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While the Treasury still has about $480 billion to spend, it's not clear how much of what is left will be used for direct investments into banks. Shortly after the Emergency Economic Stabilization Act was passed by Congress, the Treasury said $250 billion was going to be used to buy shares in banks. That would leave $450 billion to buy up troubled mortgage bonds. (Read "18 Tough Questions [and Answers] About the Bailout...
...Wednesday Treasury Secretary Henry Paulson told Congress that he believes buying mortgage bonds is no longer the best use for the remaining TARP funds. Instead, he said, Treasury is looking at injecting more money into struggling "banks and nonbanks." He said he plans to use some of the remaining bailout fund to support the market for troubled car loans and credit-card debt, as well as to reduce home foreclosures...
...AmEx could receive as much as $3.5 billion in federal aid. GE Capital is also reportedly looking into applying for a Treasury investment. The troubled finance unit of industrial giant General Electric could receive as much as an $18 billion investment. What's more, a number of members of Congress are pushing for TARP funds to be used to aid troubled automakers. President-elect Barack Obama has said that he favors lending federal financial assistance to Chrysler, Ford and GM. And, like AIG, a number of large insurance companies may soon ask for a piece of the remaining bailout fund...
...September as the can-do dealmaker who seemed to have finally gotten the yearlong mortgage crisis under control. Now, after the expensive rescues of Fannie Mae, Freddie Mac and AIG, the failure of Lehman Brothers, and the painfully dramatic struggle to get a $700 billion financial bailout bill through Congress, he is a much-diminished figure. He has zigzagged and he has waffled and he has backtracked. His decisions and his motives have been harshly questioned on Capitol Hill and by the press. And he's just tired. He gave off the vibe today that he might just be counting...
There were lots of questions about what to do for General Motors, which appears headed for bankruptcy without government help. Paulson said TARP was never intended to bail out nonfinancial firms, so that money is off-limits. But he did indicate that the Bush Administration would be agreeable if Congress wanted to amend a law passed in September that provides $25 billion in loans to automakers for retooling, so that those funds can be used to keep GM and the two other members of the Detroit Three alive...