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gmac: TARP funds misuse - 12/31/08 02:44 PM
It seems the $700 billion Troubled Asset Relief Program has left struggling families to their struggles and become the troubled bank program. Now it is also being used for non banks.
This cartoon by Clay Bennett appeared in the Chattanooga Time Free Press. It illustrates very well the reason for widespread frustration over the Treasury Department's use of the TARP funds passed in September by Congress.
 
The purpose of the TARP funds was to help address foreclosure problems. This purpose is clearly expressed in the program name - Troubled Asset Relief Program. The idea was to help financial markets with relief to struggling home owners.
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gmac: GMAC to receive TARP funds - announcement made last night - 12/31/08 02:44 PM
The Treasury announced last night details of the plan to use TARP funds to bolster GMAC.  The plan calls for $5 billion in preferred stock, with an 8% dividend. The plan also provides for an additional preferred stock purchase later.
This move was expected, but it just further confirms the direction away from the initial purpose of the TARP funds.  In order to qualify for the funds GMAC is reorganizing as a bank holding company. To help with this reorganization, the Treasury is lending General Motors an additional $1 billion, over and above the auto manufacturer bailout bucks.
As stated in … (8 comments)

 
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Richard Smith FHA VA Rural Development in TN GA

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