Thursday, September 25, 2008

Dodd: We Have a Bailout Plan; Boehner: Not Among House GOP

A fundamental agreement to the $700 billion Wall Street financial crisis bailout has been announced by Banking Committee Chairman Christopher Dodd (D-Conn.), who said this afternoon that Congress is prepared to give extraordinary powers to the secretary of Treasury to purchase hundreds of billions in bad debt. But at the same time, leading House Republicans reacted by saying the deal does not yet exist.

Dozen of the top negotiators from both parties and both chambers of Congress met at the Capitol for three hours this morning to hammer out the deal.

"We believe we are prepared to act expeditiously on a package," Dodd said. He described the agreement as a "set of principles" and not completed legislative language. Dodd expected the completed bill would be ready for the president's signature in a few days. Sen. Robert Bennett (R-Utah) said, "We have a plan that will pass the House, pass the Senate and be signed by the president, and bring certainty to the markets."

But House Republicans were still balking at the deal. Republican minority leader Rep. John A. Boehner of Ohio, reacting to Dodd's announcement, said: "There is no bipartisan deal at this time. There may be a deal among some Democrats, but House Republicans are not a part of it.”

Dodd said the compromise includes a provision that would limit excessive executive compensation. What it does not appear to have is a provision that would allow judges to restructure mortgages for homeowners facing foreclosure.

1 comment:

Anonymous said...


Recently an insurance company nearly wind up....

A bank is nearly bankrupt......filing chapter 11 protection.

How it affect you? Did you buy insurance? Did you buy mini note or bonds?

Who fault?

They bailout trouble finance company, but they will not bail out your credit card bills……And the bill out of company is still not enough yet…….You got no choice, and no point pointing finger but you can prevent similar things from happen again……

The top management of the Public listed company ( belong to "public" ) salary should be tied a portion of it to the shares price ( IPO or ave 5 years ).... so when the shares price drop, it don't just penalise the investors, but those who don't take care of the company.....If this rule is pass on, without any need of further regulation, all industries ( as long as it is public listed ) will be self regulated......because the top management will be concern about their own pay check…… And they are still spend big money on hotel stay and luxury function……..

Meanwhile if company was being acquired, there will be a great movement in terms of staff……eventually staff suffer also.

Are you a partisan?

Sign a petition to your favourite president candidate, congress member, House of representative again and ask for their views to not just comment on this, and what regulations they are going to commit and implementation the regulation, I believe should vote for the one who come suggest good implementation and let’s see who back up, which don’t implement after just mentioning in the election campaign.....If you agree on my point, please share with many people as possible.... Finance and Media are the two only industries can shaken politics ( Maybe Hackers can ), please help to highlight also...


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