One of the things President Bush said tonight got me screaming at the television. It was when he said they were worried executives wouldn’t want to participate in the program if restrictions were put on their compensation.
Makes me think this really can’t be as dire as they keep telling us. Since when does a drowning individual dictate to his rescuers how and when he’s going to be rescued?
I wanted to make sure my ears were working correctly so I googled to find the answer. According to Forbes:
Dodd proposed his own counter-proposal to Paulson’s plan earlier this week. Among other things, it calls for limits on executive compensation at troubled firms and for the Treasury to take a contingent equity stake in those firms. On Tuesday, Paulson rebuffed both ideas, as it might discourage firms from participating in the bailout program.
Earlier in this same article, I was surprised to discover the answer to that nagging question about how they arrived at the $700 billion figure:
“It’s not based on any particular data point,” a Treasury spokeswoman told Forbes.com Tuesday. “We just wanted to choose a really large number.”
This really sounds more like something The Onion would publish, doesn’t it?