The Miracle TARP

From Jacob Sullum at Reason:

The Treasury Department has agreed to buy a $5 billion stake in GMAC, General Motors’ former financial subsidiary, to help it become a bank holding company. The money will come from the Troubled Asset Relief Program (TARP), created by the Emergency Economic Stabilization Act. Yet GMAC wants to be a bank so it can be considered a “financial institution” under the act and thereby qualify for TARP money. In other words, GMAC is receiving TARP money so it can be eligible for TARP money. Assuming there’s no time travel involved, that sounds pretty fishy. On second thought, this plan would be logically impossible even with a time machine.

Logic? What’s that?

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