It's about time:
Like many Americans, McCotter is outraged that some TARP recipients have been able to "double-dip" on taxpayer bailouts via the $100-plus billion of funds that went in the front door of AIG and out the back door to its counterparties, including Goldman Sachs and a number of European banks.
The Congressman is trying to prevent a similar "misstep" by pressuring the White House, Fed and Treasury to ensure GM bondholders don't have credit default swaps with AIG that would pay off in the event of a forced bankruptcy.
"If you didn't like subsidizing GM's survival, certainly you don't want to subsidize their bankruptcy," the Congressman says.
Ding ding ding.
And instead of just being*****ed off that his "pet company" (and face it folks, being from Michigan Rep. McCotter would be expected to favor the automakers, right?), which would allow critics to immediately discredit him, Mr. McCotter instead is approaching this correctly - that TARP was improperly conceived and outrageously executed, and since it was bad law in the first place it can't be fixed - it must be stopped instead.
Watch the video in the attached link - he's spot-on, with the punch line being "The American People are done with TARP."
Kudos Sir - you deserve 'em.
Where We Are, Where We're Heading (2013) - The annual 2013 Ticker
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