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Bailout of HartfordFinance Act
Name
Bailout of HartfordFinance Act
Author
Type
Government Bill
Date
09/03/09
Passed
8-4


The Bailout of HartfordFinance Act went as follows:

Bailout of HartfordFinance ActEdit

Under this bill, and with the consent of the Hartford Group, all Ostentian operations of HartfordFinance will be split from the organisation and formed into a seperate company, named OstentianFinance, which will be taken into immediate temporary public ownership, with the government holding a 100% stake in the newly formed company. There will be no need to compensate share holders in HartfordFinance, as the company itself will not be taken into public ownership (although the shares are effectively worthless in the current market anyway). If at the end of the recession Hartford Group, or any successor organisation, wishes to purchase OstentianFinance, it may do so by purchasing it at full market value, with the minimum price being equal to the costs incurred by the government in the running of the bank. If Hartford Group does not wish to buy at this price, then the government of the day will be able to do as it pleases with the bank.

For more infoEdit

Ostentian Statute Book

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