Treasury officials had a secret conference call with Wall Street executives. Unfortunately for them

Treasury officials had a secret conference call with Wall Street executives. Unfortunately for them, some bloggers were on the call.

dealbreaker.com

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.

(visit the link for the full news article)



[edit on 30-9-2008 by Crakeur]

[edit on 30-9-2008 by leaderof theTFHbrigade]

Amazing...more backroom dealings, but the boys and girls over at dealbreaker were actually on thecall and lo and behold, it turns out that, "Bottom line: This bill is the same as the initial Paulson plan..they threw in all the other "principles": oversight, exec compensation, taxpayer participation in the upside; in such a manner that they are worth ZERO. The Treasury Sec has FULL DISCRETION TO DO WHAT HE WANTS WHEN HE WANTS HOW HE WNATS WITH NO FORM OF JUDICIAL OR CONGRESSIONAL OVERSIGHT/OVERRULE!

Note that the guys from the Treasury Dept are so excited that they got all they want. The Treasury Dept just played the buffoons in Congress for what they are - buffoons. Checkmate!"


This monster will be back and soon..

dealbreaker.com
(visit the link for the full news article)

[edit on 30-9-2008 by leaderof theTFHbrigade]

Well, as of the final draft (failed bill), they seem to be correct.

H.R. 3997

(e) PREVENTING UNJUST ENRICHMENT.—In making purchases under the authority of this Act, the Secretary shall take such steps as may be necessary to prevent unjust enrichment of financial institutions participating in a program established under this section, including by preventing the sale of a troubled asset to the Secretary at a higher price than what the seller paid to purchase the asset. This subsection does not apply to troubled assets acquired in a merger or acquisition, or a purchase of assets from a financial institution in conservatorship or receivership, or that has initiated bankruptcy proceedings under title 11, United States Code.

Kinda gives even more evidence that this whole thing stinks of a set-up by the money masters. If you stop and think of how many banks:

1- Got taken over by the Government (Conservatorship)
2- Merged
3- Filed for bankruptcy protection

So, in essence, the banks that have "failed" here lately could technically have their repackaged "troubled" assets bought from the Secretary of the Treasury bought back from the banks at a HIGHER price. All with the US taxpayers money.

This bill makes me sick the more I read it.

[edit on 30-9-2008 by Pinktip]