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To: cc2k
That's very important information. I wonder where I could find documentation?

I delivered a presentation in an advanced accounting class re the 2008 Act. When I was finished only 3 people (including, to my dismay, the professor) felt we should be bailing out inefficient business institutions. Their criteria was, if it's big enough (GM, TARP, etc) then it's justified.

The rest of the class (~35 people) agreed that Free Market demands that inefficient businesses/businesses who make poor market decisions must be allowed to fail.

6 posted on 09/03/2011 10:09:56 AM PDT by LouAvul
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To: LouAvul
Well, I'm not sure what documentation you need. The first bill was added as an amendment to H.R. 3997. The vote was recorded as #674 that year. The actual bill text is hard to find. The TARP stuff was added as an amendment,

The final version was an amended version of H R 1424. The vote on that was recorded vote #681, and it passed 263 to 171, with more Republicans voting against it than for it, and Democrats voting for it by close to a 3 to 1 margin.

As far as documenting where the money was actually spent, good luck with that.

Paulson had a closed door meeting with CEOs of the major banks on October 13, 2008, and told them that they were accepting money and he was buying preferred shares in their banks, whether they wanted it or not. That was only a small part of the TARP money, though.

Here's an article from May of 2009, after Judicial Watch pried loose some documentation of that October 13, 2008 meeting. Documents: Paulson forced 9 bank CEOs into bailout -- Paulson told 9 bank CEOs they were required to take TARP money, government documents confirm.

You'll have to do other research. George W. Bush, I think, gave the order to grant "bridge loans" to GM and Chrysler, and to offer guarantees to Ford in case of a GM or Chrysler failure which might wipe out some of Ford's suppliers. Congress couldn't agree on anything and I seem to remember Bush doing this by executive action.

Then, in February or March of 2009, The Won made additional contributions from the TARP funds to GM and Chrysler, after they were ordered by the Pres__ent to present plans to recover their businesses. During that time, Obama also fired the CEO of GM and installed his puppet, with no experience in the automotive industry, to run "the new GM."

8 posted on 09/03/2011 11:02:11 AM PDT by cc2k ( If having an "R" makes you conservative, does walking into a barn make you a horse's (_*_)?)
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