Wall Street may shun $700bn bail-out - TO KEEP GOLDEN PARACHUTES!!!

So they don't care if they make things worse for the entire world as long as they keep their perks.

Greedy fucks.

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Now Wall Street may shun $700bn bail-out

* James Doran, New York
* The Observer,
* Sunday October 5 2008

Fears are mounting that many Wall Street banks and financial firms will refuse to participate in the US government's $700bn bail-out package, leaving global markets and world economies in a perilous state for months to come.

'There is a growing feeling that banks ... might instead decide to tough it out,' said Thomas Caldwell, chairman and CEO of Caldwell Financial, a $1bn-plus fund manager.

For the past two weeks all eyes in the market have been focused on US Congress and its attempts to pass Treasury Secretary Henry Paulson's bail-out package - a bill to allow the US government to buy up to $700bn of toxic mortgage-related assets from American banks, which would in theory free the credit markets and set the gears of global commerce spinning once more.

Last Monday, after the bill was thrown out by the House of Representatives, more than $1 trillion was wiped off the value of US stocks as the market was gripped by panic. The bill was passed on Friday afternoon, however, after the inclusion of $149bn of tax breaks and strict rules for participating banks.

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.

http://www.guardian.co.uk/business/2008/oct/05/wall.street.bailout

you will have missed that greed is the reason.

.....is in violation of his fudiciary duty to his shareholders, and opens himself up to both being investigated by the SEC/DOJ as well as civil suits by shareholders.

Until that part gets kicked. They're more than willing to hold us hostage until they get what they want.

OTOH, they may just leave quietly will all the money they've skimmed already. At this point, it's like they've robbed the bank and are asking for a hammer to take out the bathroom fixtures.

In earlier days, they would have been facing either the gallows or the guillotine.

But if they keep that money they will be guaranteeing that it has no value whatsoever. I hope they try to eat it.

Let them tank the economy the try them for treason while breaking up any corporation that is large enough to have a detrimental effect on the economy. After a few of these thieves are executed for treason we'll see a much more cooperative business sector. In the meantime we can use that $700 billion on programs for those hardest hit by the ensuing depression.

And yes, I'm totally serious. Try any CEO who puts their greed before the health of the nation for treason and exact the fullest punishment allowed by law.

isn't that a provision in the Patriot Act?;)

As someone else said in this thread, we need to bring back the guillotine.

:)