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Financial Financial Markets Treasury Considering the Use of TARP Funds to Bailout the Auto Industry
Financial Financial Markets Treasury Considering the Use of TARP Funds to Bailout the Auto Industry
| Treasury Considering the Use of TARP Funds to Bailout the Auto Industry |
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| Written by Chris James |
| Friday, 12 December 2008 14:32 |
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So, the Senate killed the $14 billion bailout package last night due to a refusal by the UAW to renegotiate salaries by the end of 2009 that would bring them to a level comparable to US workers working in Japanese auto plants in the US.
Sounds reasonable, right? Well, the Treasury is contemplating a complete circumvention of this process by utilizing TARP funds from the $700 billion financial institution bailout package to assist the Big 3, with no requirements for the UAW to renegotiate salaries. The TARP program has already been lambasted by the Government Accountability Office for lack of oversight of the program, with no real accountability or proper documentation for the use of the funds. Using these funds for a bailout of the Big 3 would be an outright misuse of the TARP funds and consideration of this action should cease immediately. |
| Last Updated on Wednesday, 18 February 2009 22:10 |