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  #1  
Geggy Geggy is offline
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Old Sep 11th, 2008, 07:51 AM        privatizing the profit, socializing the debt
Democrats question Fannie, Freddie CEO exit pay
Tue Sep 9, 2008 6:08pm EDT

WASHINGTON (Reuters) - Democrats on Tuesday criticized the
multimillion-dollar pay packages awarded to the former chief
executives of Fannie Mae and Freddie Mac at a time when taxpayers
could foot a massive bill for the companies' bailout.

In a joint letter to Fannie and Freddie's regulator, Senators Charles
Schumer of New York and Jack Reed of Rhode Island said the combined
pay and bonus packages of about $24 million should be revised.

The article later continues with the exit pays of the past...

OTHER PAY PACKAGES

Outrage against high severance packages for U.S. corporation chiefs
has been brewing for many years.

While some may consider the "golden parachute" for Mudd and Syron
high, it is a fraction of what was given to other CEOs whose companies
were hammered by the mortgage crisis

For example, former Countrywide Financial Corp CEO Angelo Mozilo took
home $120 million, ex-Merrill Lynch CEO Stanley O'Neal received a $161
million retirement package and former Citigroup CEO Chuck Prince got
$39.5 million in stock, options, bonus and perks.

Mudd's predecessor, Franklin Raines, received an annual pension of
$1.37 million when he retired from Fannie in late 2004.

Raines was also in line to receive $5.8 million in stock options and
$8.7 million in deferred compensation to be paid through 2020,
according to a U.S. regulatory filing.

Former Freddie Mac Chief Executive Leland Brendsel received a pay
package of more than $50 million.

Both CEOs left their companies during a massive accounting scandal.

http://www.reuters.com/article/topNe...dChannel=10272
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Geggy Geggy is offline
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Old Sep 11th, 2008, 07:55 AM       
Just two months ago, the politicans were telling us everything was fine...

Administration seeks to calm fears over Fannie Mae, Freddie Mac
By Walter Hamilton and Maura Reynolds, Los Angeles Times Staff Writers
July 12, 2008

Dodd and Sen. Charles E. Schumer (D-N.Y.), chairman of Congress' Joint Economic Committee, offered reassurances.

"Fannie and Freddie are too important to fail. Their fundamentals, as they look now, provide no reason to think they will fail," Schumer said on the Senate floor. "These two institutions are the foundation of the American mortgage market, and we stand fully behind them and their crucial role."

"The facts are that these are sound, solid institutions with more than necessary capital today that the law would require," Dodd said.

http://www.latimes.com/business/la-f...,1841786.story

Did we just get Enron'd?
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kahljorn kahljorn is offline
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Old Sep 20th, 2008, 02:01 PM       
geggy.
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Grislygus Grislygus is offline
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Old Sep 20th, 2008, 02:29 PM       
I actually agree with him on this one
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Old Sep 23rd, 2008, 12:07 PM       
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Originally Posted by Grislygus View Post
I actually agree with him on this one
Me too Same with the whole AIG thing
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kahljorn kahljorn is offline
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Old Sep 23rd, 2008, 12:53 PM       
ya albertsons had a ceo that fucked the company over during it's albertson's/lucky marriage days and when the ceo quit/got fired whatever he got like 32 million dollars.

the worse thing though is the ceo of home depot who completely fucked the company over:
http://articles.latimes.com/2006/may...ss/fi-hdepot26

that guy (I'm pretty sure it's him) got a huge severance package, and he fucked up even more after that article was written and basically plummeted their stock .

YOU FUCKED UP YOURE FIRED HERES A FEW TWENTY MILLION DOLLAR BILLS NOW GET OUT
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Dimnos Dimnos is offline
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Old Sep 23rd, 2008, 04:33 PM       
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Originally Posted by kahljorn View Post
the worse thing though is the ceo of home depot who completely fucked the company over
Was he the guy who decided to hire people who dont know what a rubber grommet is to work in a hardware store? Because whoever came up with that idea need to be kicked in the chode
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ranxer ranxer is offline
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Old Sep 24th, 2008, 09:42 AM       
gee, what a surprise. impeach president paulson.
why am i in this handbasket and where are we going?

what's the lesson here? i like how mahre put it.. if you're going to
fuck up, make sure it's a really monsterous fuck up.

this is similar to 9-11 where people that supposedly messed up got promotions.

seems like another step in the set up for the amero.
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El Blanco El Blanco is offline
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Old Sep 24th, 2008, 02:27 PM       
Hi ranx, nice to see you. You're an NAU fantacist. Not a shock.

That said, ya, this was a massive fuck up. Its strange how so many people said this was coming, yet no one took steps to stop it.

Its sad that the onyl company that even took one step to curb the whole multi-million dollar bonus issue was AIG a few months back. They became the first company to allow shareholders to vote on whether or not outgoing execs got their bonuses.

Of course, the current crop of execs weren't grand fathered in and it was too little too late.

You'd think the Enron/MCI/Tyco bullshit that went down would have pushed it along faster.
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ranxer ranxer is offline
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Old Sep 24th, 2008, 03:41 PM       
hey blanco,
I'm a skeptic on the nau and the amero but this 'crisis' brought it to mind.
I occasionally listen to those ranting about it so i'm just familiar with the
supposed 'plan' is all.
we'll see.. i think our potential for a crash is in the foreign debt behavior but
i'm not a financial analyst.
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  #11  
VaporTrailx1 VaporTrailx1 is offline
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Old Sep 24th, 2008, 05:15 PM       
I don't think Canada would be down for a NAU. Mexico would go for it in a second though.

It's not like you can really tell the difference when you cross the Canadian border anyways though. The Signs have French on em, and things have a slightly different price, that's really it.

