WASHINGTON — The bailout is now the hottest lobbying game in town. Insurers, automakers and American subsidiaries of foreign banks all want the Treasury Department to cut them a piece of the largest government rescue in U.S. history. The betting is that many with their hands out will be successful, especially with financial markets in a stomach-churning dive and predictions the economy is about to tumble into a deep recession. These groups argue that the credit squeeze is so severe and the risks to the economy so dire that their industries need financial support as well. The Treasury is considering requests from a variety of industries, but has not decided whether to expand the program, officials said Saturday. Lobbying efforts are intensifying. The Financial Services Roundtable wrote Treasury officials on Friday requesting that the initiative to buy $250 billion in bank stock grow to cover insurers, auto companies, securities dealers and U.S. subsidiaries of foreign companies, including banks. The Treasury’s plan is intended to bolster banks’ tattered balance sheets and get them to resume making loans. As the Treasury now interprets it, these additional groups would not participate in the bank stock program. […]
Monday, October 27th, 2008
Companies Start Competing for Bailout Money
Author: MARTIN CRUTSINGER
Source: The Associated Press
Publication Date: Oct 25, 2:53 PM (ET)
Link: Companies Start Competing for Bailout Money
Source: The Associated Press
Publication Date: Oct 25, 2:53 PM (ET)
Link: Companies Start Competing for Bailout Money
Stephan: It has all become so shameless. The people who created the crisis, now want to be paid millions more to figure out how to get out of it. It is enough to make you puke.