An Agreement in Principle on the Bailout

MONEY: Under the agreement, Paulson would be allowed to get an overall amount of $700-billion, BUT only $250-billion would be available immediately.  Then an additional $100-billion would be given to Paulson upon his certification that he needed it.  And the final $350-billion would be subject to a “Congressional joint resolution of disapproval.”

The other principles include:

– standards to prevent excessive executive compensation
– some form of equity sharing
– most profits used to reduce national debt

– oversight board, IG, GAO audits, reports to Congress

– find ways to modify mortgages for those at risk of foreclosure
– require modification on loans owned or controlled by the government

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