Well, I saw Senator Dodd on Countdown last night complaining about bail out funds being used to buy up healthy firms, executives getting bonuses and deferred compensation, and continuing to pay dividends.

NAILED IT

Recall that the three strings attached to Senior Preferred shares in my proposal were: M&A activity approved by the resolution trust, a cap on executive compensation payment of 10x median personal income, and no dividends on equity junior to the preferred shares.

Under a system of the strings turning off when the four most recent preferred dividends have been paid, they would automatically be in place for at least a year, and would kick back in if the financial institution ever was in a position of being unable to meet the preferred dividend.

Also posted at the Open Thread at Agent Orange ... there, the Open Thread Comment list is called "Recent Diaries".

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.