Barney Frank is negotiating with Hank Paulson over the rescue package. Frank wants some limits on financial executive golden parachutes. Paulson says no deal.
Frank, who has been in phone discussions with Paulson, said the secretary appeared receptive to adding some foreclosure-relief language. The second Democratic proposal — to impose compensation limits on Wall Street executives — is meeting more resistance.
“Hank says it’s a poison pill,” Frank said. “I say I don’t think it’s very patriotic for someone to not give up his golden parachute when we’re trying to save the markets.”
So Paulson has scared these congressman into thinking the world is going to end on Monday and yet he’d kill the rescue if it meant his Wall Streets pals would have to take a pay cut.
Maybe the situation is not as severe as Paulson is painting it. It’s time for the Democrats to sweat the fat cats for a few days. Let’s get some real concessions out of these desperadoes. Warrants,hedge fund regulation, short selling reform. Don’t settle for less.