The House Passes the Bailout Bill, now it is the Presidents turn to pass out the Golden Parchutes

The House passed the Golden Parachute Bailout Bill. Majority Leader Steny Hoyer, D-Md they must act for the struggling home owners sake. The people that are going to benefit more are the CEO's with their huge salaries and bonuses not to mention their Golden Parachutes. The CEO of WAMU gets 19 MILLION dollars, for what, running a business exactly like you are not supposed to run it? For giving money to people that they NEVER should have given money to? The CEO's are laughing all the way to the bank.

I am all for fixing this mess we are in. The first place they need to start is RIGHT AT THE TOP. How and why are CEO's in this country rewarded for making terrible business decisions? They run the business into the ground and then get a huge severance package. They should lose everything and be stuck wondering how they are going to provide for their families and make THEIR mortgage payments.

The first place that we need to start is with FORECLOSURES and SHORT SALES. Homeowners are in trouble and the lenders are not equipped to help them. They do not have the systems in place to handle these short sales. What usually ends up happening is they can not process the short sale or they drop the ball and lose the buyer. The home gets foreclosed and they relist for thousands less than the original offer. HOW IS THIS GOOD BUSINESS? This is happening everyday and it needs to be fixed. There needs to be a system in place to process the contract, look at the comparables through a BPO and make a decision. Not a decision in 6 months, a decision in 4 weeks. It can not be that hard and it will get those homes sold and off of their books, either way the bank loses but they usually lose much more when it goes to foreclosure.

The next thing we need to do is hold these CEO's accountable for their actions. Their greed is out of control and it needs to be stopped. In my opinion, they steal the money from their companies and when they are in trouble, Uncle Sam bails them out with a Golden Parachute. If these CEOs knew that they had some risk, things would be different. They should not get millions to resign and they damn sure should not be able to keep all of their extravagant purchases, homes, cars, boats, and toys that they aquired while stealing from their company. We need laws in place to protect against this very thing.