Monday, September 29, 2008

BailOut Text!

Okay, here is a (PDF) of the the bailout details. It's a hundred and some pages long but everyone should at least read through it once. (Thanks to 'little green footballs')

After all we all have to pony-up for this massive boon-doggle.

I myself, am specifically concerned with the compensations to the executives after they leave the ailing companies, golden parachutes, is what it's called.

Here's an extract of the text on that subject.

(This starts the section pertaining to the executive compensation...)

(Here is the paragraph outlining 'No Golden Parachute payments to Senior Executives...

Okay, so far so good)


(Now here is the bottom-line. The cancellation of the golden parachutes is ONLY FOR NEW SENIOR EXECUTIVES!
All present Senior Executives will still have the ability to GET GOLDEN PARACHUTES!)
I'm I reading this wrong? Maybe someone out there in web-land with more knowledge on the economy can correct me if incorrect.
I'm hearing Pelosi/Reid telling me not to worry about this?
What's your take on this... anyone?

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