It seems the Treasury Dept. held a private conference call with Wall St. Execs before the bailout vote, which was infiltrated. You might want to call Barney Frank's office and ask him about the following:
1. The tranching is a mere formality, and the Treasury boys as much as said so. They could take the $700 billion max as soon as the bill has passed,. . .
3. There seemed to be a lot of tap dancing about what price they will pay for assets and no straight answer about their policy on warrants. They did say that if the amount sold was greater than $100 million, they would take warrants. FYI, the current draft allows them to pay up to the price at which the assets were initially booked (yikes) . I wonder if this is obfuscation, if they have an idea of what the plan to do but will not admit it in any public forum. . . .
5. The exec comp provisions sound like a joke, They DO NOT affect existing contracts, they affect only contracts entered into during the two years of the authority of this program and then affect only golden parachutes. More detail on that point, but I don't need more detail to get the drift of the gist.
Now remember, they had to have the bill now, now, NOW! or we were all gonna die -- but it also turns out they didn't plan to do anything with the money for at least a couple of weeks, presumably so they can do some dealmaking with their banker friends about who gets how much sugar -- and sugar it is, clearly they are planning to overpay for the assets.
Now look who's saying we've got to go back and pass this bill or we're all gonna die -- George (the boy who cried) W(olf) Bush. The Democrats believed him about Iraq, they believed him about the Patriot Act, they're believing him again about this, which is nothing but a plot by rich people to loot the treasury. What the hell is wrong with them?
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