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Tuesday, October 6, 2009

Here come the Repubs

Posted By Max Brantley on Tue, Oct 6, 2009 at 10:28 AM

I'd say it's a little too early to devote too much time to news releases from potential candidates in a future contested Republican primary criticizing a Democratic incumbent. But just so you'll know such hostilities have begun, I'll pass along Release No. 1 from Republican Scott Wallace, the tempestuous restaurateur who hopes to win the primary to challenge Democratic U.S. Rep. Vic Snyder. Former state Rep. Ted Thomas, a one-time Huckabee administration hand, is handling Wallace's campaign. They're carping about TARP.

SCOTT WALLACE NEWS RELEASE

Earlier this week the U.S. Treasury Department announced that three more hedge funds (BlackRock Inc., Wellington Management Co. and AllianceBernstein LP) will be participating in the Public-Private Investment Program. So far, $12 billion has been raised to buy "toxic" assets such as mortgage bonds, but the private investor contribution is only $3 billion. Private investors will contribute only 25% of the assets of the fund, yet they will be entitled to 50% of any profits. .

"This is yet another bailout program under which hard-working Arkansas taxpayers are providing corporate welfare to hedge funds for the benefit of wealthy investors," said Scott Wallace. "Arkansas taxpayers are entitled to an explanation as to how they will benefit from the use of their tax dollars to subsidize hedge funds," continued Wallace.

Wallace challenged Snyder to answer four questions about the program:

1. Why should taxpayers be compelled to make investments that private sector investors do not want to make with their own money?

2. How are taxpayers getting a fair shake when hedge funds which make 25% of the contribution to the investment pool are entitled to 50% of any profits made?

3. If the investment is a good one, why did the hedge funds insist on a taxpayer contribution that dilutes the value of their investment?

4. If the investment is a bad one, why are taxpayers participating at all?

The Public Private Partnership Program is a Treasury Department program authorized by the Troubled Asset Relief Program ("TARP"). "Vic Snyder voted for the TARP bailout bill, and the people of central Arkansas are entitled to an explanation," said Scott Wallace, Republican candidate for the Second Congressional District currently held by Snyder

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