Thought #12
February
2009
Author: Bill Thurston
2008 Bailout - Where did it go?
Attached is a list of businesses that have received money from the 2008 bailout.
This program is also called The
Troubled Assets Relief Program or TARP. You can read the law at:
http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=110_cong_public_laws&docid=f:publ343.110
You can follow present and future moneys given out under TARP at:
http://www.propublica.org/special/show-me-the-tarp-money
So far, 421 Businesses have received our money for a total of $302 billion.
A Thought about us being repaid in the future. Here is the Section within the
law that addresses this subject:
Public Law 110-343 110th Congress
TROUBLED ASSETS RELIEF PROGRAM SEC. 134. RECOUPMENT.
Upon the expiration of
the 5-year period beginning upon the date of the enactment of this Act, the
Director of the Office of Management and Budget, in consultation with the
Director of the Congressional Budget Office, shall submit a report to the
Congress on the net amount within the Troubled Asset Relief Program under this
Act. In any case where there is a shortfall, the President shall submit a
legislative proposal that recoups from the financial industry an amount equal to
the shortfall in order to ensure that the Troubled Asset Relief Program does not
add to the deficit or national debt.
This isn't very strong verbiage. Do you think we will be getting paid back in
2013?
Hmmmmm.
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