Choose Your Own Bailout
If you haven't yet read the draft of Treasury's bailout plan, it's right here, and it's losing steam every minute.
The Secretary may, at any time, exercise any rights received in connection with mortgage-related assets purchased under this Act.
The Secretary may, at any time, upon terms and conditions and at prices determined by the Secretary, sell, or enter into securities loans, repurchase transactions or other financial transactions in regard to, any mortgage-related asset purchased under this Act.
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
The people's bulwark against this: Connecticut Sen. Chris "Friend of Countrywide" Dodd.
Sen. Dodd's plan would not allow the Treasury Department to purchase any assets "unless the Secretary receives contingent shares in the financial institution from which such assets are to be purchased equal in value to the purchase price of the assets to be purchased."
Treasury officials have not suggested that the government would receive any shares of companies that sell distressed assets into the huge government fund.
Democrats are also expected to clash with the Treasury Department on a separate provision that could limit executive compensation at firms that participate in the program. Sen. Dodd's plan would limit the pay "to exclude incentives for executives to take risks that the Secretary deems to be inappropriate or excessive." It would also allow limitations to senior executives as it is "determined to be appropriate in the public interest in light of the assistance being given to the entity."
It's all moving very fast and getting crazier. Minnesota Sen. Norm Coleman (R), in particular, is running against Al Franken by trying to be funnier than him.
U.S. Sen. Norm Coleman said the massive government bailout of failing financial institutions is not only necessary but could make money for the federal government.
The government could make 10 or 20 times what it pays on this, possibly," Coleman said during a campaign stop at Christy's Cafe in North Mankato Saturday morning.
Hey, everybody! We're going to get rich!