Welfare billions for the richest bailout

December 24, 2008 in Uncategorized. Leave a Comment
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How to spend $350 billion in 77 days

  • sent checks totaling $168 billion in varying amounts to 116 banks;
  • committed another $82 billion to capitalize more banks;
  • bought $40 billion in preferred shares of American International Group (AIG, Fortune 500) so the troubled insurer could pay off an earlier loan from the Federal Reserve;
  • committed $20 billion to back any losses that the Federal Reserve Bank of New York might incur in a new program to lend money to owners of securities backed by credit card debt, student loans, auto loans and small business loans;
  • committed to invest $20 billion in Citigroup on top of $25 billion the bank had already received;
  • committed $5 billion as a loan loss backstop to Citigroup;
  • agreed to loan $13.4 billion to GM and Chrysler to get them through the next few months.

    • http://money.cnn.com/2008/12/19/
    news/economy/tarp_tale_of_first350b/

    Bush decided $17.4 bil bailout to GM, Chrysler

    December 22, 2008 in Uncategorized. Leave a Comment
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    President Bush announced $13.4 billion in emergency loans to prevent the collapse of General Motors and Chrysler, and another $4 billion available for the hobbled automakers in February 09, with the entire bailout conditioned on the companies undertaking sweeping reorganization plans to showthat they can return to profitability quickly.

    Canada
    Moving to pre-empt a possible shift of auto production to the United States, the governments of Canada and its Ontario province offered the industry 4 billion Canadian dollars in emergency loans on Saturday, Dec 20, 2008.

    Unlike the $17.4 billion package announced by President Bush, the Canadian plan, roughly $3.3 billion, is remarkably short on detail, at least publicly