Senate Democrats want pay limits, equity in bailout

[Faygo Kid]

Source: Reuters

WASHINGTON (Reuters) - Senate Democrats issued a counterproposal to the Treasury Department's $700 billion Wall Street bailout plan on Monday that would give the government a stake in firms unloading assets under the plan, and limit the pay of corporate executives involved.

The Democrats also want to set up an oversight board that would include the chairmen of the Federal Reserve, Federal Deposit Insurance Corp and Securities and Exchange Commission to limit the Treasury's otherwise largely unfettered powers, according to a legislative proposal released by the office of U.S. Sen. Christopher Dodd, D-Connecticut, chairman of the Senate Banking Committee.

According to the proposal, Treasury may not purchase, or commit to purchase, any troubled assets unless it "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."

Also included is a provision to ensure decisions taken by the Treasury secretary under the bailout would be reviewable under some circumstances. The Treasury had asked that decisions not be reviewable by any administrative body or court. . .


Read more: http://news.yahoo.com/s/nm/20080922/ts_nm/financial_bailout_congress_dc

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No way, no bailout without accountability.

[stray cat]

1. How do we support those who demand accountability?

[On the Road]

2. While I Think the Bailout Was Necessary

I agree with both the Democratic proposals -- limiting pay and taking an equity stake.

[Skink]

3. Dems should make sure not to get seen as Obstructionists here.

Causing Obama to lose the election.

[KansDem]

4. Democrats are the majority party in Congress...

They should be calling the shots on this thing and when the GOPers squeal like stuck pigs, they will be seen as the obstructionists they are...

[pattmarty]

6. Agree.

[Triana]

7. AGREED. DEMS need to CONTROL this - send the bill WITH the restrictions in it...

...let the RePIGS squeal and bu$hit veto - MULTIPLE times if necessary, and then call THE REPUBLICANS and Paulsen the OBSTRUCTIONISTS - because if you listen to what Paulsen is saying, HE is the one who is OBSTRUCTING - along with GWB and the White House - NOT the Democrats.

FRAME IT UP - HANG IT ON THE WALL and LEAVE it there.

[Vincardog]

5. When the Democratic members insist on pay limits and equity stake and congressional review as well

as court jurisdiction, The GOP can filibuster and they will be the obstructionists

[Triana]

8. YES! That's what needs to happen. GOD I hope Dems decided to have a damn SPINE for once! n/t

[Kalyke]

9. That's not the same story your link goes to.

????