Bailout Bust?

[dpvandy01]

Not to mention congress spent 12 months investigating and having hearings on steroids in baseball for crying out loud but now only wants 72 hours to process one of the largest financial bill in history and the biggest deal/mess any of these ass-clowns will ever be a part of

 

[Larry&Leisa]

yeah .. well.. tell that to my Foundation I serve on.. I just had to tell the broker to sell a WaMu $110K bond for $25K....

 

[Larry&Leisa]

Not to mention congress spent 12 months investigating and having hearings on steroids in baseball for crying out loud but now only wants 72 hours to process one of the largest financial bill in history and the biggest deal/mess any of these ass-clowns will ever be a part of

while that scares the heck out of me too... when did all their talking ever solve anything?

 

[dpvandy01]

while that scares the heck out of me too... when did all their talking ever solve anything?

Good point but as with buying a large boat, if the seller tries to rush the sale, things might not be all that they appear. The DEVIL will surely be in the details of this bill, and come on, Biden wants earmarks? are you kidding me? WTF

 

[tmhudson2]

Maybe the cost of diesel will come down !!

Diesel in our area has already come down to below $4/gallon, sometimes a little over and sometimes a little less than the cost of regular gas.

Traveling on I-40 today between Jackson and Nashville, I noticed fewer trucks on the road than usual -- perhaps demand for diesel is down. Usually fewer trucks means fewer goods being shipped, which is a sign of economic weakness; in this case it may mean more stuff being sent by rail, but I don't have any hard data to back up that supposition.

 

[VTSeaRay]

It's news like this that really p*es me off!!!

http://www.foxnews.com/story/0,2933,428641,00.html

There's no way this guy (or anyone) is worth that much. Got to give him props for getting a deal like that to be agreed to though! The people on the board, should be required to pay for his parachute!

-VtSeaRay

 

[Four Suns]

I've been involved with this kind of stuff when a company sells assets and the company shell remains with all the liabilities in it and then turned over to a bankruptcy trustee. At the end of the day, I really don't know how or if he'll get that. The money JP Morgan paid went to the FDIC and so I'm sure the liabilities are enormous with no funds to pay them. Things like employment contracts and severance fall into the "unsecured creditor" bucket and that is paid off pro-rata of what is left after the secured creditors get paid 100% (or less if they agree to it). There is no way he can be a secured creditor under bankruptcy law as he has only been there 3 weeks and that's not enough time to get any lien perfected. This is how it works where I am.... now in California, employment contracts may take higher priority over secured creditors but I would doubt it...

My 2 cents.

 

[Turtlesboat]

He did get 8 mill in advance. Not bad pay for 17 days.

 

[Four Suns]

Again, anything paid out less than 30 days (it may be 60) BEFORE a bankruptcy filing can be considered a "preference payment" especially if paid to someone on the "inside" and can be clawed back by a bankruptcy judge...

 

[Four Suns]

 

[Nehalennia]