2
   

Text of Draft Proposal for Bailout Plan

 
 
Debra Law
 
  1  
Reply Sun 28 Sep, 2008 04:26 pm
@firefly,
"The 106-page bill established sweeping powers for Treasury Secretary Hank Paulson, and his successor, in carrying out what the bill calls the 'Troubled Asset Relief Program,' whose acronym is TARP."

TARP?

TARP?

I'm still reading, but so far I'm not inspired with confidence because a "TARP" is another name for a "cover up." When a thief drives down the public roads with stolen loot in the back of his pick-up, he usually covers it with a TARP.

Okay . . . refocusing . . . trying to have an open mind about this . . . .
0 Replies
 
cicerone imposter
 
  3  
Reply Sun 28 Sep, 2008 04:30 pm
@firefly,
firefly, Sounds good on paper, but so does the Constitution and Bill of Rights.
firefly
 
  2  
Reply Sun 28 Sep, 2008 04:38 pm
@cicerone imposter,
I finally found the link to the entire bill which has the title "Emergency Economic Stabilization Act of 2008."

http://www.latimes.com/media/acrobat/2008-09/42631254.pdf
Debra Law
 
  1  
Reply Sun 28 Sep, 2008 04:42 pm
@firefly,
Thank you firefly! I read through the summary you provided. It sounds good so far.
0 Replies
 
kuvasz
 
  2  
Reply Sun 28 Sep, 2008 04:46 pm
the only thing that counts is the HR voted upon next week.
JTT
 
  3  
Reply Sun 28 Sep, 2008 04:56 pm
@kuvasz,
I can see the steadying hand of John McCain woven thru this bill. Think where the US would have been had John not set aside his things personal and public and rushed to Washington.
0 Replies
 
Debra Law
 
  1  
Reply Sun 28 Sep, 2008 05:02 pm
Fox News: Pelosi doesn't call the emergency legislation a "bail-out," but rather a "buy-in."
0 Replies
 
Thomas
 
  2  
Reply Sun 28 Sep, 2008 05:36 pm
It seems that some form of judicial review is the bill now. But to this interested layman, it isn't clear if the review laid out here has teeth or not. (For a more readable version of the quote below, see pages 58-61 of Firefly's pdf document.)

Quote:
SEC. 119. JUDICIAL REVIEW AND RELATED MATTERS.
9 (a) JUDICIAL REVIEW."
10 (1) STANDARD."Actions by the Secretary pur11
suant to the authority of this Act shall be subject to
12 chapter 7 of title 5, United States Code, including
13 that such final actions shall be held unlawful and set
14 aside if found to be arbitrary, capricious, an abuse
15 of discretion, or not in accordance with law.
16 (2) LIMITATIONS ON EQUITABLE RELIEF."
17 (A) INJUNCTION."No injunction or other
18 form of equitable relief shall be issued against
19 the Secretary for actions pursuant to section
20 101, 102, 106, and 109, other than to remedy
21 a violation of the Constitution.
22 (B) TEMPORARY RESTRAINING ORDER."
23 Any request for a temporary restraining order
24 against the Secretary for actions pursuant to
25 this Act shall be considered and granted or de59
O:\AYO\AYO08C04.xml
1 nied by the court within 3 days of the date of
2 the request.
3 (C) PRELIMINARY INJUNCTION."Any re4
quest for a preliminary injunction against the
5 Secretary for actions pursuant to this Act shall
6 be considered and granted or denied by the
7 court on an expedited basis consistent with the
8 provisions of rule 65(b)(3) of the Federal Rules
9 of Civil Procedure, or any successor thereto.
10 (D) PERMANENT INJUNCTION."Any re11
quest for a permanent injunction against the
12 Secretary for actions pursuant to this Act shall
13 be considered and granted or denied by the
14 court on an expedited basis. Whenever possible,
15 the court shall consolidate trial on the merits
16 with any hearing on a request for a preliminary
17 injunction, consistent with the provisions of rule
18 65(a)(2) of the Federal Rules of Civil Proce19
dure, or any successor thereto.
20 (3) LIMITATION ON ACTIONS BY PARTICIPATING
21 COMPANIES."No action or claims may be brought
22 against the Secretary by any person that divests its
23 assets with respect to its participation in a program
24 under this Act, except as provided in paragraph (1),
60
O:\AYO\AYO08C04.xml
1 other than as expressly provided in a written con2
tract with the Secretary.
3 (4) STAYS."Any injunction or other form of
4 equitable relief issued against the Secretary for ac5
tions pursuant to section 101, 102, 106, and 109,
6 shall be automatically stayed. The stay shall be lift7
ed unless the Secretary seeks a stay from a higher
8 court within 3 calendar days after the date on which
9 the relief is issued.
10 (b) RELATED MATTERS."
11 (1) TREATMENT OF HOMEOWNERS’ RIGHTS."
12 The terms of any residential mortgage loan that is
13 part of any purchase by the Secretary under this Act
14 shall remain subject to all claims and defenses that
15 would otherwise apply, notwithstanding the exercise
16 of authority by the Secretary under this Act.
17 (2) SAVINGS CLAUSE."Any exercise of the au18
thority of the Secretary pursuant to this Act shall
19 not impair the claims or defenses that would other20
wise apply with respect to persons other than the
21 Secretary. Except as established in any contract, a
22 servicer of pooled residential mortgages owes any
23 duty to determine whether the net present value of
24 the payments on the loan, as modified, is likely to
25 be greater than the anticipated net recovery that
61
O:\AYO\AYO08C04.xml
1 would result from foreclosure to all investors and
2 holders of beneficial interests in such investment,
3 but not to any individual or groups of investors or
4 beneficial interest holders, and shall be deemed to
5 act in the best interests of all such investors or hold6
ers of beneficial interests if the servicer agrees to or
7 implements a modification or workout plan when the
8 servicer takes reasonable loss mitigation actions, in9
cluding partial payments.
0 Replies
 
