"BAR" wrote in message
...
Canuck57 wrote:
"John" wrote in message
...
On Wed, 17 Dec 2008 18:43:22 -0500, Boater
wrote:

...nothing. Just another cut'n'paste.
--

John Salmonbait

It is. But I was thinking the other day this bank bailout is a farce.

Why not do it this way. Pass a legislation that a bank MUST pay it's
debts and creditors or face immediate liquifaction. Special chapter 7a
if you will.

Absorb the bank, firing all senior management and board with cause.

Jailing all officers of the bank. And I do mean officers of the bank.

Good point. The SEC should be hiring 5000 auditors and prosecutors right
about now. Getting them trained up to go after the fraud that has gone on.
The billions GM Chrsylser want is better spent in prosecuting corruption and
incompetance.

Bail out ONLY depositors of insured cash accounts and that is it. Share
holders, bond holders, etc. get zip. Reverse all severance packages,
bonuses and the like for the last 2 years if over $10,000. Re-adjust the
pensions if needed (likely in the toilet).

All BOD, presidents, VPs, and directors stock options and bonuses are
subject to a 5 year review and a truly independent auditor and then they
are paid. Freaking GM used to appoint the same freaking accounting firm as
their independent auditors for the freaking 50th year in a row.

Agreed. Call it "Pump and bail" adjustments. No other auditor would touch
GM or Chrysler until chapter 11 where I suspect some real ghosts will come
to light.

Wouldn't it be funny to see a CEO's face say that say retired 3 years ago
now get a check for $33K instead of $2M?

Give him a limo ride to a to an all inclusive vacation at the nearest
maximum security state facility.

Agreed. Forget white collar golf clubs. These crooks need some harder
time.