Relayed by Ace:
Treasury Secretary Henry Paulson said automakers would soon get emergency loans but the department is still asking detailed questions of automakers before it allocates any money from the $700 billion Troubled Asset Relief Program, or TARP. GM and Chrysler are seeking up to $15 billion in emergency aid to keep them afloat through the beginning of next year
Suddenly, GM/Chrysler are "financial institutions" under the clear and VERY limiting definition provided by the TARP law?
Paulson, who hasn't managed to find his ass with both hands while at Treasury ("buy nuclear-waste mortgages/cancel that/buy Bank stock/cancel that"...) now tells the whole world that he will simply break the law?
Maybe he could get away with that crap while he was running Goldman (which just happened to sell out of its CDO packages before Bear Stearns went belly-up); but now that Chicagoboy (another co-incidence, of course) will flout the law, too?
This political whore gives a whole new meaning to the term 'jackass.'
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