By Matthew Vadum ——Bio and Archives--September 27, 2008
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The proposed fund resembles the Social Investment Fund Network that was inserted into the Democratic Party’s official platform and that Senator Barack Obama has proposed. As Michelle Malkin has pointed out, the fund “would serve as a permanent, taxpayer-backed pipeline to Democrat partisan outfits masquerading as public-interest do-gooders.” HotAir has an excellent post on the topic here. *It seems to be 13%, anyway. The fund would take 65% from the 20% so that’s how I arrived at the figure of 13%.TRANSFER OF A PERCENTAGE OF PROFITS.
1. DEPOSITS.Not less than 20 percent of any profit realized on the sale of each troubled asset purchased under this Act shall be deposited as provided in paragraph (2). 2. USE OF DEPOSITS.Of the amount referred to in paragraph (1) 1. 65 percent shall be deposited into the Housing Trust Fund established under section 1338 of the Federal Housing Enterprises Regulatory Reform Act of 1992 (12 U.S.C. 4568); and 2. 35 percent shall be deposited into the Capital Magnet Fund established under section 1339 of that Act (12 U.S.C. 4569). REMAINDER DEPOSITED IN THE TREASURY.All amounts remaining after payments under paragraph (1) shall be paid into the General Fund of the Treasury for reduction of the public debt.
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Matthew Vadum, matthewvadum.blogspot.com, is an investigative reporter.
His new book Subversion Inc. can be bought at Amazon.com (US), Amazon.ca (Canada)
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