TARP for Automakers - Not Legally Permissible

[der_kommissar]

Quote from 377OHMS:

What a freaking nutbag.

It's a fact jag off.

 

[athlonmank8]

Quote from Landis82:

Once again, Daal ( and Scriabinop23 ) are the only ones that turn their brains on ( or have a brain for that matter ) when it comes to posting on ET.

Thanks again guys for the good read.
Have a great Weekend!

Well here's the kicker....

any other financial instrument that the Secretary, after consultation with the Chairman of the Board of Governors of the Federal Reserve System, determines the purchase of which is necessary to promote financial market stability, but only upon transmittal of such determination, in writing, to the appropriate committees of Congress.

You mean the same people who opposed any bailout? This is going to get really nasty.

No way this is over

 

[U Boat Commander]

Quote from krazykarl:
You're not cleaver.

Really? Well at least I can spell. Douche.

 

[U Boat Commander]

Quote from krazykarl:

GM has GMAC
Ford and For Financial


Both fall under the above definition. Money will just flow into the finance arms and through to the auto pieces. You're not cleaver.

Then why did GS and MS have to qualify as Bank Holding Companies before they could receive TARP money? Were they not "financial institutions"? Apparently not, at least not any more than GMAC.

 

[Daal]

Quote from U Boat Commander:

Then why did GS and MS have to qualify as Bank Holding Companies before they could receive TARP money? Were they not "financial institutions"? Apparently not, at least not any more than GMAC.

GS MS became banks because the IB model is over. they submited aplications even BEFORE the TARP really existed, it was called RTC2 when they converted and there was no guidelines

 

[U Boat Commander]

Quote from Daal:

GS MS became banks because the IB model is over. they submited aplications even BEFORE the TARP really existed, it was called RTC2 when they converted and there was no guidelines

GS and MS became BHCs 12 days before TARP was enacted in anticipation of TARP. They qualified, in part, to receive TARP funding, which they in fact received.

Take a look at the list of entities that have received TARP funds and you will see that every one of them is a BHC.

http://www.ustreas.gov/initiatives/eesa/docs/CPPTransaction ReportDec 9.pdf

 

[athlonmank8]

You both have great points here.

Seriously, the question comes down to honesty and legality.

 

[U Boat Commander]

Quote from athlonmank8:

You both have great points here.

Seriously, the question comes down to honesty and legality.

Unfortunately, each is in short supply in Washington (as is integrity).

 

[Daal]

Quote from U Boat Commander:

GS and MS became BHCs 12 days before TARP was enacted in anticipation of TARP. They qualified, in part, to receive TARP funding, which they in fact received.

LOL, so they became BHC to qualify for a legal wording that did not even existed?Let me guess you have a conspiracy that bernanke forced them to do it or they would not get funds.

 

[CaptainObvious]

This is how they defined "financial institution".
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.

Can you pick out the phrase that any good lawyer can, which would support the money being given to the GM?
" but not limited to"