09-23-2008, 03:10 AM | #1 |
Senior Member
Join Date: Jan 2006
Location: WA
Posts: 1,287
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"We are all Socialists now"
Well, at least in the banking sector.
Here are the highlights from the Dodd bill... - Treasury (you and me) take an equity stake equal to the purchase price of the distressed assets - If it's a private company, government takes senior debt position - Oversight board managing the $700B. Made up of the chairmen of the Federal Reserve, FDIC, SEC and two corp execs. - If CEO of banks take undue risks, the government can penalize their compensation Frank is co-opting this into his plan and some form of it will come out on the other side after the negotiations with Paulson. http://bloomberg.com/apps/news?pid=2...lRg&refer=home
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"Five to one... One in five No one here gets out alive" |
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