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11-12-2008, 08:59 PM #1
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Half the Bailout Gone, Scrambling for Crumbs
Half the Bailout Gone, Scrambling for Crumbs
Wednesday, November 12, 2008 9:37 AM
By: Greg Brown Article Font Size
Just a month ago, $700 billion sounded like a lot of money.
Not anymore. Half the money is spent, and while it’s hard to prove that cash has not helped to avoid a much more serious situation, say, the closure of thousands of banks, it’s equally hard to keep corporate lobbyists from crashing the gates at Treasury for a shot at what’s left.
Worse still, it seems very likely that the incoming Obama administration will be forced to either expand the program or tack on a new one as automakers, credit card companies, regional banks, and insurers — even auto dealers and boat sellers — line up, hat in hand.
Treasury is now down to $60 billion of the first $350 billion committed by the president. Treasury Secretary Hank Paulson would have to go back to Congress for the second half.
And that’s where the lobbyists come in.
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