Bracing myself for another ill conceived, passionate argument for the exaggerated, premature death of the BSD family of Operating Systems, I clicked the following link. The End of BSD
Instead I stumbled across a new definition of what I thought was a familiar acronym.
The term entered the lingua franca via Michael Lewis' Liar's Poker. (Relevant quote: "If he could make millions of dollars come out of those phones, he became that most revered of all species: a Big Swinging Dick.") BSDs are the perennial winners of the game of conspicuous earnings (giant bonuses), conspicuous consumption (giant co-ops and summer homes), and conspicuous philanthropy (giant plaques on public edifices).Despite the all too appropriate vulgarity, the article does a fine job of trying to explain one small piece of the financial crisis. Making sure we know at least some of the guys responsible have lost a pretty chunk of change. I know I feel better.
Meanwhile, never fear, our government is on the case, even on the Sabbath. Announcing an agreement on details of the proposed plans.
While some lawmakers argued against Congress setting an artificial timetable, Sen. Robert F. Bennett (R-Utah) warned Saturday that delay would be deadly.
"What will they say come Monday if another major bank fails?" he said. "What will they say Monday if the international markets refuse to buy any American paper? One of the reasons you cry wolf is because there is a wolf actually at the sheepfold."
Yep sounds all wrapped up to me.
Details of the plan are:
- The $700 billion would be disbursed in stages, with $250 billion made available immediately for the Treasury's use.
- Curbs will be placed on the compensation of executives at companies that sell mortgage assets to Treasury. Among them, companies that participate will not be able to deduct the salary they pay to executives above $500,000.
- An oversight board will be created. The board will include the Federal Reserve chairman, the Securities and Exchange Commission chairman, the Federal Home Finance Agency director and the Housing and Urban Development secretary.
- Treasury is allowed the option to take ownership stakes in participating companies under certain circumstances.
- Treasury may establish an insurance program - with risk-based premiums paid by the industry - to guarantee companies' troubled assets, including mortgage-backed securities, purchased before March 14, 2008.
Source: CNN Money
See we'll all be fine. Continue shopping normally.