http://cantwell.senate.gov/news/record.cfm?id=303998“...But the problem with the legislation before us is that it is choosing winners and losers in corporate America. It is inserting the Federal Government in a role in which they decide, along with the private sector, exactly how funds should be allocated.
“I am for the full faith and credit of the U.S. Government backing these institutions. What I am not for is turning the keys to the Treasury over to the private sector.
...“J.P. Morgan got the assets of that institution and benefited from that. In fact, J.P. Morgan predicted to me on a conference call the night they acquired Washington Mutual that after one year with their investment, they would have an over $500 million on that investment. That is a 27 percent returned in one year.
...“It is very convenient for us to now choose that we are going to add to J.P. Morgan's bottom line. In fact, if we would instead do what I am suggesting, we could have an equity proposal instead of having TARP, the Troubled Asset Relief Program, as the roof over America.
...“I could not even get my amendment to be considered.
“So, so much for the transparency of the Senate..."
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