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Correct me if I'm wrong, but I think that TARP was supposed to benefit the banks and was supposed to jump start their lending to businesses. A bank needs to put in an application in order to get the part of the TARP fund. I could understand Citigroup because they may have toxic assets and may need some capital to stay afloat, but using the TARP funds for the big 3 is going too far.
Nope, TARP was suppose to keep the CEOs of financial institutions paid while stealing from taxpayers... and when they finally go bankrupt, at least the CEOs will be paid several millions for the next couple of years...
To add to evilnewbie's post..the TARP is for bank CEO's. Private corportions have to go get their own TARP. I guess we could have an CARP for the auto industry and AARP for the Airline industry and so on.
Each industry can have their own TARP-like bank window so the CEO's don't need to suffer financially during these rough times. They are critical to the business so they must be kept on at all costs. As I read in an article..they are the best ones to get us out of this mess because they are the very ones that got us into this mess.
TARP was supposed to allow for the financial institutions to get the so-called "toxic" mortgage backed assets off their books, thus reducing their capital requirements and allowing them to loan instead of hoarding cash to cover required ratios.
Unfortunately, the TARP has done neither thing...the banks still hold the "toxic" assets, and they aren't lending...despite huge capital injections directly from Treasury.
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