Senate package would bail out major foreign investors, including China

During a time when most pundits and analysts had come to favor the financial bailout package, Rep. Brad Sherman of California was on Larry Kudlow’s CNBC show on Sept. 30 to cite evidence that the legislation potentially “provides hundreds of billions of dollars of bailouts to foreign investors,” including those in Communist China.

The foreign bank bailout provision alarmed Sen. Pat Roberts, Republican of Kansas, who said, “The plan permits taxpayer dollars to be used to buy assets of foreign financial institutions that have a presence in the United States. If U.S. taxpayer dollars are going to be put at risk, those dollars should be used to shore up U.S. based companies.”

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Senate package would bail out major foreign investors, including China