Treasury's 3-page bailout proposal - Sep. 20, 2008 Sec. 2. Purchases of Mortgage-Related Assets.
(a) Authority to Purchase.--The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States.
(b) Necessary Actions.--The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation:
(1) appointing such employees as may be required to carry out the authorities in this Act and defining their duties;
(2) entering into contracts, including contracts for services authorized by section 3109 of title 5, United States Code, without regard to any other provision of law regarding public contracts;
(3) designating financial institutions as financial agents of the Government, and they shall perform all such reasonable duties related to this Act as financial agents of the Government as may be required of them;
(4) establishing vehicles that are authorized, subject to supervision by the Secretary, to purchase mortgage-related assets and issue obligations; and
(5) issuing such regulations and other guidance as may be necessary or appropriate to define terms or carry out the authorities of this Act.
Sec. 5. Rights; Management; Sale of Mortgage-Related Assets.
(a) Exercise of Rights.--The Secretary may, at any time, exercise any rights received in connection with mortgage-related assets purchased under this Act.
(b) Management of Mortgage-Related Assets.--The Secretary shall have authority to manage mortgage-related assets purchased under this Act, including revenues and portfolio risks therefrom.
(c) Sale of Mortgage-Related Assets.--The Secretary may, at any time, upon terms and conditions and at prices determined by the Secretary, sell, or enter into securities loans, repurchase transactions or other financial transactions in regard to, any mortgage-related asset purchased under this Act.
(d) Application of Sunset to Mortgage-Related Assets.--The authority of the Secretary to hold any mortgage-related asset purchased under this Act before the termination date in section 9, or to purchase or fund the purchase of a mortgage-related asset under a commitment entered into before the termination date in section 9, is not subject to the provisions of section 9.
Sec. 7. Funding.
For the purpose of the authorities granted in this Act, and for the costs of administering those authorities, the Secretary may use the proceeds of the sale of any securities issued under chapter 31 of title 31, United States Code, and the purposes for which securities may be issued under chapter 31 of title 31, United States Code, are extended to include actions authorized by this Act, including the payment of administrative expenses. Any funds expended for actions authorized by this Act, including the payment of administrative expenses, shall be deemed appropriated at the time of such expenditure.
Sec. 9. Termination of Authority.
The authorities under this Act, with the exception of authorities granted in sections 2(b)(5), 5 and 7, shall terminate two years from the date of enactment of this Act.
No sé si alguien se ha fijado en este último párrafo de la "propuesta Paulson" (que también podríamos llamar "Financial Coup d'Etat Act") y en su significado más profundo. Al igual que la Patriot Act (aprobada en medio del gigantesco trauma colectivo del 11-S y con sobres llenos de anthrax rulando por el Senado) no parece que su intención sea simplemente coyuntural o temporal.
Ojo también al párrafo 2b 1 (o la propuesta de la nueva "Agencia de Colocación Paulson's para antiguos compañeros en el sector financiero") que puede hacer que sea todo un ex-CEO de Goldman Sachs y otros grandes miembros prominentes de Wall Street quienes sean los encargados de "valorar" toda la basura que creó Wall Street (es decir, ellos mismos), que ha llevado a grandes firmas de Wall Street a la quiebra (es decir, a ellos mismos) y que ninguna firma de Wall Street (es decir, ellos mismos) quiere contabilizar en libros A SU PRECIO REAL BASURA para que la factura la pague el contribuyente americano a un precio "adecuado" a los intereses de Wall Street (es decir, a sus propios intereses). Cobrando por ello, claro.
Parecía difícil un nuevo nivel Enron, pero lo hemos conseguido. Digamos que en esta ocasión el papelón de Arthur Andersen lo desempeñarán capitostes de Wall Street a sueldo del Departamento del Tesoro y con el americano medio como panoli.
