(a) Authority to Purchase.--The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States. So Paulson decides(minimizes) how much each firm can lose (5) issuing such regulations and other guidance as may be necessary or appropriate to define terms or carry out the authorities of this Act. We don't don't what were doing but trust me to make up the rules as we go along Sec. 3. Considerations. In exercising the authorities granted in this Act, the Secretary shall take into consideration means for-- (1) providing stability or preventing disruption to the financial markets or banking system; and (2) protecting the taxpayer. Eliminate moral hazard by agreeing to the bailout and protecting the taxpayer, by any losses incurred by the disposition of the bailed out losses be carried forward and deducted from the companies profits for x amount of yrs in the future (b) Management of Mortgage-Related Assets.--The Secretary shall have authority to manage mortgage-related assets purchased under this Act, including revenues and portfolio risks therefrom. i'll make sure that we are profiting from the bailout until I leave my post Sec. 8. Review. Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency. I am above the law and anything I do or who i pay, you will never know, because there would be masssive shitstorm over it. Coupled with how bad some of these assets are no one would ever trust any of these banks with what they say. Sec. 10. Increase in Statutory Limit on the Public Debt. Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $11,315,000,000,000. we don't have the money so gotta raise the credit limit after raising no to long ago
Yeah, it's absolute garbage. McCain took a much harder stance against giving these guys a blank check. Who knows? ... to anyone who has remotely achieved any level of professional success in any industry the fiscal irresponsibility of this country and the way entire businesses are destroyed makes one sick to your stomach. Maybe the rich are different. :eek:
You ever heard of anyone trying to trade or play chess/checkers who really had no idea what they were doing? Is this any different?
These guys are a few fries short of a happy meal ; So what if AIG filed chapter 11. Any assets of value would have quickly been absorbed by competitors who would be the new players in the market. Much faster than the years the Government will take. Maybe bankruptcy reforms would take place... AIG on 9/3 issued dividends which they can only do if they are reporting profits. Dividend = Profit Dividend + Bailout = Financial Fraud. How the fuck can they payout close to 1/2 Billion to their shareholders as dividends and two weeks later ask for $70B in hand outs? At least the bankruptcy court would have the power to unwind transactions. Does this not hurt each and every competitor of AIG?