An Investment, Not A Bailout For Wall Street


Minnesota Congressman Jim Oberstar explains by phone the “Economic Rescue Package” Congress is proposing to rescue failing financial firms that are suffering huge losses from risky mortgage investments.

 

Oberstar characterizes the deal as a “loan asset and aquisition and equity” package and not a bailout as had been originally proposed by President Bush. Meaning the government is going to own part of the companies, expects to be paid back and hopes to make a profit.

 

The deal limits the compensation of CEOs so they do not get “Golden Parachutes”, sets up oversight of the companies, and puts in place an “insurance policy” that would impose a fee on the financial industry if the government should lose money in its investment.

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An Investment, Not A Bailout For Wall Street


Minnesota Congressman Jim Oberstar explains by phone the “Economic Rescue Package” Congress is proposing to rescue failing financial firms that are suffering huge losses from risky mortgage investments.

 

Oberstar characterizes the deal as a “loan asset and aquisition and equity” package and not a bailout as had been originally proposed by President Bush. Meaning the government is going to own part of the companies, expects to be paid back and hopes to make a profit.

 

The deal limits the compensation of CEOs so they do not get “Golden Parachutes”, sets up oversight of the companies, and puts in place an “insurance policy” that would impose a fee on the financial industry if the government should lose money in its investment.

Comments are closed.