Source: TARP Bailout Not a Done Deal; May Even Include the Concessions Corker Demanded for the Senate Bailout

Here's hoping Larry Kudlow's source is right:

But my sources tell me that the TARP deal is not done — not by a long shot.

At a minimum, it’s going to take the Treasury several days to walk through the financial numbers and gather all the facts before it takes any action. The Treasury wants to see the cash-flow data and get to the truth about GM and Chrysler. (Ford doesn’t need the money.) And nothing will happen until these numbers are properly crunched. And the Treasury may well want to arrange for a built-in monitor — something that might even look like a car tsar — if any TARP money is dispersed.

Senate sources tell me that any TARP-money allocation might include the very same conditions proposed by Tennessee Sen. Bob Corker in legislation that broke down in a marathon session in the Senate list night.

Taxpayers are being asked to bailout the industry on the condition it becomes genuinely competitive so that future bailouts are not needed, and the UAW agrees, except for the part about becoming genuinely competitive so that future bailouts are not needed.

As the American taxpayer is essentially being asked to step in and become part of the companies' management, we have the right and duty to drive as hard a bargain as possible. We need full value on our money.

Thanks to CJ.

Now It's a Done Deal? The latest update to this post says so. But with what conditions, if any, we don't know.

KKKonspiracy! At the Corner, liberal blogger Josh Marshall's conspiracy theory is revealed -- the GOP is just opposing the bailout to get "payback" against the unions, Michigan, and Ohio, all for supporting Obama.

posted by Ace at 03:30 PM

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