barackman28
 
  1  
Reply Mon 29 Sep, 2008 12:21 am
@Debra Law,
If Senator Obama supports the bailout plan, I am certain that it will help our country. Many are unaware of the massive amounts of reading difficult and complex texts that Senator Obama undertook as President of the Harvard Law Review.

He supports the plan! I am sure that he knows what's in it.
Robert Gentel
 
  1  
Reply Mon 29 Sep, 2008 01:04 am
@Debra Law,
Emergency Economic Stabilization Act of 2008

Summary of Emergency Economic Stabilization Act of 2008

Section-by-Section of Emergency Economic Stabilization Act of 2008

The House Committee on Financial Services temporarily replaced their homepage with those links.
0 Replies
 
cicerone imposter
 
  3  
Reply Mon 29 Sep, 2008 10:54 am
@firefly,
TARP heh? The Asinine Republican Plan to bailout the rich and famous. Did you hear about the WAMU CEO who worked there for just several months, and he's walking away with a $13 million golden parachute?

firefly
 
  2  
Reply Mon 29 Sep, 2008 02:47 pm
@cicerone imposter,
I think the WaMu CEO was in his job only 3 weeks and he got something like $7 million at the time of his hiring, and would be entitled to about $11 million more.
$18 million--not bad for only 3 weeks of work.
Diane
 
  1  
Reply Thu 2 Oct, 2008 10:44 am
Bookmark
0 Replies
 
Woiyo9
 
  1  
Reply Thu 2 Oct, 2008 11:49 am
@barackman28,
Laughing Laughing Laughing Laughing Laughing Laughing Laughing Laughing

Since John McCain also supports the plan, does it still help the country?
cicerone imposter
 
  1  
Reply Thu 2 Oct, 2008 12:14 pm
@firefly,
Yeah, confirmed here:
Quote:
WaMu CEO Stands to Make Millions
By Aaron Smith, CNNMoney.com
posted: 3 DAYS 7 HOURS AGO

NEW YORK (Sept. 27) -- Washington Mutual Chief Executive Alan Fishman could walk away with more than $18 million in salary, bonuses and severance after less than three weeks on the job, according to the terms of his employment agreement.


People wonder why the pay programs of CEOs and the average workers are still "reasonable," when their "responsibility" justifies it; conservative speak.
0 Replies
 
barackman28
 
  1  
Reply Fri 3 Oct, 2008 07:40 pm
@Woiyo9,
As I said, if Senator Obama supports the bill, it must be a good bill, Senator Obama is arguably the most intelligent man in the Senate. If there are any problems in the bill, I am sure that President Obama and a Democratic House and Senate will change it.
0 Replies
 
 

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