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[president]

Fonte: http://www.chron.com/disp/story.mpl/nation/6028789.html


WASHINGTON — Here's a closer look at how the proposed $700 billion rescue of Wall Street would work.

Q: Is Congress writing a $700 billion check to Wall Street?

A: No. Treasury will get $250 billion to immediately begin buying the bad assets. Another $100 billion can be obtained with a report to Congress on the need for it, and the remaining $350 billion will be released only upon congressional action.

Q: How will Treasury determine what these bad assets are worth?

A: It will be done through a reverse auction process, meaning the government asks holders of these bad assets to determine what price they want for these distressed mortgage bonds and other similar esoteric debt instruments. The idea is that companies will compete with each other to dump these assets at a low price. It appears that Treasury will have the authority to buy some of these problem assets directly from companies taken over by government.

Q: Will Treasury have a free hand to do whatever it feels?

A: The legislation would create an oversight commission, with an equal number of Democrats and Republicans. Language in the deal also creates judicial review mechanisms. If the upfront costs aren't recaptured within five years, the president will have to put forth a proposal to recoup the spending from the financial sector.

Q: What will this do to our national debt?

A: The rescue plan is being portrayed as an investment. The government is purchasing bonds that carry a hold-to-maturity value. As such, assuming the country doesn't fall into a Great Depression that completely wipes out home values, these assets could see their value grow, lessening the ultimate cost to the taxpayers. But over a shorter horizon, these loans do add to the nation's debt.

Q: Will the Wall Street fat cats be able to collect big paychecks and taxpayer help?

A: The final proposal stipulates that there will be no golden parachute for executives whose companies are taken over by the government. The Treasury secretary has a free hand there to limit CEO pay.

Q: Do Americans have a financial stake in the outcome?

A: The legislation provides for stock warrants in cases where the government has taken over a troubled institution. These warrants are designed to put taxpayers at the front of the line if there's a windfall from the intervention.[/quote]