Bailout Plan Can Go To Foreign Banks
 Friday, October 3rd, 2008 by Connie T.
Just so we're clear, ConnieTalk.com is not responsible for anything you may
punch after reading this. The bank bailout, H.R. 1424, Emergency Economic Stabilization,
financial rescue plan, whatever you want to call it, is not at all limited to Wall Street. In
fact, it's not even limited to the United States of America.
The definition of "financial
institutions" in the bill is given as those within the U.S. or properties of the U.S.
But within the text of
the bill - which has hundreds of sections, by the way - there states: To the
extent that such foreign financial institutions or banks hold troubled assets as a result
of extending financing to financial institutions that have failed or defaulted on such
financing, such troubled assets qualify for purchase under [this section].
In other words, these appropriations are not only for U.S. businesses, banks or financial
institutions; in fact, they're not even just for bad loans by Americans. Assets from China,
London, and elsewhere can be bought up with these taxpayer funds.
Don't wait. The U.S. House of Representatives is voting on this bill today. Contact
your Rep by phone or e-mail, and give them your opinion on this bill ASAP! It's so
easy to do.
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