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Old 12-12-2008, 10:46 AM
 
Location: Beautiful Lakes & Mountains of East TN
3,454 posts, read 6,723,519 times
Reputation: 874

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It's illegal.

__________________

Dear President Bush:

It is illegal for you to use TARP money to bail out industries other than the financial industry for which it was designated.

The statute passed by Congress in October clearly limits the recipients to "financial institutions." And the definition of that term is quite clear:
FINANCIAL INSTITUTION- The term 'financial institution' means any institution, including, but not limited to, any bank, savings association, credit union, security broker or dealer, or insurance company, established and regulated under the laws of the United States or any State, territory, or possession of the United States, the District of Columbia, Commonwealth of Puerto Rico, Commonwealth of Northern Mariana Islands, Guam, American Samoa, or the United States Virgin Islands, and having significant operations in the United States, but excluding any central bank of, or institution owned by, a foreign government.
This doesn't leave much room for interpretation.

We were against the establishment of the TARP fun to begin with. Using those funds for purposes they were not intended for, is breaking the law.

Please don't break the law by bailing out these auto manufacturers.

Thank you.
_____________
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Old 12-12-2008, 11:02 AM
 
12,869 posts, read 13,441,453 times
Reputation: 4453
GM and Chrysler aren't just two troubled auto companies. They are also linked by GMAC, a financial company which used to be wholly-owned by GM and which is now 51% owned by Cerberus, which also owns Chrysler. GMAC has now applied to become a bank holding company (it owns a small bank) -- with the obvious intention of asking Treasury for TARP funds. And just to complicate matters, GMAC owns ResCap, a troubled subprime mortgage lender.


looks like a back door effort to get TARP money. these crooks really know how to think on their feet.
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Old 12-12-2008, 12:29 PM
 
Location: Los Angeles Area
3,306 posts, read 3,558,929 times
Reputation: 592
I really wish, I could leave and let the anti-bailout rhetoric play out and watch and laugh.
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Old 12-12-2008, 12:31 PM
 
Location: Beautiful Lakes & Mountains of East TN
3,454 posts, read 6,723,519 times
Reputation: 874
Quote:
Originally Posted by floridasandy View Post
...these crooks really know how to think on their feet.
If that's so, then why the he11 can't they keep their own damn businesses afloat? Arrgh.
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Old 12-12-2008, 12:33 PM
 
Location: Beautiful Lakes & Mountains of East TN
3,454 posts, read 6,723,519 times
Reputation: 874
Quote:
Originally Posted by Humanoid View Post
I really wish, I could leave and let the anti-bailout rhetoric play out and watch and laugh.
I wish you would too.
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Old 12-12-2008, 12:37 PM
 
Location: Fort Myers Fl
2,305 posts, read 2,752,061 times
Reputation: 917
Quote:
Originally Posted by floridasandy View Post
GM and Chrysler aren't just two troubled auto companies. They are also linked by GMAC, a financial company which used to be wholly-owned by GM and which is now 51% owned by Cerberus, which also owns Chrysler. GMAC has now applied to become a bank holding company (it owns a small bank) -- with the obvious intention of asking Treasury for TARP funds. And just to complicate matters, GMAC owns ResCap, a troubled subprime mortgage lender.


looks like a back door effort to get TARP money. these crooks really know how to think on their feet.

They might be crooks but I am sure if anyone of us were in the same position we would probably do the same.
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Old 12-12-2008, 12:43 PM
 
12,869 posts, read 13,441,453 times
Reputation: 4453
there are plenty of people in this country who are not crooks and who would not screw people over to get ahead, but you just don't hear about them. obviously all of the media attention is now dedicated to getting the money now and worrying about the consequences later. there are even people happy living small lives with personal responsibility as their core belief.
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Old 12-12-2008, 12:44 PM
 
19,108 posts, read 20,680,339 times
Reputation: 8394
If it makes you feel any better the president-to-be has also supported the use of TARP to pay for the bailout of the auto industry (as well as "any" industry that asks for it)... so yes, it will be misappropriated by current and future presidents... somebody has to get paid... unfortunately it will be the taxpayers that are paying...
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Old 12-12-2008, 12:51 PM
 
706 posts, read 1,188,209 times
Reputation: 438
Since when did illegal enter into the picture?
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Old 12-12-2008, 01:43 PM
 
Location: Road Warrior
2,015 posts, read 5,091,522 times
Reputation: 798
Quote:
Originally Posted by floridasandy View Post
looks like a back door effort to get TARP money. these crooks really know how to think on their feet.
Quote:
Originally Posted by jimmyP View Post
Since when did illegal enter into the picture?
Call it money laundering. When you have all the money in the world, who makes the law?
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