Posted on 11/12/2008 9:25:04 AM PST by mojito
When the U.S. government said it would spend $700 billion to rescue the American financial industry, it seemed to be an ocean of money. But after one of the biggest lobbying free-for-alls in memory, it suddenly looks like a dwindling pool.
Many new supplicants are lining up for an infusion of capital as billions of dollars are channeled to other beneficiaries like the American International Group, and possibly soon American Express.
Of the initial $350 billion that Congress freed up, out of the $700 billion in bailout money contained in the law that passed last month, the Treasury Department has committed all but $60 billion. The shrinking pie — and the growing uncertainty over who qualifies — has thrown Washington's legal and lobbying establishment into a mad scramble.
The Treasury Department is under siege by an army of hired guns for banks, savings and loan associations and insurers — as well as for improbable candidates like a Hispanic business group representing plumbing and home-heating specialists. That last group wants the Treasury to hire its members as contractors to take care of houses that the government may end up owning through buying distressed mortgages.
The lobbying frenzy worries many traditional bankers — the original targets of the rescue program — who fear that it could blur, or even undermine, the government's effort to stabilize the financial system after its worst crisis since the 1930s.
(Excerpt) Read more at iht.com ...
take money you never have to give back, why not.
Pre arson-fire sale...
Like flies on dog poop.
Reminds me of Andrew Jackson’s inauguration bash.
..they finally
got a piece
of the piiiiiiiiieeeeeeee!
And after all is said and done, and the 700 billion they put our kids and their kids in hock for is gone, we’ll be told, oooops, that didn’t work. We need MORE money to try it AGAIN!!
The mental image I can’t shake about this is a horse turd covered with flies.
“When the U.S. government said it would spend $700 billion to rescue the American financial industry”
That wasn’t the pitch, Jeeves.
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