There's not one of us out here in the Real World who would hand over money without getting an agreement in writing about what they were getting, how they were getting it, and outlining penalties. People do it all the time. But somehow Congress missed out on that. The Old Boy Network at it again, but it was a Democratic Congress under President George Bush who did this first round mess. Note: it was Democratic Congress who did it, but Bush should have intervened. Obama's Congress is poised to do it again, maybe. Let's hope not.
But the bootom line on the TARP money and especially for the now $900-Billion bailout in the Senate, it's just too much money to administer. Imagine herding cats; that's what policing this bailout would be. To vote no, please write your congressmen. See link at top.
Obama sets executive pay limits with overhaul in mind | Reuters:
"An Obama administration official said the new rules would require companies that get exceptional government funds -- such as financial giant Citigroup and insurer AIG have in the past -- to abide by the cap.
Additional compensation must be limited to restricted stock that does not vest until government money is paid back with interest.
Companies that have previously received bailout money would have to agree to stricter oversight and prove that they have followed already established restrictions on executive compensation, which are widely seen as being too lax."
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