Friday, November 21, 2008

You want a bailout? Here's my offer

[sfo] Politics World
You want a bailout? Here's my offer < RuffJustice >
2008-11-21 08:04:47

If you need a taxpayer bailout, you issue us redeemable convertible preferred shares at the common price paying 1% + the 10-yr T-note rate, redeemable / convertible for 1/5 of a common share at 5x the current share price. The maximum that can be issued is of the number of common shares outstanding.

Until the preferred is redeemed:

1. The dividend paid to common and preferred stockholders must be reduced by the percentage of preferred shares issued to us divided by common shares outstanding, and

2. Executive compensation decisions will be turned over to the National Executive Compensation Board chaired by the SEC.

Don't count on a bonus.

3. If you miss a payment on our dividend, the Treasury Secretary will appoint a new CEO and board to manage the company. Don't count on a golden parachute.


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