that was so important for the economy...

Quote :

"Fears are mounting that many Wall Street banks and financial firms will refuse to participate in the US government's $700bn bail-out package, leaving global markets and world economies in a perilous state for months to come. 'There is a growing feeling that banks ... might instead decide to tough it out,' said Thomas Caldwell, chairman and CEO of Caldwell Financial, a $1bn-plus fund manager. For the past two weeks all eyes in the market have been focused on US Congress and its attempts to pass Treasury Secretary Henry Paulson's bail-out package - a bill to allow the US government to buy up to $700bn of toxic mortgage-related assets from American banks, which would in theory free the credit markets and set the gears of global commerce spinning once more. Last Monday, after the bill was thrown out by the House of Representatives, more than $1 trillion was wiped off the value of US stocks as the market was gripped by panic. The bill was passed on Friday afternoon, however, after the inclusion of $149bn of tax breaks and strict rules for participating banks. But Wall Street analysts, believe the addition of so many terms to the bill might deter potential participants. One of the least attractive elements is a section designed to curb executive pay at banks that participate in the bail-out package. These include limiting stock-related pay and banning 'golden parachutes' for executives. 'I think this hodge-podge of regulations and rules will be enough to put many [chief executives] off participating,' Caldwell said. Sources close to Goldman Sachs and Merrill Lynch indicated the banks might choose not to participate in the bail-out as there is a growing view on Wall Street that the market may be bottoming out."

http://www.guardian.co.uk/business/2008/oct/05/wall.street.bailout

apparently, CEOs don't like when you fuck with their paycheck, who would've guessed

10/5/2008 11:57:26 AM

k

10/5/2008 11:59:26 AM

What happens to the money that's not used for the bailout? Do taxpayers get a refund?

10/5/2008 11:59:56 AM

Only if the taxpayer is one of the aforementioned CEOs!

10/5/2008 12:00:38 PM

the source is from UK, may be trying to influence people

but to me it actually sounds reallly good that the banks think that they can tough it out
that means things are not as bad as we think they are

10/5/2008 12:01:23 PM

of course they think it's bottoming out

they don't want that golden parachute clause to be considered.

so they can continue making the $russia that they do

goddamn you're fucking dense, lafta.

10/5/2008 12:03:19 PM

play nice kids

10/5/2008 12:06:04 PM

T-Dub currencies:
$Wake County
$Rhode Island
$Texas
$US
$Russia
$Mars
$Proxima Centauri
$Milky Way
$Universe
$Dimension X

10/5/2008 12:16:47 PM

is Dimension X from Ninja Turtles?

10/5/2008 12:18:37 PM

$yes

10/5/2008 12:19:16 PM

Haha, yes.

10/5/2008 12:19:37 PM

Quote :

"of course they think it's bottoming out they don't want that golden parachute clause to be considered. so they can continue making the $russia that they do goddamn you're fucking dense, lafta."

im not even sure what the hell you're arguing about.

"of course they think its bottoming out"

uhhh, yeah, and this would be new news as it was them who have been calling this a potential economic collapse, which is why the bill even got passed
and for them to turn around and deny it would be quite a suprise


but whats not a suprise is you making comments about stuff you dont know about, and making yourself look like the jackass you really are.


[Edited on October 5, 2008 at 12:40 PM. Reason : .]

10/5/2008 12:33:01 PM

I love how the blows to CEOs might make this not doable.

Option 1: Accept the package and take a few million off the severance package
Option 2: Don't accept package, company fails, but still get the few million for doing so

Now we'll get to see how much those corporate leaders really have the interests of stockholders in mind.

10/5/2008 12:46:27 PM

i <3 capitalism!!1

10/5/2008 12:48:01 PM

by the way there is no way in hell they will refuse this

they will be tarred and feathered

10/5/2008 12:51:09 PM