Andrew Rice comes out against bailout bill

This is what Rice had to say:


Rice said that, as U.S. Senator, he would only support a plan that includes: Meaningful oversight; a Stake for Taxpayers; and Hard Limits on Executive Compensation. Unfortunately, the final version of the bill that was released to the public Sunday does little to limit executive compensation for firms accepting a taxpayer bailout. In fact, the primary effect may be merely to decrease the amount such companies can deduct from their taxes for executive pay from $1 million to $500,000. Furthermore, the bill does nothing to fix the broken system that allowed abusive and reckless loans, an explosion of risky investments and poorly understood financial instruments, and other excesses.

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