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December 15th, 2008, 04:35 PM #1Banned
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$700 billion bailout 'sneaky insert allows executives to keep bonuses
Wow, just freaking wow .... You remember how one big part of the $700 billion dollar Wall street bailout was the fact that these idiot executives that ran these companies into the ground had just plain stupid bonuses coming? You remember how everyone bitched and screamed they shouldn't be rewarded (with our money BTW) for such a 'great job'. You remember how Congress specifically said if a financial firm took bailout moeny they had to limits these bonuses?
Well think again .... the Post is reporting that at the last minute the Bush administration INSISTED on one line being inserted into the bill.
The change stipulated that the penalty would apply only to firms that received bailout funds by selling troubled assets to the government in an auction, which was the way the Treasury Department had said it planned to use the money.
Full story here:
http://www.washingtonpost.com/wp-dyn...70.html?sub=AR
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December 15th, 2008, 04:43 PM #2
Re: $700 billion bailout 'sneaky insert allows executives to keep bonuses
DC, Unfortunately, the only surprising thing about it is that you continue to be ... surprised.
And just to be clear - that is in no way a dig at you.
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December 15th, 2008, 05:51 PM #3Banned
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Re: $700 billion bailout 'sneaky insert allows executives to keep bonuses
No its way past surprise it's more like shear disgust at this point. I just really wonder IF this is why Paulison 'changed directions' all of a sudden .... if they realized they could get around this 'bailout / no bonus' thing by simply sending out the money in a way that no one could consider and auction.
The raping of America continues
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