Here’s the quick and dirty summary of the rescue plan (per CNN):

• The $700 billion would be disbursed in stages, with $250 billion made available immediately for the Treasury’s use.
• Curbs will be placed on the compensation of executives at companies that sell mortgage assets to Treasury. Among them, the bill would limit golden parachutes to executives at companies that participate; they will not be able to deduct the salary they pay to executives above $500,000.
• An oversight board will be created. The board will include the Federal Reserve chairman, the Securities and Exchange Commission chairman, the Federal Home Finance Agency director and the Housing and Urban Development secretary.
• Allow for the Treasury to receive the option to take ownership stakes in participating companies under certain circumstances.
• Treasury may establish an insurance program – with risk-based premiums paid by the industry – to guarantee companies’ troubled assets, including mortgage-backed securities, purchased before March 18, 2008.

If you’re like me, you’d love to see the bill itself.  Unfortunately, I cannot find it for ANYTHING.  Which leads me to believe it’s still not up yet (I’m pretty handy on the web).

What I’m going to do is post it on my Twitter account once It becomes available!  So, feel free to check in on my updates here.

We’re really not sure when this will pass, but Secretary Paulson and Fed Chairman Bernanke have stressed the importance of this happening very quickly.  I’m not sure where I read it, but apparently Secretary Paulson got on his knees in front of congress, begging for help.  I’m not an ‘insider’, but I’m sure this bill is needed much more than any of us realize.

This is going to be an interesting week.

UPDATE: Actual text found here.  You be the judge 😉

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