From the Great Orange Satan himself: <http://www.dailykos.com/storyonly/2008/9/23/14111/2568/498/607662>
"In my last post, I was trying to figure out why we're concerned about conditions on the bailout that would reduce participation. Sources familiar with the Treasury's thinking said warrants would limit participation in the program. Only failing banks would be willing to give the government stock in exchange for buying up their bad assets, these sources said. But key Democrats said the point was critical. As commenter heart of quince asked: Why do we want to help banks that AREN'T failing? That's a damn good question, and I thought, "well, maybe that's a mis- paraphrase by a reporter". But it's not. Straight from the horses' mouth, the White House's press lackey: --With respect to executive pay, again, I'm not going to get into specific, point-by-point details on what our views are on that, other than the Secretary of Treasury said it would make more difficult to make this plan work and effective if you provide disincentives for companies and firms out there who are holding mortgage-backed securities and other securities from participating in the program. You have to remember, these are not all weak or troubled firms that own mortgage-backed securities. A lot of them are very successful banks and investment houses that have done very well, have been responsible, are holding performing assets that have value. They were not necessarily irresponsible players, and so you have to be careful about how you deal with them.-- Careful how you deal with them? How about you LET THE FUCKING FREE MARKET HANDLE IT then? If they want taxpayer funds to bail out their incompetence, they give up equity, they accept limits on executive compensation. If they don't want those conditions imposed on them, they don't take our money. Simple, right? And if they don't take our money, who cares? They are strong and successful! And the taxpayers don't have to give up a dime. Everyone wins! I am now certain that this is all a giveaway to the GOP's friends on Wall Street and an effort to financially handcuff the next administration. It has little to do with saving the economy. Otherwise, Treasury and White House officials wouldn't be talking about bribing and arm twisting these banks into taking government handouts." -- Bruce Johnson University of Arizona College of Pharmacy Information Technology Group Institutions do not have opinions, merely customs --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "StrataList-OT" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/StrataList-OT?hl=en -~----------~----~----~----~------~----~------~--~---
