Deal Reached for Financial Rescue Package
House and Senate negotiators and the Administration reached a deal overnight on the financial rescue package. Staff has spent a sleepless night drafting and a vote in the House is expected as early a this evening.
Our next report will have more details, but the plan does include the following
- A total of $ 700 billion for investment in troubled assets.
- A phased approach to releasing funds as described in our report last evening.
- A requirement for the president to submit a plan for recouping lost funds if the program does not turn a profit upon the sale of assets.
- Limits on "golden parachutes" for executives of forms from which assets are purchased.
The other elements are largely along the lines readers of these reports will expect.
