Full Text Of Bailout Plan (110 pages)

Link: http://www.huffingtonpost.com/2008/09/28/bailout-legislation-full_n_130063.html

Start combing!!!

:shrug:

:hi:

I took that bloated Adobe off my computer and haven't missed it yet.

or the kind of disclosure we would really like to see


might be wrong but I skimmed through it and other then the general reports, which we will probably get the types of securities and the types of instutions, from the oversight board it is the IG who holds all the specifics on which financial institutions and specific assets, and they can hold the cards close to his chest if he wants to. Of course they bring up "National Security" as well

I think they have a lot of room to cover in here

For instance

SEC. 129. DISCLOSURES ON EXERCISE OF LOAN AUTHOR12
ITY.

(c) CONFIDENTIALITY.—The information submitted
14 to the Congress under this section may be kept confiden15
tial, upon the written request of the Chairman of the
16 Board, in which case it shall made available only to the
17 Chairpersons and Ranking Members of the Committees
18 described in subsection (a).

I can understand in the case of individuals names and that sort but the institutions it would be nice to see specifics.

par for the course,just some thought

Why am I not surprised?

Executive Compensation and Corporate Governance.

It is hard to see what the changes are, since some stuff may be shuffled back to TITLE III.

The Chris Dodd version says that all participating corporations have to omit pay incentives for excessively risky behavior.

The Nancy Pelosi version says that only "Where the Secretary determines that the purposes of this Act are best met
through direct purchases of troubled assets from an
individual financial institution where no bidding
process or market prices are available, and the Secretary receives a meaningful equity position in the
financial institution as a result of the transaction"

...does even that modest limit apply.



Dodd bill:
http://banking.senate.gov/public/_files/LegislativeTextofChairmansDoddsproposalfortheTreasuryBailoutplanAYO08B68_xml.pdf


Pelosi bill:
http://money.cnn.com/2008/09/28/news/pdf/index.htm

JULIE HIRSCHFELD DAVIS | September 28, 2008 06:55 PM EST

<snip>

WASHINGTON — Congressional leaders and the White House agreed Sunday to a $700 billion rescue of the ailing financial industry after lawmakers insisted on sharing spending controls with the Bush administration. The biggest U.S. bailout in history won the tentative support of both presidential candidates and goes to the House for a vote Monday.

<snip>

Link: http://www.huffingtonpost.com/2008/09/28/congress-white-house-reac_n_129964.html

Sounds like it is.

:shrug:

?

...re-write mortgages to help people stay in their houses.

That is in the Senator Chris Dodd version of Sept 25:
http://banking.senate.gov/public/_files/LegislativeTextofChairmansDoddsproposalfortheTreasuryBailoutplanAYO08B68_xml.pdf

I shall return.

I've read through it once and re-scanned several more times.

You can find more discussion here:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x4112427

...as long as Henry Paulson tells Congress 7 days after:

SEC. 107. CONTRACTING PROCEDURES.
(a) STREAMLINED PROCESS.—For purposes of this
Act, the Secretary may waive specific provisions of the
Federal Acquisition Regulation upon a determination that
urgent and compelling circumstances make compliance
with such provisions contrary to the public interest. Any
such determination, and the justification for such deter
mination, shall be submitted to the Committees on Over
sight and Government Reform and Financial Services of
the House of Representatives and the Committees on
Homeland Security and Governmental Affairs and Banking, Housing, and Urban Affairs of the Senate within 7 days.

The Election is in 36 days...

Old Language:

(d) PROGRAM GUIDELINES.—Before the earlier of the end of the 2-business day period beginning on the date of the first exercise of the authority under this section or the end of the 30-day period beginning on the date of the enactment of this Act, the Secretary shall publish program guidelines, including the following:
(1) Mechanisms for purchasing troubled assets.
(2) Methods for pricing and valuing troubled
assets.
(3) Procedures for selecting asset managers.
(4) Criteria for identifying troubled assets for
purchase.

http://banking.senate.gov/public/_files/LegislativeTextofChairmansDoddsproposalfortheTreasuryBailoutplanAYO08B68_xml.pdf

New Language:

(d) PROGRAM GUIDELINES.—Before the earlier of the end of the 2-business-day period beginning on the date of the first purchase of troubled assets pursuant to the authority under this section or the end of the 45-day period beginning on the date of enactment of this Act, the Secretary shall publish program guidelines, including the following:
(1) Mechanisms for purchasing troubled assets.
(2) Methods for pricing and valuing troubled assets.
(3) Procedures for selecting asset managers.
(4) Criteria for identifying troubled assets for purchase.

And thank you for posting all the TYT stuff.

Big fan here!

:hi:

I don't think we are going to get a lot of public disclosure


or at least the kind of disclosure we would really like to see


might be wrong but I skimmed through it and other then the general reports, which we will probably get the types of securities and the types of instutions, from the oversight board it is the IG who holds all the specifics on which financial institutions and specific assets, and they can hold the cards close to his chest if he wants to. Of course they bring up "National Security" as well

I think they have a lot of room to cover in here

For instance

SEC. 129. DISCLOSURES ON EXERCISE OF LOAN AUTHOR12
ITY.

(c) CONFIDENTIALITY.—The information submitted
14 to the Congress under this section may be kept confiden15
tial, upon the written request of the Chairman of the
16 Board, in which case it shall made available only to the
17 Chairpersons and Ranking Members of the Committees
18 described in subsection (a).

I can understand in the case of individuals names and that sort but the institutions it would be nice to see specifics.

par for the course,just some tired thoughts :)