The Poison Pill

Ian Welsh on the proposed bailout:

(Barney) 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.”
A poison pill? The executives who drove their banks into insolvency won't let the government save their banks if it means they have to give up multi-million dollar golden parachutes? After they've been paying themselves millions a year for the sheer incompetence necessary to bankrupt their companies? Did we step through the mirror and I didn't notice?
I can only read this as Paulson saying that Republicans will stop any bill that reigns in executive compensation in exchange for a bailout. I cannot think of words sufficient to describe my contempt at the greed, selfishness and sheer hubris being displayed by Paulson, Republicans and the bankers who believe they can dictate that not only should Congress hand over 700 billion dollars, but it should do so with no meaningful conditions.
Call or fax your Congressman and tell them not to pass this bill. Please. Please do it now. Please tell everyone you know to do it.