But, come to think of it, Canada would be screwed if the NAU formed. There's like 30million people in the second largest geographical country in the world. Shit loads of square miles of pure, natural forest still exist in Canada. If the CanAm border is opened you know damn well us Americans would trash that like a college Kegger.
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rizzo rizzo is offline
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Old Sep 27th, 2008, 07:59 PM       
Quote:
Originally Posted by ranxer View Post
gee, what a surprise. impeach president paulson.
why am i in this handbasket and where are we going?

what's the lesson here? i like how mahre put it.. if you're going to
fuck up, make sure it's a really monsterous fuck up.

this is similar to 9-11 where people that supposedly messed up got promotions.

seems like another step in the set up for the amero.
He's exactly right...it's such a big fuckup that people can't even believe it's a fuckup and will be too shellshocked to react correctly.
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Geggy Geggy is offline
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Old Sep 28th, 2008, 11:22 PM       
Rep. Marcy Kaptur (D-OH)-"High financial crimes have been committed."

http://www.dailynewscaster.com/2008/...-the-republic/

Rep. Michael Burgess (R-TX)-"We are under Martial Law"

http://www.dailynewscaster.com/2008/...r-martial-law/

"July 28, 2006

HOUSE LEADERSHIP INVOKES “MARTIAL LAW,” FORCING MEMBERS TO VOTE ON KEY BILLS WITHOUT FULL KNOWLEDGE OF WHAT THEY ARE VOTING ON: MOVE REPRESENTS EROSION OF THE DEMOCRATIC PROCESS

The House Rules Committee on Thursday afternoon reported a resolution that would provide martial law authority in relation to all of these bills.

...Under the martial law procedure, longstanding House rules that require at least one day between the unveiling of significant legislation and the House floor vote on that legislation — so that Members can learn what they are being asked to vote on — are swept away. Instead, under “martial law,” the Leadership can file legislation with tens or hundreds of pages of fine print and move immediately to debate and votes on it, before Members of Congress, the media, or the public have an opportunity to understand fully what provisions have been altered or inserted into the legislation behind closed doors. This is the procedure that the Leadership intends to use to muscle through important bills in the next two days....

What is “Martial Law”?

The House leadership is using a parliamentary gambit to evade a longstanding House rule that is supposed to ensure that this kind of obfuscation does not occur. That House rule (Rule XIII(6)(a)) provides that a resolution (called a rule) reported by the Rules Committee cannot be considered by the House on the same legislative day that the rule is reported (except by a two-thirds vote of the House). This is supposed to ensure that Members of the House and the public have at least one day to examine and analyze what is in legislation before they have to debate and vote on it.

To maneuver around this House rule and rush the three proposals discussed above to a vote before they have been fully examined, the Rules Committee reported a rule late Thursday afternoon (H.Res. 958) that would waive the application of Rule XIII(6)(a). Instead, it would allow the Rules Committee to wait until the last minute and not to report the rules governing the consideration of these bills or to release the text of the bills themselves until immediately before debate and votes on the bills, and on the rules governing their consideration, commences.

This extraordinary procedure is known as a “martial law” rule because it suspends the normal procedures and safeguards and allows the House Leadership to operate in a more authoritarian fashion. It enables the Leadership to seek to ram a bill or conference report through before the Members have the opportunity to fully understand what they are voting on."
http://www.cbpp.org/7-28-06bud-stmt.htm

Last edited by Geggy : Sep 29th, 2008 at 06:56 AM.
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VaporTrailx1 VaporTrailx1 is offline
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Old Sep 29th, 2008, 05:34 PM       
I think we're fucked.
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  #15  
pac-man pac-man is offline
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Old Sep 29th, 2008, 09:32 PM       
Don't be so glib, Vapor. We're not fucked. We're royally fucked.
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VaporTrailx1 VaporTrailx1 is offline
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Old Sep 29th, 2008, 11:47 PM       
So. The dow is at it's lowest EVER?
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Tadao Tadao is offline
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Old Sep 29th, 2008, 11:51 PM       
It had its biggest point drop ever, but it isn't even in the top 10 on percentage. That is what really matters.
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Old Sep 29th, 2008, 11:54 PM       
We can't take much more of this though. A plan has to pass Congress, otherwise Wall Street will have zero confidence.
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Old Sep 29th, 2008, 11:56 PM       
Really? Tell me how you are effected by all this?
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Tadao Tadao is offline
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Old Sep 30th, 2008, 12:02 AM       
What I'm saying is that Lenders are the ones in trouble. YOU will have a harder time getting a loan is all.
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pac-man pac-man is offline
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Old Sep 30th, 2008, 12:07 AM       
Neither the bailout or the market drops have a massive effect on my day to day. My insurance, health care, and income are all aided by my armed forces service (and resultant injuries) so I'm doing just fine, actually. My statement was based purely off of fact. The point drop in the market was a direct result of the bailout plan failing the House. The problem is snowballing.
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Old Sep 30th, 2008, 12:12 AM       
Well... now is a great time to invest in some safe mutual funds. What is safe and low at the same time? Don't know. I'm not investing so I haven't paid attention, but you can make a killing if you are paying attention. Things will be bad only if inverters move out of the DOW and NASDAQ and into the other markets.
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Geggy Geggy is offline
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Old Sep 30th, 2008, 01:05 PM       
What matters is that campbell soup was the top in percentage gain yesterday..whooohooo!!

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Geggy Geggy is offline
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Old Sep 30th, 2008, 01:10 PM       
at this moment the market has gained 260 points on the rebound. looks like the bailout wasnt all that neccessary afterall
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Old Sep 30th, 2008, 02:35 PM       
What did I tell you.
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