As of 1:50 PM CST the Dow is down over 700, my 401K is down 26.7% for the year and now word is spreading that the affected banks might not even want government help because of the restrictions.
Fears are mounting that many Wall Street banks and financial firms will refuse to participate in the US government’s $700bn bail-out package, leaving global markets and world economies in a perilous state for months to come.
‘There is a growing feeling that banks … might instead decide to tough it out,’ said Thomas Caldwell, chairman and CEO of Caldwell Financial, a $1bn-plus fund manager. […]
But Wall Street analysts, believe the addition of so many terms to the bill might deter potential participants.
And what’s the hold up?
One of the least attractive elements is a section designed to curb executive pay at banks that participate in the bail-out package. These include limiting stock-related pay and banning ‘golden parachutes’ for executives.
We wanted to help these companies why again?