These three key components of Bush's plan to save the auto industry are not defined any place that I can see in the bailout fact sheet. There is an attempt made to define viability as having a positive net present value. But what this is I cannot fathom. There is an attempt to rein in executive compensation, but it's a mealy-mouthed "limits on executive compensation and eliminate perks".
If a firm is not viable by March 31, they have to give the money back. How will this be possible if the company is not viable?
Most importantly, Paulson still has the exclusive right to change any of these terms.
I see this as just another delaying tactic of a lame duck.
No comments:
Post a Comment