Wednesday, February 25, 2009

Treasury Finds Way To Waste Second 350 Billion

Treasury says big banks can get more bailout funds, but at what expense?

Why is the new plan as bad or worse than the first disbursement of TARP funds? The second disbursement gives banks the option to convert tax payer owned preferred shares into common stock before they file for bankruptcy. This is a terrible benefit to American tax payers. We will be left with nothing when banks decide to go through bankruptcy. Again we will see the heartless politicians pretending to care about our significant losses.

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