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People Unclear On The Concept

Add comment September 20th, 2008at 11:13pm Posted by Eli

“Chutzpah” is too mild a word.

[Barney] Frank, who has been in phone discussions with Paulson, said the secretary appeared receptive to adding some foreclosure-relief language. The second Democratic proposal — to impose compensation limits on Wall Street executives — is meeting more resistance.

“Hank says it’s a poison pill,” Frank said. “I say I don’t  think it’s very patriotic for someone to not give up his golden parachute when we’re trying to save the markets.”

Oh yeah, because if there’s any one single indispensable element of the bailout, it should be to preserve golden parachutes and astronomical pay packages for the executives who destroyed our economy.

But wait, there’s more!

House Republican staffers met with roughly 15 lobbyists Friday afternoon, whose message to lawmakers was clear: Don’t load the legislation up with provisions not directly related to the crisis, or regulatory measures the industry has long opposed.

“We’re opposed to adding provisions that will affect [or] undermine the deal substantively,” said Scott Talbott, senior vice president of government affairs at the Financial Services Roundtable, whose members include the nation’s largest banks, securities firms and insurers.

A deal killer for the group: a proposal that would grant bankruptcy judges new powers to lower the principal, interest rate or both on a mortgage as part of a bankruptcy proceeding.

Yes, that’s right.  They are dictating terms.  And the Republicans are listening, just like they always do.  I sure hope the Democrats aren’t.

Entry Filed under: Corruption/Cronyism, Economy, Republicans, Wankers