Monday, October 06, 2008
The Banks were gaming the Treasury
Probably with the tacit assistance Hank. But their reaction to the bailout is quite illuminating.
The bill was passed on Friday afternoon, however, after the inclusion of $149bn of tax breaks and strict rules for participating banks.Sort of makes you think the bastards were just holding back on lending for a $700 Billion no-strings attached pinata of goodies. Now that they can't all go swimming in McDuck's Money Bin they are getting cranky.
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.
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