Recession? We don' need no steenkeen recession!

catocom said:
it basically took out the pork, leaves the good additions that actually pertain to this situation, and cut the initial amount released to Paulson, and make
him return nov 17 to report, then they decide if he gets more.

That then gives some the time for the house to get a Good, and right bill.


been grocery shopping and haven't yet see what has happened.
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Sounds like a great plan. All great plans are automatically rejected by Congress.

Always remember: Congress is the opposite of Progress.
 
Re: Recession? We don' need no stinker recession!

well it's law now.

Y'all better be getting your affairs Really in order with this time.

Get friggin' fixed mortgages instead of that prime bullshit.
Get with a local mortgage co if you can.
Get rid of as much credit you owe as possible.
...

What pisses me off is that they just made My savings fall by half, by defacing the dollar value.
 
MrBishop said:
Someone should tell the stockbrokers...the DJIA's still dropping like a stone. Nasdaq too.
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It dropped 400 points after they denied it on Monday.

It dropped 400 points after the Senate passed it on Wed.

It ended down 150 after the House passed it today, after being up +250. A 400 point turnaround.
 
paulson was partially right....
"God help us all"
Just a matter of what kind of god he's trying to serve
 
It's the new socialism:
- When companies are doing well, profits are privatized.
- When something goes wrong, loses are socialized.
 
Luis G said:
It's the new socialism:
- When companies are doing well, profits are privatized.
- When something goes wrong, loses are socialized.
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Well put. It's a crime, no matter how you cut it.

cat, you expected less? Government is the lowest common denominator. If these people could do what they claim, they'd be in the private sector getting paid oodles of cash.
 
they are too much into the private sector, that's the problem, conflict of interest/corruption
 
Gonz said:
It dropped 400 points after they denied it on Monday.

It dropped 400 points after the Senate passed it on Wed.

It ended down 150 after the House passed it today, after being up +250. A 400 point turnaround.
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Index Value:9,853.07
Trade Time:11:49AM
ETChange:
down_r.gif
472.31 (4.57%)
Prev Close:10,325.38
Open:10,322.52

Still adjusting. :crying3:

**
Canada's not doing so well either.
Last: 10,101.020
Net Change: -702.330 % Change: -6.50%
 
WASHINGTON - Days from becoming the largest bankruptcy in U.S. history, Lehman Brothers steered millions to departing executives even while pleading for a federal rescue, Congress was told Monday.


As well, executives who feared for their bonuses in the company's last months were told not to worry, according to documents cited at a congressional hearing. One executive said he was embarrassed when employees suggested that Lehman executives forgo bonuses, and cracked: "I'm not sure what's in the water."

The first hearing into what caused the nation's financial markets to collapse last month, precipitating a $700 billion bailout, opened with finger-pointing and glimpses into internal company documents from Lehman's chaotic last hours.

Rep. Henry Waxman, D-Calif., chairman of the House Oversight and Government Reform Committee, said the giant investment bank was "a company in which there was no accountability for failure." Lehman's collapse set off a panic that within days had President Bush and Treasury Secretary Henry Paulson asking Congress to pass the rescue plan for the financial sector.

Richard S. Fuld Jr., chief executive officer of Lehman Brothers, declared to the committee "I take full responsibility for the decisions that I made and for the actions that I took." He defended his actions as "prudent and appropriate" based on information he had at the time.

"I feel horrible about what happened," he said.

Waxman questioned Fuld on whether it was true he took home some $480 million in compensation since 2000, and asked: "Is that fair?"

Fuld took off his glasses, held them, and looked uncomfortable. He said his compensation was not quite that much.

"We had a compensation committee that spent a tremendous amount of time making sure that the interests of the executives and the employees were aligned with shareholders," he said. Fuld said he took home over $300 million in those years — some $60 million in cash compensation.

Waxman read excerpts from Lehman documents in which a recommendation that top management should forgo bonuses was apparently brushed aside. He also cited a Sept. 11 request to Lehman's compensation board that three executives leaving the company be given $20 million in "special payments."

"In other words, even as Mr. Fuld was pleading with Secretary Paulson for a federal rescue, Lehman continued to squander millions on executive compensation," Waxman said before Fuld appeared as a witness.

The government let Lehman go under Sept. 15, only to bail out insurance giant American International Group the next day, in a cascading series of financial shocks and failures that put Washington on track for the multibillion-dollar rescue starting the end of that week.

Waxman described that plan as a life-support measure. "It may keep our economy from collapsing but it won't make it healthy again," he said.

That sentiment echoed on Wall Street, where the Dow Jones industrials sank below 10,000 on Monday for the first time in four years. Investors fear the crisis will weigh down the global economy and the bailout won't work quickly to loosen credit markets.

The rescue plan, now law, was so rushed that the usual congressional scrutiny is only coming now, after the fact.

"Although it comes too late to help Lehman Brothers, the so-called bailout program will have to make wrenching choices, picking winners and losers from a shattered and fragile economic landscape," said Rep. Tom Davis of Virginia, the committee's senior Republican.

Waxman said that in January, Fuld and his board were warned the company's "liquidity can disappear quite fast."

Despite that warning, he said, "Mr. Fuld depleted Lehman's capital reserves by over $10 billion through year-end bonuses, stock buybacks, and dividend payments."

Waxman quoted Fuld as saying in one document, "Don't worry" to the suggestion that executives go without bonuses.

That suggestion came from Lehman's money management subsidiary, Neuberger Berman. Waxman quoted George H. Walker, President Bush's cousin and a Lehman executive who oversaw some Neuberger Berman employees, as responding with a dismissive tone to the idea of going without bonuses.

"Sorry team," he wrote to the executive committee, according to Waxman. "I'm not sure what's in the water at 605 Third Avenue today.... I'm embarrassed and I apologize."

Rep. Elijah Cummings, D-Md., said: "I wonder how he sleeps at night."

Fuld said in his statement that the company did everything it could to limits its risks and save itself.

"In the end, despite all our efforts, we were overwhelmed, others were overwhelmed, and still other institutions would have been overwhelmed had the government not stepped in to save them," he said.
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http://news.yahoo.com/s/ap/20081006/ap_on_go_co/meltdown_lehman
 
Colour me unsurprised - of course the bonuses got paid. Look at all the prosperity they brought to the table.
 
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