The Dodd Bill

Reader Vincent sends the text [pdf] of the Senate version of the bailout. Senator Chris Dodd is the chairman of the Finance Committee, where this bill originated.

The media seems to be focusing on the Democrats' demands for executive pay limits, but the real news as far as I can tell is that the Dodd bill requires banks to provide "contingent shares" in return for the Treasury buying their mortgage-backed securities. Those contingent shares are activated if the Treasury sells the securities acquired at a loss.

In other words, taxpayers get something for their money. That's huge.