Financial Fiasco: Take 225,001
And we’re back to the whole mess, just as promised. Thanks again Financial Sector for a…fascinating ride.
Today, we’re going to focus on what’s holding up the $700 billion dollar bailout that Bernanke, Paulson, the Senate, and the Bush Administration hope will be completed by the end of this week.
So what’s the holdup exactly? I’m typically all for blaming politicians, but in this case, that might not be completely fair considering everything. But that doesn’t mean we can’t find another villain to bash. They’re everywhere.
So, public enemy #1 today is (drum roll please): The CEO
Of course not just any CEO. Many company executives are competent businessmen who know when to say no and how to say yes. And then there’s the other kind who run their companies and the American economy (admittedly with eager outside help) into the ground, yet still want a thank you in the form of hefty exit bonuses.
Apparently, there’s a reason why the powers that be that wrote the bailout legislation didn’t see fit to cut wayward CEO’s golden parachutes. The problem is that those exit packages are written into the contracts; they’re legally binding documents.
According to all of the big guys (and girls), this bailout needs to happen as soon as possible. Even while Senators in both parties grouse about it, they’re working hard to finish negotiations and alterations by the end of the week. So it isn’t just Bernanke, Paulson and President Bush who think this is necessary. Personally, I remained skeptical until Smart Profits Report Marc Lichtenfeld said that he went from outrage to agreement with the bailout. Since he and I agree on the government butting in as little as possible, and because he’s a savvy investor who knows the ins and outs of the markets, I’m inclined to take his word for it.
So since the Fed’s bailout plan is deemed of such importance, they can’t really afford to put pressure on the executives. And those company officials know that. Time, in this case, is on the dark side. And after all why would anybody who already proved they were unscrupulous care about public outrage? The answer is quite simply that they wouldn’t, and they don’t.
http://www.smartprofitsreport.com/archives/2008/bailout-and-profits.html
Wednesday, September 24, 2008 — by Jeannette Di Louie, Assistant Editor of Mt. Vernon Research
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