Quote:
Originally Posted by Bunky
The bill in question never really made it to a House vote.
It could have passed if the Republican leadership wanted it passed since they had control of all of Congress over Democrat onjections so there were a number of Republicans that may not have wanted this either. I am not sure it would have prevented anything now except that the government would likely had to bail them out anyway as we did with AIG, etc. The difference was loan guarantees but CEO's salaries, etc. would be the same.
It could have been reintroduced the next year as well. There is definitely a lot of this that is not known.
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Actually the house did pass the bill. It is in the senate where the democrats stopped it in its tracks.
You might have forgotten the fact that it takes
60 votes to pass a bill in the Senate. In the 2005 senate there were only 55 Republicans. While a majority, this was not enough to move this bill if some democrats wouldn't vote for it. There were not enough votes to pass this bill so it was DOA by the democrats with their pockets flush with F&F contributions.
In 2006 the mix was even more opposed to passage of such a bill as the number of Republicans in the senate dropped to 49.
While I despise these high CEO salaries, they are a drop in the bucket when compared to the scale of bad loans. The CEO salaries stink but this was not the problem that caused our financial market to crash. This fiasco lies at the feet of our congress and their greed, corruption and malfeasance.
Of the two candidates running for president, only one recognized this problem and tried to fix it before it became a disaster.
This may open your eyes to the level of corruption that has and is taking place on our dime.
Fannie Mae, Freddie Mac execs now offering advice to Obama
You can put all the lipstick you want on this pig but it will still be a pig.