Sen. Dodd has introduced an amendment to change the Paulson proposal redically. It is on the Bloomberg site:
http://www.bloomberg.com/...
Description after the jump.
Dodd's amendment would require the Treasury to take an equity stake equal to the purchase price of the assets being bought. In case it is not a publically traded comppany, the U.S. would have senior debt putting taxpayers at the front of the payoffs under a bankruptcy.
Second, it creates a five (5) member oversight board. That is not too cumbersome for quick decision-making.
Third, it forces executives to give back profits under specified conditions.
I think this proposal is simple enough to garner support in Congress. In fact, Republican Rep. John Campbell on house financial services committee has given it a head nod of support, although he "prefers" the Treasury version. Am I missing something here? Before I write to the CA senators, I awiat input ffrom Kossacks who are smarter and more thoughtful than me.