The "self funded bailout fund" isn't.

It's a "wipe out the stockholders and shut down the company" fund - aka "Orderly Liquidation Fund":

http://www.politifac...uards-financial-/

The March 15 version of the bill is here - http://banking.senat...gislationBill.pdf (1336 page .pdf). The OLF is in Title II, Section 201, starting at page 107 of the PDF.

SEC. 204. ORDERLY LIQUIDATION.

(a) PURPOSE OF ORDERLY LIQUIDATION AUTHORITY.ÂIt is the purpose of this title to provide the necessary authority to liquidate failing financial companies that pose a significant risk to the financial stability of the United States in a manner that mitigates such risk and minimizes moral hazard. The authority provided in this title shall be exercised in the manner that best fulfills such purpose, with the strong presumption thatÂ

(1) creditors and shareholders will bear the losses of the financial company;
(2) management responsible for the condition of the financial company will not be retained; and
(3) the Corporation and other appropriate agencies will take all steps necessary and appropriate to assure that all parties, including management and third parties, having responsibility for the condition of the financial company bear losses consistent with their responsibility, including actions for damages, restitution, and recoupment of compensation and other gains not compatible with such responsibility.

It's not a "bailout fund".

I don't have much of an opinion on your other proposals, yet. ;-)

HTH.

Cheers,
Scott.

Post #325,146 by Another Scott 4/24/10 12:33:40 PM Reply	The "self funded bailout fund" isn't. It's a "wipe out the stockholders and shut down the company" fund - aka "Orderly Liquidation Fund": http://www.politifac...uards-financial-/ The March 15 version of the bill is here - http://banking.senat...gislationBill.pdf (1336 page .pdf). The OLF is in Title II, Section 201, starting at page 107 of the PDF. SEC. 204. ORDERLY LIQUIDATION. (a) PURPOSE OF ORDERLY LIQUIDATION AUTHORITY.ÂIt is the purpose of this title to provide the necessary authority to liquidate failing financial companies that pose a significant risk to the financial stability of the United States in a manner that mitigates such risk and minimizes moral hazard. The authority provided in this title shall be exercised in the manner that best fulfills such purpose, with the strong presumption thatÂ (1) creditors and shareholders will bear the losses of the financial company; (2) management responsible for the condition of the financial company will not be retained; and (3) the Corporation and other appropriate agencies will take all steps necessary and appropriate to assure that all parties, including management and third parties, having responsibility for the condition of the financial company bear losses consistent with their responsibility, including actions for damages, restitution, and recoupment of compensation and other gains not compatible with such responsibility. It's not a "bailout fund". I don't have much of an opinion on your other proposals, yet. ;-) HTH. Cheers, Scott.
Post #325,150 by boxley 4/24/10 1:08:18 PM Reply	do you really think that will pass :-) If we torture the data long enough, it will confess. (Ronald Coase, Nobel Prize for Economic Sciences, 1991)
Post #325,152 by drook 4/24/10 1:18:46 PM Reply	"It won't pass, so we won't ask." Democrats need to stop thinking like that. And Republicans know it, which is why they keep telling Democrats to "be reasonable". If you start by eliminating everything that the opposition won't pass, you've just given up your negotiating position. -- Drew

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