Companies start competing for bailout money

[UAL_TECH]

Companies start competing for bailout money

Excerpt:

Insurers, automakers and American subsidiaries of foreign banks all want the Treasury Department to cut them a piece of the largest government rescue in U.S. history.

The betting is that many with their hands out will be successful, especially with financial markets in a stomach-churning dive and predictions the economy is about to tumble into a deep recession.

Steve Bartlett, the president of the Roundtable, urged the Treasury to broaden the definition of those eligible for the stock purchase program.

"The institutions that are excluded play a vital role in the U.S. economy by providing liquidity to the market," Bartlett wrote Neel Kashkari, the Treasury Department official running the bailout program.

Referring to U.S. subsidiaries of foreign companies, Bartlett said, "This is a global crisis and to not recognize the U.S. firms controlled by foreign banks or companies would create further impediment to the market's recovery."

More Good News:

Uses for $700 billion bailout money ever shifting

WASHINGTON (AP) -- First, the $700 billion rescue for the economy was about buying devalued mortgage-backed securities from tottering banks to unclog frozen credit markets.
Then it was about using $250 billion of it to buy stakes in banks. The idea was that banks would use the money to start making loans again.

But reports surfaced that bankers might instead use the money to buy other banks, pay dividends, give employees a raise and executives a bonus, or just sit on it. Insurance companies now want a piece; maybe automakers, too, even though Congress has approved $25 billion in low-interest loans for them.

Other planned uses of the bailout money have lawmakers protesting, although it is only fair to note there is nothing in the law that they just wrote to prevent those uses.

Sen. Charles Schumer, D-N.Y. questioned allowing banks that accept bailout bucks to continue paying dividends on their common stock.

"There are far better uses of taxpayer dollars than continuing dividend payments to shareholders," he said.

Schumer, whose constituents include Wall Street bankers, said he also fears that they might stuff the money "under the proverbial mattress" rather than make loans.

:down:

The "Tax-Ower" piggy bank is now open for pork and pilfering...View attachment 8025

B) xUT

 

[UAL_TECH]

And you're surprised by this?

Unfortunately, it was more predictable than not.
Surprise, no, but I thought these robber barons would be more discrete about the pilfering of our tax dollars.

Their total indiscretion of our 'rape' should enforce the 'peple' that are on the fence to realize the powers’ that be have no pride nor shame.

WE "Da 'peple'" are sheep being led to the slaughter and there is not a damn thing we can do about it!

B) xUT

 

[delldude]

Another Liberal fairy tale come true on the backs of you and I....... :down: