Word: tarp
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...That figure will likely be ratcheted down given that the Detroit Three are now expecting a possible loan from the TARP funds, but critics warn even if Ottawa steps up with billions of dollars in aid, it won't be able to secure any job guarantees. "The real action is between Detroit and Washington," says Joe D'Cruz, a specialist in business strategy at University of Toronto's Rotman School of Management. He's concerned that Washington could make the transfer of jobs from Canada - which accounts for about 15% of Detroit Three production in North American...
...keep the companies on life support until a new Congress and the incoming Obama Administration can hammer out a comprehensive solution next year. The White House had been dead set against the Democrats' original entreaties to use money from the $700 billion Troubled Assets Relief Program, known as TARP, passed by Congress in September to stabilize the teetering banking system, but now it may have no choice. (See TIME's top 10 financial collapses...
...industry. But most Republicans realize they can't afford to be blamed for letting hundreds of thousands of more Americans lose their jobs at the holidays, and many in their ranks believe that the outgoing leader of their party should take the political hit by authorizing the use of TARP funds himself...
...outside firm to help manage its investments. They also wanted to know whether the Treasury Department had set a limit on executive compensation at the firms in which Treasury has invested, which lawmakers say was required in the early-October bill. Lawmakers are concerned that financial firms receiving TARP funds will use that money to pay executive bonuses or pursue mergers instead of making loans...
...Also out on Wednesday was a report by an oversight board appointed by Congress to evaluate Treasury's economic-rescue efforts. The board, which is headed by Harvard law professor Elizabeth Warren, criticized Treasury for failing to set up a program to monitor the effectiveness of TARP. In particular, the oversight board said it was important for Treasury to institute a method to determine whether the banks receiving government funds are using the money to make loans. "American taxpayers need to know that their money is having a tangible effect on improving financial stability, credit availability, and the economy...