Word: congressed
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...First, because the crisis has metastasized so swiftly, you three guys have failed to adequately explain the systemic risks that lie behind the decisions to spend billions of taxpayer dollars. The three of you, before Congress and in the press, have spent a lot of time asserting that those risks were there, but I don't think you've ever really explained them. AIG, for example, is now getting $150 billion of our money. But it would actually be nice to know, specifically, why that's the case - and yes, please, bore me with details. Lots and lots of them...
...needs to grow. Then, a couple of weeks ago, Secretary Paulson said that that wasn't going to be how the TARP funds would be used. He announced, in effect, that the TARP was going to be rolled up, having not spent some $300 billion in funds that Congress, after much drama, had allocated. Then Citibank teetered, and out came the TARP again, this time in pretty much its original guise: to ring-fence the toxic assets on Citi's books. This made some sense, because leaving toxic assets on banks' books, at a time when additional assets may well...
When CEO's Bob Nardelli (Chrysler), Alan Mullaly (Ford), and Rick Wagoner (GM) appeared before Congress late last month in search of a bailout, they were basically told, "Get the hell out of here until you have detailed plans to get your industry in order." Well, here they are: Three business plans, numbering between 14 and 37 pages, providing a detailed outline of how each executive plans to turn his company around - and what the Federal government can do to help...
...whether these plans are enough to justify another several billion dollars worth of taxpayer money, that's up to Congress to decide...
When the heads of the Detroit Three auto companies return to Washington this week to testify before Congress about their restructuring plans, they won't be traveling on their corporate jets. Not after the story broke on Nov. 19 that they had flown their "luxurious" aircraft to Washington to beg for $25 billion in loans to keep their companies afloat. Official Washington was outraged at the extravagance. Columnists and comics were ever so grateful for the gift. "I mean, couldn't you all have downgraded to first class or jet-pooled or something to get here?'' whined Representative Gary Ackerman...