Monday, September 22, 2008
Poor old Wall St.
It looks like the denizens of that sink of inequity aren't too happy at the various adjustments being required by Congress to get their hands on the last of the Treasury. It looks like we will not be simply handing out money with a Thank You would you like some more?
And a government official with knowledge of the talks said the administration had agreed to create a plan to help prevent foreclosures on mortgages it acquires as part of the bailout - a key demand of Democratic lawmakers.Congress is getting uppity, but it remains to be seen what roadblock the Republicans are planning.
Under other additions the Democrats are asking to the administration package, according to a draft of the plan obtained by The Associated Press:
- Judges could rewrite mortgages to lower bankrupt homeowners' monthly payments.
- Companies that unloaded their bad assets on the government in the massive rescue would have to limit their executives' pay packages and agree to revoke any bonuses awarded based on bogus claims.
The plan also would require that the government get shares in the troubled companies helped by the rescue.
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