONEY: This weekend, President Bush proposed a massive, $700 billion buyout of troubled financial institutions, in a plan that "would place no restrictions on the administration" and stipulates that actions by the Treasury Secretary "are non-reviewable...and may not be reviewed by any court of law or any administrative agency." The proposal also would grant the Treasury the power to hire outside firms "to help manage its purchases." Given Bush's history of fiscal mismanagement -- particularly when it comes to hiring contractors -- Americans should be skeptical of his new plan. In Iraq, $142 million was wasted on projects that were either terminated or canceled, a "significant" amount of U.S. funds have been funneled to Sunni and Shiite militia groups, $5.1 billion in expenses has been charged without proper documentation, and another $10 billion has been wasted or poorly tracked, to name just a few examples. Bush's response to Hurricane Katrina was equally mismanaged. An estimated $2 billion was spent in fraud and waste, nearly 11 percent of the total spent by FEMA in the first year following the hurricane. In the area of defense spending, the Pentagon reported $1 trillion it could not account for in 2003. It also paid $1.7 billion in excessive fees to the Interior Department, and another $50 million Air Force contract was awarded in a process "fraught with improper influence, irregular procedures, and glaring conflicts of interest." It's no wonder that Princeton economist Paul Krugman called the Treasury's demand for "dictatorial authority" "an unacceptable proposal." Center for American Progress
This is the Republican legacy of waste, corruption and incompetence. Anyone who thinks McCain will be better or different is delusional.
Subject: Main Street before Wall Street
Hi,
This is outrageous. Bush wants taxpayers to give his administration a $700 billion check with no strings attached, which they'll hand over to the Wall Street firms that got us into this financial mess.
Would it help families struggling to keep their homes? NO. Do taxpayers get any share of the firms we're bailing out, so we can benefit from any eventual profit? NO. Would the firms we're bailing out be required to stop paying their executives multimillion-dollar salaries? NO. This is a pure giveaway.
I signed a petition urging Congress to put Main Street before Wall Street, and to not give Bush a blank check. Can you join me at the link below?
http://pol.moveon.org/wallstreet/?r_by=13979-2273364-cxzUxFx&rc=comment_paste
Thanks!
righties are so busy cheering this cap idea (which was proposed by obama and democrats years ago) and seem to be forgetting about the fact that because of republicons move to deregulate banks for the sake of the free market the republicon president BUSH, backed by the republicans in congress are rushing toward socializing our entire financial system and lenders. you idiots and hypocrites. don't forget that mccain is your champion of deregulation.
let the lenders fail, like any other industry. but not these republicons... they are 100% into corporate welfare. and they're willing to give the bush administration yet another blank check for nearly a trillion dollars. stupid. stupid. stupid idea.
here it comes, people, the famous republicon shell game. distract you with 3g politics (guns, god, gays) instead of talk about the top issues that are affecting people today, and for the foreseeable future. to be sure, michele will be focusing on wedge issues like abortion, gay marriage, and such nonsense while telling you that obama is a godless liberal who wants to steal your guns and tax you into the grave. all a bunch of lies. anything to take your attention away from the messes they've made.
and here is why republicons have perfected the art of distraction, from a recent CNN poll:
Write your Senators and Congressman and let them know how you feel about this plan. It may not help but it can't hurt either. I wrote and e-mailed mine that I was against it and thought it unwise to write a blank check without any sort of oversight.
I personally think it is insane that Wall Street gets to create this mess and then gets bailed out on our dime. Any severance for these executives is to muchy for both the shareholders and the tax payer.
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