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Geithner Sets Out Sweeping Overhaul to Bank Bailout -Video
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Share your thoughts.The plan is calibrated to work on multiple fronts, with promises to invest billions of dollars in scores of ailing banks and creation of a new institution to relieve bank balance sheets of their most troubled assets.
It will also renew a legislative proposal giving bankruptcy judges greater authority to modify mortgages on more favorable terms to borrowers and over the objections of banks.
Officials say that new rules encouraging transparency and limiting lobbying are intended to begin to restore political confidence in a program that has faced withering criticism in Congress, an effort that they view as essential because they expect to return to Congress for more money later this year.
But as intended largely by Mr. Geithner, the plan stops short of intruding too significantly into bankers’ affairs even as they come onto the public dole.
The $500,000 pay cap for executives at companies receiving assistance, for instance, applies only to very senior executives. Some
via nytimes.com
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Music-Sleepy Town Manufacture - “O Nei”
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