Told one thing, get another or more aptly titled: What is Behind that TARP?
[Paulson] has shelved the original plan to buy troubled mortgage assets while turning his attention to nonbank financial institutions and consumer finance.
Purchasing these so-called "toxic" assets was once the cornerstone of the rescue plan for financial markets and was almost the entire focus of Congress when the package was being debated before its enactment. But almost as soon as Treasury received the money, it decided that giving capital to banks in return for preferred stock was a better use of the funds.
Here is the Paulson Press release.
Who is now going to get the money? Credit Card Companies. Now who here believes it's in the vital or national interest to prop up corporations who charge 20%, 30% interest rates?
Auto and student loans are in the mix, but considering American Express magically became a bank overnight, don't ya all want to bail out MBNA?