"BradGuth" wrote in message
...
Just checked GM stock, and lo and behold it's almost worth as much a
toilet paper, along with a number of other public bailout investments
going onto the nearest toilet. That's OK, because what's another
million of middle and upper class unemployed, plus at least another
half million of preexisting UAW retirements and seeing everyone’s
medical benefits trashed, all because of our corrupt and greedy UAW
and faith-based corrupted government agencies of loot and benefit
hording era. Chances of UAW and GM survival are looking grim, as
though now they got next to nothing outside of whatever chapter 7
manages to liquidate. Way to go warlord republicans and faith-based
puppet masters.

How many chapter 7s per business day are averaging?
==========================

Article by Sidley Austin's Financial Institutions Regulatory Practice Group
This article was originally published 19 March, 2009

On March 17, 2009, the Federal Deposit Insurance Corporation ("FDIC") issued
an interim rule (the "Interim Rule") which extends its Temporary Liquidity
Guarantee Program ("TLGP") from June 30, 2009 to October 31, 2009 for all
insured depository institutions participating in the debt guarantee program
of the TLGP ("IDIs") and other participating entities; however other
participating entities that have not issued senior unsecured debt guaranteed
by the FDIC under the TLGP ("TLGP debt") before April 1, 2009 are required
to submit an application to and obtain approval from the FDIC to participate
in the extended TLGP. The Interim Rule imposes a surcharge on all TLGP debt
with a maturity of one year or more issued on or after April 1, 2009. The
Interim Rule also permits IDIs and other entities participating in the
extended TLGP to apply to the FDIC to issue non-FDIC-guaranteed senior
unsecured debt ("non-TLGP debt") during the extension period.

The FDIC's stated intent for extending the TLGP is to facilitate an orderly
transition period for participating institutions to return to
non-FDIC-guaranteed funding, and to reduce the potential for market
disruption when the program ends; enhance bank liquidity while the elements
of the Treasury's proposed Financial Stability Plan are implemented; and
address potential competitive disparities with similar programs in other
countries. The FDIC's extension is consistent with extensions of other
liquidity programs recently announced by the Board of Governors of the
Federal Reserve System.

Extension of the TLGP
The Interim Rule extends the period during which TLGP debt may be issued
from June 30, 2009 to October 31, 2009. The extension applies to all IDIs
and to other participating entities (such as bank holding companies) that
have issued TLGP debt prior to April 1, 2009.