"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"
"Now Wall Street may shun $700bn bail-out
The Observer
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.
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.'I think this hodge-podge of regulations and rules will be enough to put many [chief executives] off participating,' Caldwell said. Sources close to Goldman Sachs and Merrill Lynch indicated the banks might choose not to participate in the bail-out as there is a growing view on Wall Street that the market may be bottoming out.
Analysts also believe that the mere presence of the government as buyer of last resort will be enough to get credit markets moving again, and that a large number of banks would not need to take part for the legislation to succeed. --more--"
Pffft! I 'm so sick of the LIES!!!!!!
