That's correct, Brad Sherman (D-CA) was on Kudlow and explained to the world that the $700 Billion wasn't meant for the US, it was meant for foreign aid.
"Paulson and Bush threatened to veto the legislation if there was an explicit prohibition of transfers from foreign banks to an American subsidiary."
THE ASSETS DO NOT EVEN HAVE TO BE AMERICAN MORTGAGE ASSETS - THEY CAN BE AN OFFICE TOWER IN SHANGHAI!
YOU ARE GOING TO GET FLEECED FOR HUNDREDS OF BILLIONS OF DOLLARS IF THIS BILL PASSES - THAT MONEY IS GOING TO GO IMMEDIATELY OUT OF THE COUNTRY!
| SEC. 112. COORDINATION WITH FOREIGN AUTHORITIES AND CENTRAL BANKS. |
From the National Journal:
Rep. Robin Hayes, (R-NC), took issue with the provision that would allow foreign banks and investment firms to qualify for assistance from U.S. tax dollars.
"The initial draft of the proposal that came from the Treasury was
fundamentally limited to U.S. financial institutions," Hayes said. "During the course of negotiations, this changed, and now foreign banks and financial companies are just as eligible to receive U.S. taxpayer dollars as an American company."