Monday, January 12, 2009

Obama Seeks Cooperation in Making Remaining Bailout Money Available

This morning, President-elect Obama asked President Bush to formally notify Congress, on his behalf, of his intent to exercise the authority under the Emergency Economic Stabilization Act to access the last tranche of $350 billion in funding for Treasury programs addressing the financial crisis,” Dana Perino, the White House press secretary, said in a statement. “President Bush agree to the president-elect’s request.”

I'm thinking this comes under the heading "Don't hold your breath Barack" but think I'm so cynical I think it's all been moved to the the Bush Family Swiss Bank Account. Anyway, here's hoping.

4 comments:

Lisa said...

He's going to be asking for greater oversight for how the money is used, I assume. I noticed that Citi, who isn't interested in working with their borrowers to renegotiate loans, does have the money to buy a brokerage.

Tengrain said...

I'm cynical, too. I suspect he wanted it done know so that if the whole thing disappears into thin air he can say that it happened under Chimpy's watch.

Regards,

Tengrain

Ghost Dansing said...

oh man..... i just hope the new administration can pull America out of the nose-dive Dubya put it in.....

SaoirseDaily2 said...

I wonder how much money both Bush and Cheney have squirreled away in the last 8 years.