DRAFT -Bail out bill now posted online

Here is the text of the bailout bill NOTE: this is document version O:\AYO\AYO08B94.xml and there is a version O:\AYO\AYO08CXX.xml out but I cannot get to it.

http://money.cnn.com/2008/09/28/news/pdf/index.htm

It's a PDF document, which means you need to have Adobe Acrobat Reader installed on your computer.

Here is the link to Adobe.com - choose the button to "Get Adobe Reader".
http://www.adobe.com/

Here is the link to the CNN Money web page, from there is the link to the bill. There will probably be other sources available too in a few minutes.
http://money.cnn.com/


Here is the bad news!
"(d) TRANSFER OF A PERCENTAGE OF PROFITS.—

(1) DEPOSITS.—Not less than 20 percent of any profit realized on the sale of each troubled asset
purchased under this Act shall be deposited as provided in paragraph (2).

(2) USE OF DEPOSITS.—Of the amount referred to in paragraph (1)
(A) 65 percent shall be deposited into the Housing Trust Fund established under section
1338 of the Federal Housing Enterprises Regulatory Reform Act of 1992 (12 U.S.C. 4568);
and (B) 35 percent shall be deposited into the Capital Magnet Fund established under section 1339 of that Act (12 U.S.C. 4569)."

They are going to put at least 20% into the housing funds. I think that means "ACORN", but not 20% of the total profit, 20% of the sale of each asset. So if most of the assets are a loss ACORN still gets 20% of the individual asset profits?!?!?!?!?!??!?? This means it could cost us billions but ACORN could get billions. HOW ABOUT PAYING THE DEBT OR SOCIAL SECURITY OR ???????????

Here is the newest (O:\AYO\AYO08C04.xml) draft. I have not had a change to read it yet. I hope they have removed the ACORN loopholes.

http://michellemalkin.com/2008/09/28/here-is-the-latest-bailout-draft-bill-if-you-cant-access-the-house-website/

http://michellemalkin.com/wp/wp-content/uploads/2008/09/ayo08c04_xml.pdf

SEC. 106. RIGHTS; MANAGEMENT; SALE OF TROUBLED AS SETS; REVENUES AND SALE PROCEEDS.

(d) TRANSFER TO TREASURY.—Revenues of, and proceeds from the sale of troubled assets purchased under this Act, or from the sale, exercise, or surrender of warrants or senior debt instruments acquired under section 113 shall be paid into the general fund of the Treasury for reduction of the public debt.

Dont forget that Penny Pritzker, Obama’s national finance chair, “pioneered” the securitization of subprime mortgages. If you include Raines and Jim Johnson, Frannie Mae execs, Obama is tied to virtually all the culprits in this Economic crisis.