Being serious now, I am also afraid that this bailout won't work, that it would be a temporary 'quick' fix that doesn't address the unlerlying issues. There needs to be stronger and enforcable regulatory controls that prevent financial institutions awarding themselves fat bonuses while trading in high risk bad debts... as in selling off blocks of delinquent mortgages to other financial institutions/investors as a way of offloading debts they'd rather not have to bother with. Independent companies, yes, but the whole financial sector is interdependent and it can not trade itself out of trouble by bandying bad debts off to one another.
Frankly, I see this issue rearing its ugly head again in the not too far off in the distant future... there is no quick fix bailout because the problem is caused by decades of greed, economic mismanagenent, poor investment choices and the deregulation of banks, etc. The better way to resolve this crisis would be to assist the struggling home buyers to make their mortgage repayments, thus generating capital for these institutions, with regulatory controls, to trade their way out of trouble. Sadly, however, the dickhead powers that be will prop up the wealthy financial entreprenuers who have lost billions of other peoples money, NOT THEIR OWN, and the problem will continue to spiral downhill.
This is exactly what I've been saying as well. There's not much to add except that this was our totally useless government's regulatory function that was bypassed by ideology freaks.
$500,000 cap on severance packages? Boo-farkin-hoo. They should be forced to sell off all their assets, (personal AND business assets) and left penniless...with a felony record to boot.
LW and I are in total agreement on this. No noose, though...but I will say LW is developing the proper bloodthirsty attitude required of a Pirate crew member! Now, if we can just teach her our lingo, there's a spot open for a good cannoneer on H.M.S. Oz Boss. .
I feel it was the negotiator's function to get to a reasonable severance and benefit/salary package for the CEO's and the Boards of Directors who dropped the ball on that one. I believe that the mechanism of public/stockholder review breaks down due to secrecy, distance and impossibility of keeping track of it all. If that's true, and I believe it is, what is the alternative to a division of the SEC reviewing these matters? I'm open to all proposals, mates!