Los responsables de haber llevado al colapso el sistema financiero USA serán los responsables de "salvarlo" con el contribuyente USA como supuesto "paganini of last resort" en un ultra-Ponzi scheme. Porque, además del primo made in USA, tendrá que haber, en el último escalón, alguien ex-USA comprando la deuda USA que haga falta, claro. ¿A qué interés? ¿A qué precio? ¿Y si resulta que lo que yo quiero es VENDER deuda pública USA?
Estamos ante un auténtico delirio terminal disfrazado del GREATEST TOCOMOCHO EVER mediante el cual las ratas del camarote de lujo abandona de estranquis, a oscuras y a toda mecha el Titanic en los mejores botes salvavidas con el resto del pasaje en la sala de baile comiendo canapés. Algo así como intentar "eliminar" el riesgo de crédito de la gigantesca e histórica masa de deuda basura hipotecaria subprime en medio del peor crash inmobiliario de la historia USA y "asegurar" el cobro y la compensación de los 440 BILLONES de dólares en derivados de crédito basura POR DECRETO. Con dos cojones. Y con cerca de los 14 BILLONES de dólares de deuda pública USA.. y subiendo. Cuando entró la Administración Bush jr.-Cheney no se llegaba a los 5 y medio.
Próxima legislatura: DEFAULT. Cada vez más gente es consciente de ello dentro y fuera de los Estados Unidos.
Sec. 8. Review.
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
Y respecto a este apartado sobran las palabras. Dame 700.000.000.000 dólares y dime tonto.
Por ahora los demócratas parecen empezar a buscarle los tres pies al gato.
Bloomberg.com: Worldwide The legislation requires Treasury to take an equity stake equal to the purchase price of the assets being bought. If the company isn't publicly traded, the government would take senior debt instead, placing it in the front of the line of debt holders for repayment in the event of a bankruptcy.
Dodd's proposal also would create a five-member oversight board to supervise the Treasury secretary's purchase and sale of distressed mortgage debt.
It would consist of the chairmen of the Federal Reserve, Federal Deposit Insurance Corp. and the Securities and Exchange Commission as well as two members from the financial industry designated by congressional leaders.
The board would be authorized to set up a so-called credit review company consisting of Treasury employees to study the soundness of the purchases. Under the plan, the government would be required to obtain an equity stake equal to the value of the debt that is purchased from the companies, including those whose shares are not publicly traded. The Treasury secretary would also be required to issue weekly public reports on the amount of assets bought and sold by the U.S.
Dodd is proposing to penalize executives who take ``inappropriate or excessive'' risks. The executive compensation and severance packages could be reduced if that is ``in the public interest,'' the proposal says. It would also force executives to give back profits they earned that were based on company accounting measures that are later found to be inaccurate
E incluso el propio McCain no acaba de tragarse del todo el cuento de Paulson:
Republican presidential candidate John McCain, who has supported giving shareholders a bigger say in executive compensation in the past, said today that taxpayers shouldn't foot the bill for ``golden parachutes'' for officers of companies that have crumbled in upheaval on Wall Street.
``The senior executives of any firm that is bailed out by Treasury should not be making more than the highest paid government official,'' McCain said at a campaign event in Scranton, Pennsylvania.
The president is the highest paid federal official, with a salary of $400,000 a year.
Desde luego, se necesita un poco de distancia temporal para poder asimilar del todo lo que estamos viviendo. Un TIMO tan desesperado como este creo que no se ha intentado dar nunca de una manera tan burda y evidente. En noviembre se celebran elecciones, y esta ley se debe de negociar en menos de mes y medio en pleno final de campaña electoral. Si los demócratas (y algunos republicanos) se resisten a las "angustias" y "peticiones" de Paulson (ex-CEO de Goldman, recordémoslo) se puede dar una situación similar a la del recuento de las elecciones del 2000... o a las negociaciones del primer presupuesto Bush jr.-Cheney a principios de septiembre de 2001 en las que los demócratas se oponían al incremento del gasto militar.
Creo que aún nos quedan por ver cosas TREMENDAS. Y Ambac y MBIA todavía no se han unido a la fiesta.