Here come the Repubs | Arkansas Blog

Tuesday, October 6, 2009

Here come the Repubs

Posted By 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


Favorite

Comments (6)

Showing 1-6 of 6

Add a comment

 
Subscribe to this thread:
Showing 1-6 of 6

Add a comment

More by Max Brantley

Readers also liked…

  • Free Zinn book for Arkansas teachers

    Arkansas teachers! Get your free Howard Zinn book here! Whether Kim Hendren likes it or not.
    • Mar 3, 2017
  • Hospitality, restaurant groups oppose bathroom bill

    Add the restaurant and hospitality association to those opposed to Sen. Linda Collins-Smith's bill to keep transgender people out of public restrooms that match their gender identity.
    • Mar 16, 2017
  • Among the last words from Kenneth Williams: 'Finger Lickin' Good Fried Chicken'

    What's purported to be a final-words essay from condemned prisoner Kenneth Williams was distributed today by Deborah Robinson, a freelance journalist in Arkansas.  He reflects on his execution, his victims, reactions of inmates and big servings of fried chicken, which he says are given to all inmates on execution days.
    • Apr 27, 2017

Slideshows

  • Arkansas vs Ole Miss at War Memorial stadium in Little Rock, Saturday, Oct. 13, 2018. After leading for much of the game, Arkansas lost 37-33 when Ole Miss scored the game winning Touchdown with less that 2 minutes left. 
  • Margaret Clark Adventure Park
    New sculptures, preschoolers play area dedicated in Riverfront Park in Little Rock.

Most Recent Comments

 

© 2018 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation