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ACORN and the Bailout

September 26, 2008

Ed Morrissey at hotair.com has found some startling provisions in the Dodd counter-proposal to the Paulson proposal:

House Republicans refused to support the Henry Paulson/Chris Dodd compromise bailout plan yesterday afternoon, even after the New York Times reported that Treasury Secretary Henry Paulson got down on one knee to beg Nancy Pelosi to compromise.  One of the sticking points, as Senator Lindsey Graham explained later, wasn’t a lack of begging but a poison pill that would push 20% of all profits from the bailout into the Housing Trust Fund — a boondoggle that Democrats in Congress has used to fund political-action groups like ACORN and the National Council of La Raza.

The part of the Dodd proposal in question:

TRANSFER OF A PERCENTAGE OF PROFITS.

  1. DEPOSITS.Not less than 20 percent of any profit realized on the sale of each troubled asset purchased under this Act shall be deposited as provided in paragraph (2).
  2. USE OF DEPOSITS.Of the amount referred to in paragraph (1)
    1. 65 percent shall be deposited into the Housing Trust Fund established under section 1338 of the Federal Housing Enterprises Regulatory Reform Act of 1992 (12 U.S.C. 4568); and
    2. 35 percent shall be deposited into the Capital Magnet Fund established under section 1339 of that Act (12 U.S.C. 4569).

REMAINDER DEPOSITED IN THE TREASURY.All amounts remaining after payments under paragraph (1) shall be paid into the General Fund of the Treasury for reduction of the public debt.

ACORN as you may recall is the housing advocacy group that the Messiah worked with for some time when he was community organizing.  They have been sued on many occasions for voter fraud, most recently in the swing state of Michigan.

McCain needs to sit there in Washington and make sure this doesn’t pass

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One comment

  1. […] ACORN and the Bailout « Trust, But Verify […]



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