TARP Money to Detroit is IllegalDecember 12, 2008
Thank Heavens the Auto Bailout failed last night, but Bush wants to use TARP money for the bailout. Last October Congress passed a bill to create TARP to bailout FINANCIAL INSTITUTIONS. The Big Three are not financial institutions, they manufacture cars. Unless the Big Three changed their business model overnight, I must assume the manufacturing companies are not in the financial industry. Any TARP money which goes to bailout Detroit would be in violation of the law you just passed. Financial Institution is defined as the following:
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.
Stop the Bailout as is. We need alternative measures.