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TITLE I - Troubled Assets Relief Program

Sec. 106. RIGHTS; MANAGEMENT; SALE OF TROUBLED ASSETS; REVENUES AND SALE PROCEEDS. (2 Comments) subscribe to the comments feed

  1. EXERCISE OF RIGHTS.The Secretary may, at any time, exercise any rights received in connection with troubled assets purchased under this Act.

  2. MANAGEMENT OF TROUBLED ASSETS.The Secretary shall have authority to manage troubled assets purchased under this Act, including revenues and portfolio risks therefrom.

  3. SALE OF TROUBLED ASSETS.The Secretary may, at any time, upon terms and conditions and at a price determined by the Secretary, sell, or enter into securities loans, repurchase transactions, or other financial transactions in regard to, any troubled asset purchased under this Act.

  4. TRANSFER TO TREASURY.Revenues of, and proceeds from the sale of troubled assets purchased under this Act, or from the sale, exercise, or surrender of warrants or senior debt instruments acquired under section 113 shall be paid into the general fund of the Treasury for reduction of the public debt.

  5. APPLICATION OF SUNSET TO TROUBLED ASSETS.The authority of the Secretary to hold any troubled asset purchased under this Act before the termination date in section 120, or to purchase or fund the purchase of a troubled asset under a commitment entered into be fore the termination date in section 120, is not subject to the provisions of section 120.

2 comments on Sec. 106. RIGHTS; MANAGEMENT; SALE OF TROUBLED ASSETS; REVENUES AND SALE PROCEEDS.

  • Stupid, if the assets had sufficient value the Banks would sell them, and we would not need to bail them out.
    This is just a gigantic fraud, on the tax payers.

    posted by robert price at October 1, 2008

  • This section appears to establish a giant money laundering machine. There should be a provisions that:
    1. Any financial institution that enters into the Troubled Assets program should not be allowed to buy troubled assets at less than the price the taxpayers paid for it. Ditto for successors to those corporations.

    2. Any entity that buys the troubled assets from the Secretary / Fund at a discount and resells them at a profit should be heavily taxed on that profit, up to the original asset price so the taxpayers can minimize their losses.

    posted by Barbara B. from Winchester, MA at October 2, 2008
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