[PeriscopeDepth]

Read the emphasized part again guys...

Originally Posted by PeriscopeDepth

Yeah, according to this article:

"The money will be drawn from the Troubled Asset Relief Program and the automakers will get an additional $4 billion from the fund in February, according to a statement from the Bush administration. The money would allow GM and Chrysler to keep operating until March."

This "rescue" is one huge cluster*******.

http://en.wikipedia.org/wiki/United_...ilization_fund

And from that wikipedia article:
"However, the Treasury currently lacks the statutory authority to direct TARP funds to the automakers under the statute passed by Congress. TARP is clearly limited to “financial institutions" under Section 102 of the TARP. Suggestions for providing TARP funds to automaker's financing operations, such as GMAC, runs counter to the intent of Congress for limiting TARP funds to true "financial institutions" in the first place.[8] On December 19th, 2008, President Bush used his executive authority to declare that TARP funds may be spent on any program he personally deems necessary to avert the financial crisis, and declared Section 102 to be nonbinding."

PD