WASHINGTON -- The Bush administration has conceded several changes to its rescue plan for the troubl

[EV_Ares]

WASHINGTON -- troubled banking industry, including agreeing to compensation limits for bank chief executives taking part in the plan and the need for more help for homeowners facing foreclosure, a leading House Democrat said Monday.

Chairman of the House Financial Services Committee Rep. Barney Frank said the Treasury also agreed to Democrats' idea that the federal government should receive warrants to take an equity stake in financial firms in exchange for the government purchasing toxic assets from them.

Congress may raise the cost of a $700 billion market-rescue deal by adding a new economic stimulus plan to benefit taxpayers, according to Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee. (Sept. 22)
Senate Democrats also want to add tough new measures, including a provision that would allow the government to take shares of any financial institution that participates in the program.

Senate Banking Committee Chairman Christopher Dodd of Connecticut began circulating his 44-page draft Sunday night. The draft was likely to prove problematic for the Bush administration, which has tried to prevent lawmakers from making big changes to a much simpler proposal it unveiled over the weekend. Treasury's plan would allow the government to buy up to $700 billion in mortgage-related assets from banks and others to prevent a worsening of the financial market turmoil.

Rep. Frank said he didn't think hedge funds holding mortgage linked assets would be able to take part in the plan, and he said the definition of what constitutes an American financial institution -- which the plan will likely be limited to -- is still being discussed.

rest of the article @ the WSJ link: http://online.wsj.com/article/SB122209290438362805.html?mod=testMod

[napi21]

1. There's also this one on Yahoo News

Congress, Bush team agree on bailout terms

WASHINGTON - A key Democrat negotiating a $700 billion financial bailout says the Bush administration has agreed to include mortgage aid and strong congressional oversight in the plan.

Rep. Barney Frank, the Financial Services Committee chairman, says a great deal of progress has been made in talks between lawmakers and President Bush's team on the rescue.

A government official with knowledge of the talks also said the administration has agreed to create a plan to help prevent foreclosures on mortgages it acquires as part of the bailout.


http://news.yahoo.com/s/ap/financial_meltdown;_ylt=AhZ2FyI52IhEw4Hk6iuZ2Has0NUE

[Skink]

2. Democrats can play disaster capitalism too.

[malaise]

4. Democrats should

Just Say No. This is another set up. Bush will watch them capitulate and then write a new signing statement.

[Raksha]

7. That should be written into the bill:

NO SIGNING STATEMENTS! Non-negotiable, another prerequisite for passage. Fool me once and all that...

[gratuitous]

3. What changes?

$701 billion instead of $700 billion? Any immediate oversight of Henry Paulson as he saves his pals from the embarrassment of piloting last year's model yacht into the marina? How about the testicles of every Wall Street fucker (and you know they're almost exclusively men) in a jar, suitable for mantel placement in homes all over America? I'd also like to see these CEOs and other fatcats reduced to $25,000 a year in compensation, and no carryover of their ill-gotten goods. If single mothers can do it, you titans of industry should be able to, as well.

[mzmolly]

6. Oversight and help for homeowners

are included in the compromise. Thank goodness!

[rucky]

5. Why isn't the dollar amount being negotiated?

HOW ARE WE SUPPOSED TO PAY FOR THIS?