Republican group wants bailout cut to $250 billion

[Nambe]

Source: Reuters

A group of Republicans in the House of Representatives said on Thursday they would seek an amendment to significantly reduce the size of a $700 billion Wall Street bailout package headed for a House vote soon.

Ohio Rep. Steven LaTourette said 23 Republican lawmakers will seek an amendment that would lower the amount the Treasury Department could spend on the bailout to $250 billion. ...

Read more: http://www.reuters.com/article/politicsNews/idUSTRE4917ZE20081002?feedType=RSS&feedName=politicsNews&rpc=22&sp=true

[HopeHoops]

1. GOOD FOR THEM! - I'm STILL not convinced the Wall Street Welfare Bill is needed at all!

[pattmarty]

2. I could live with that, IF you had CEO pay limits and..............

.......where the taxpayers got protections such as a "stake" in the companies.

[RantinRavin]

3. Both of those provisions

are in the bill that was passed by the Senate last night.

[pattmarty]

5. The bill that passed the Senate yesterday is a piece of shit.

That bill is worse than the one that didn't pass in the house monday that I would not support. Ideally, I would want one that would be a reverse bailout (ie bottom up) somehow subsidizing part of the interest on some of these loans (but not the principal).

[KakistocracyHater]

8. Liquidate the position of CEO altogether

a computer can run the numbers & steer the corporation better, with no motive of personal gain to monkey around with stock prices, it would save the corporations literally $100,000,000 & up. Eliminate CFO also, for the same reason, especially since they chopped that "uptick law" from me

"A former rule established by the SEC that requires that every short sale transaction be entered at a price that is higher than the price of the previous trade. This rule was introduced in the Securities Exchange Act of 1934 as Rule 10a-1. The uptick rule prevents short sellers from adding to the downward momentum when the price of an asset is already experiencing sharp declines. The SEC eliminated the rule on July 6, 2007."...
“Short sellers have an incentive to spread bad news about companies whose shares they have sold short,” said Jay Baris a partner at the law firm of Kramer Levin Naftalis & Frankel."... from du McCamy Taylor

[gizmo1979]

4. How about $6.75

Isn't that minimum wage?

[Hannah Bell]

6. Does it cap it absolutely? Or does it allow re-upping once they run through the $250 bill? n/t

[KakistocracyHater]

7. the Banksters freezing money to States

businesses & people are committing an act of terror as described in the Patriot Act. There are banks getting bailouts in Europe.
EU Proposes Regulatory Overhaul Amid Bailouts
Cross-Border Banks Outgrow Oversight by Home Countries
http://online.wsj.com/article/SB122271216005586583.html?mod=googlenews_wsj

http://www.kathylien.com/site/ecb/european-bank-bailouts-sends-the-euro-and-pound-plunging
...."Belgium: Fortis bailed out on cooperative effort of Belgium, Netherlands and Luxembourg governments
Germany: Hypo Real Estate bailed out by German goverment
UK: Bradford & Bingley nationalized by UK government
Iceland: Glitner Bank receiving government assistance
Italy: Unicredito shares suspended, limit down"....


http://www.nytimes.com/2008/04/04/business/worldbusiness/04regs.html
..."In signing the agreement, which will take effect July 1, European finance ministers will pledge to exchange information and assessments of potential problems, coordinate public communication and establish contingency plans including “stress testing and simulation exercises.”

They will also commit to favoring private-sector solutions. "...

"BRUSSELS — Europe’s finance ministers are expected to agree on Friday to guidelines for handling cross-border banking failures, their first steps to address potential threats brought on by the tight credit markets."


"In 2004, the European Union passed a rule allowing the SEC's European counterpart to manage the risk both of broker dealers and their investment banking holding companies. In response, the SEC instituted a similar, voluntary program for broker dealers with capital of at least $5 billion, enabling the agency to oversee both the broker dealers and the holding companies."...


"This alternative approach, which all five broker-dealers that qualified — Bear Stearns, Lehman Brothers, Merrill Lynch, Goldman Sachs, and Morgan Stanley — voluntarily joined, altered the way the SEC measured their capital. Using computerized models, the SEC, under its new Consolidated Supervised Entities program, allowed the broker dealers to increase their debt-to-net-capital ratios, sometimes, as in the case of Merrill Lynch, to as high as 40-to-1."....