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September 29, 2008

Bailout Bill CEO Restrictions, Oversight Were Fake

by at 8:51 pm.

This is incredible. Matt Stoller (as seen on dkos) writes that some intrepid bloggers got onto a private (secret?) conference call between Wall St execs and Treasury officials.

The ‘Treasury boys’ on the call made it clear that “the tranching is a mere formality, and the Treasury boys as much as said so. They could take the $700 billion max as soon as the bill has passed.” That was always obvious.

And they admitted that “the exec comp provisions sound like a joke, They DO NOT affect existing contracts, they affect only contracts entered into during the two years of the authority of this program and then affect only golden parachutes.” Both of these provisions were ‘concessions’ sought by Democrats. Of course, no one could have predicted this bill’s ‘concessions’ to Democrats were farcical. No one at all.

Make no mistake. The bill as it stood was mostly Paulson’s blank check with some Caesar dressing. Unfortunately, there is a gun pointed at our heads to do something, anything, to restore confidence and credit flow to the market, even if it hoses the taxpayer and mortgages (the subprime kind) our future.

Bush-Cheney will go down as THE worst economic president in history. He already had that distinction on foreign policy, and his economics have sucked, but this rivals the mistakes made pre-Great Depression. Thanks, Republicans. Thanks, George W. Frak Me Bush.

3 Responses to “Bailout Bill CEO Restrictions, Oversight Were Fake”

  1. Ryan Says:

    I’m very, very glad this bill didn’t pass.

    We need a 100% Democratic, fuck-Bush-and-Paulson bill that a) ensures Wall Street pays to fix its own mess and b) creates real regulation and oversight, not just these not-even half measures.

    I hope nothing but a bandaid passes between now and the election, then something that’s good passes afterwards - something democrats and “Main Street” can be proud of.

  2. Always Right in Lowell Says:

    Barney Frank needs to take most of the blame for this one. Everyone dropped the ball, but he was the pitcher.

  3. Lynne Says:

    I think Rep. Frank was trying his damndest to be sure the bill had what it needed to become, at least, not a terrifying bill. Unfortunately, in the compromise needed to bring on the Republicans, a lot of important things got watered down. Such is the nature of compromise.

    I also think that whatever the bill says, Paulson will probably just f-ing ignore it. Such is the nature of the Bush administration.

    Turns out, anyway, that the compromise DIDN’T bring on a lot of Republicans. I say, frack them, let’s do a sane bill (smaller, neater, more oversight and transparency, restrictions, and help from the bottom up not the top down) and pass it with minimal Republican help next time.

    There will definitely be some embattled Republicans who may well be enticed by tight races at home to vote to help Main Street instead of just Wall Street.

    The amount of division on this bill is astounding. Conservatives for and against it. Liberals for and against it. Everyone with the caveat of holding their noses at even having to do it. Even the smart guys are divided on both sides of this issue - some saying this is a giveaway that still might not work, others saying anything is better than nothing. Even in my own mind I am divided.

    Thanks, George.

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