I am so furious that the bank bail out doesnt have any real limits on compensation. If the banks need federal funds, then they should not be able to pay million dollar salaries.
So, if you are furious and the senators and congressmen in your state vote for the bill - you are perfectly entitled not to vote for those of them who are running for reelection.
You are planning to vote, aren't you?
Now's the time to contact them - before they vote.
Give them a piece of your mind - to disturb their peace of mind.
Though I doubt that they feel very good about the whole mess.
This mess has cost me, a foreigner, at this point, well over $10,000.
In addition ... I bought shares in a Canadian stockbrokerage, that was taken over, some years ago, by Merrill Lynch, who later sold their local business to a different agency ... but I continue to own shares in Merrill Lynch.
I am not a happy camper.
If you're going to contact your washington reps, you need to do it this morning. They're voting today. Easy to do by email - just do a web search on their full name and you should be able to get right to their website.
Anybody see the 60 Minutes piece with King Henry last night?
Did I hear right that some the "toxic assets" have AAA bond ratings? I surely hope I heard wrong!
NOPE! You didn't hear wrong, turnage.
turnage-"Did I hear right that some the "toxic assets" have AAA bond ratings? I surely hope I heard wrong!"
You heard right. Here is a little 'story' from earlier this year that explains who decided to give this worthless crap stellar ratings and why.
A link that might be useful:
The Great Bond Insurance Cover-Up
by Martin D. Weiss, Ph.D. 04-28-08
Many of the slippery ones who set those lousy financial situations up ...
... have taken their wage package, their stocks and options ...
... and moved on.
I've heard that many folks who saw the escalation of house prices and wanted a piece of the action went looking to buy one ... but had no down payment and their income level wouldn't really support the contract ... so an adjustable rate mortgage was set up, with a specified rate of about 2% quoted on the surface ... but another 4% charged, with that amount added to the principal owing, temporarily.
Later, when the rate was adjusted to the true rate, the borrower couldn't afford it so was unable to continue ... either selling the house himself, or letting it be forclosed and sold.
There are a number of agencies that evaluate the quaality of various investments (originally it was bonds, so they've traditionally been called "bond rating services"). If an agency that writes financial instruments sends some low quality ones to a rating agency that the agency knows to be junk, if they give them a rating that equates to "lousy", in the vernacular ... not only would the writing agency be unwilling to bring more paper to be rated, later ... but other such agencies would hear of the rating agency's unco-operative attitude and follow suit.
To be fair ... it is my understanding that the bailout legislation provides some rather strict guidlines as to the pay and perqs that can be offered to the workers in the agencies being supported.
However ... if a fella that's been used to driving a new Cadillac ... gets offered a used Chevy to drive by his manager ... he's not going to be a very happy camper.
Many of us have said for years that the great discrepancies between the level of compensation paid to the hot shot execs running companies and the lowest rates paid to employees have been unfair.
And the discrepacy has been widening, at not only a rapid, but an increasingly rapid rate, in recent years.
As some have said - socialism for the hugely wealthy ...
... and private enterprise for the middle and lower classes who are stuck with paying the shot when things go bad.
Good wishes for increasingly shrewd management of both your income and your ass-wets. And don't forget to keep your powder dry!