Asset Based Loan

no

probably not until 2009 has finished

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remeber folks: both Obama AND McCain backed this bill that falls far short on these issues:

1. THE PLAN MISSES THE KEY ISSUE – WE SIMPLY GIVE MONEY BACK TO WALL STREET AND CROSS OUR FINGERS THAT SUCH FIRMS WILL RETURN LIQUIDITY TO MARKETS. Financial institutions who receive government support are under no obligation whatsoever to use such funds to provide liquidity to the financial markets. Thus this aid package fundamentally misses the real problem and may not provide liquidity of trading we need. Instead, such financial institutions could simply distribute the cash to shareholders and partners, and provide no further help to the economy.

2. TAX LOSS CARRYFORWARDS WILL MEAN THEY DO NOT ACTUALLY PAY TAXES. Importantly, any tax levy in 5 years on troubled financial institutions will be avoided by such bailed out firms. Financial institutions holding troubled assets will incur TAX LOSSES today from the sale of such assets to government and thus will be exempt from paying taxes for very long periods of time as a result of tax loss carryforward rules (the amount of such tax losses will depend upon how they originally accounted for the assets in their financial statements – some firms may record massive tax write downs). In fact in 5 years they may still have sufficient tax shelter from the sale of these troubled assets that they will not be subject to the special tax on financial institutions. Ironically, the financial institutions that avoided these troubled assets and thus did not incur tax losses will be the ones who carry the burden of the new tax since they will not have tax shield available.

3. The total exposure of government is possibly $3.131-TRILLION – well in excess of $700 bn since this is simply an upper ceiling on the maximum outstanding at any one time (per notes on page 40 of the Act). The plan is designed to absorb substantially more troubled assets – as government sells such assets the proceeds from sale can then be used by the Secretary to buy more troubled assets. This establishes a "revolving" loan facility which can be used over and over again to buy troubled assets and then sell such assets. The true exposure of government debt is illustrated by the requested increase in the statutory limits of total debt allowed. This new bill requests to increase the allowed debt by $3.131-trillion (from $8.184-trillion to $11.315-trillion, per pp. 68, line 8). See http://www4.law.cornell.edu/uscode/html/uscode31/usc_sec_31_00003101—-000-.html for current wording and limit on government debt.

4. Credit card loans and car loans that are secured by a home loan (very common in USA) are included in the bail out package. See pp. 14, line 18. Any type of purchase on a credit line secured by a home can be acquired or guaranteed by the government. Since such loans are very common this means virtually any type of debt can be taken over by the Secretary. This package goes well beyond subprime mortgage loans.

5. There is practically no cap on what a financial institution can sell to the government. The cap has been set at $100,000,000 (pp 38, line 24). Thus a small number of big-time offenders can dump their bad debts onto government. If it is only a small number of firms that hold large amounts of such paper then the government should consider allowing them to fail. Government intervention is appropriate to stop systematic broadly-based risk. Not a handful of firms. The private sector could easily buy up a handful of firms with such troubled assets (e.g. JP Morgan easily absorbed WaMu and other institutions like Barclays are seeking opportunistic acquisitions)

6. There is no clarity on the type of deals the Secretary can structure. He has a free hand to deem what is appropriate – even if such deals are not at fair market value. pp 35 line 10 outlines the mechanism for how government takes an equity or debt position in the selling financial institution. Importantly, there is no mention or requirement for the Secretary to use fair market value in determining the value of debt bought by the government. As mentioned earlier the selling financial institutions can flip debt acquired from other struggling financial institutions to the government. There is no consent requirement for the Secretary from any oversight committee. Suggested improvements:
(a) Have Secretary establish fair market value for consideration paid when buying, insuring or guaranteeing troubled assets.
(b) Have Selling/insured financial institution indemnify government against any and all losses resulting from the troubled assets bought, insured or guaranteed. Thus the downside risk of loss will be mitigated.
(c) Have government receive equity participation IN ADDITION to the indemnification.
(d) Place limitations on distributions/dividends to shareholders until the loans are repaid. There is no limitation on dividends and other distributions to partners/shareholders from the financial institutions. Repayment of government obl

Why do people think that because clueless George said we need a bailout (Actually it was more like "Gimme gimme right now. Shut up, no strings. Gimme gimme gimme).

Now that common sense has survived the first spate of Bush and Paulsen crying "wolf". it is time to think. Just because Bush loudly and hysterically proclaimed that the only way to prevent the depression he has been leading us into for 8 years is to throw hundreds of billions of our tax dollars at it does not mean that is the only or best or even a good "fix".

Other nations are responding with more calm and wisdom. There are other things that can and should be done.

Trading on the stock markets should be suspended until strict regulations can be put in place to limit the damage that can be done by reckless speculation and panic.

Those financial institutions that are in trouble should be nationalized, set in order and sold to new owners. Bush has had no problem violating the Bill of Rights when it comes to the People, he shouldn’t be cowardly about a little thing like nationalization of companies that are a threat to national welfare, hence security.

The Federal Reserve needs to either be attenuated or dissolved.

Just as starting points.

I got an unsecured salary based loan from the bank,now am not working at the moment and i dont have any other source of income. I had some bad luck and lost everything including my car and i have no assets. I told them that i can only start paying when i get another job but they keep on calling asking me to pay something and threatening court.whats the worst that can happen.

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People with defaulted student loans usually have their income tax return confiscated. However, this confiscation by Sallie Mae & assorted low life collectors, are never applied to the defaulted loan. Thus, this may be the 3rd year I have not filed Federal taxes. Does anyone know a way out of this morass?
I also am a Vietnam Era Veteran, who is presently battling the Veterans Administration over my duly earned benefits.

As a taxpayer, I suggest you pay back what you owe. You are only compounding the problem and the penalties will increase. Who do you think the victim is in your scam?

The bank account that is listed on my direct deposit information with the IRS is no longer active.Santa Barbara Bank and Trust mailed my refund check.
What will happen to my tax stimulus/rebate check?

You’ll get a check in the mail.

I started a company with another person and he asked me to apply for business line of credits for the company to use. He then max-ed out the money on the credits. I’m now no longer with the company, but that person is not responding to my requests of him taking over the line of credits responsibility. What I can do? Thanks

You can TRY to get the bank to release you. Assuming the line of credit is in the BUSINESS name, you have a shot at that. In the very likely chance they won’t release you, your ONLY option is to pay off the existing balance and sue him for repayment. You CAN inform the bank you will not be liable for any FUTURE borrowing against the line. If they allow your partner to keep using the line, they must pursue HIM for those amounts.

I have four business accounts:

Dell
Office Depot
Staples
Exxon

If I were to use my Exxon for half business and half personal, is that illegal? What are the stipulations on using your business credit for personal credit and writing the expenses off on your taxes? This will be the first year that I am doing real business. I just want to make sure I am doing everything right.
I have a legitimate business with a Tax ID Number and I do have one client so far. The only major purchases I have done is bought a new Dell computer for my home/office. Also, I have bought some office supplies but that’s about it.

your home office has new, complex, laws. check with your accountant on how he/she wants you to document usage.
as for you business credit accts. you may use any/all you want for personal legally. it only becomes illegal when you try to claim them on your taxes-that’s when IRS can come calling.
depending on your business type. these personal expenses could be calling on prospective clients, gas/mileage, office supplies, meals (with client), etc. just document everything. in many instances it is not how proper you are as how proper you appear. if it looks legit then IRS flags will not be raised. this leaves you with only the random audit.