Why Not GM, Ford & Chrysler?
Gibson Dunn & Crutcher provides a section-by-section analysis of the Emergency Economic Stabilization Act of 2008 as passed by the Senate on October 2, 2008. Before anything else, the authors focus on the all important definition of "financial institution" and troubled assets, from which all else in EESA flows.
So what does financial institution mean? It's "any institution including, but not limited to, any bank, savings association, credit union, security broker or dealer, or insurance company which is organized and regulated under United States law or the law of the states or territories, and which has significant operations in the United States." The way it is "worded, there are technically no limits on what constitutes a 'financial institution' other than that it has to be an 'institution' and cannot be a central bank or an institution owned by a foreign government." So why not GM, Ford and Chrysler?
To download the document, visit this PLI Newsletter.
2 comments:
The law as you've cited it says, "...any institution...which is organized and regulated under United States law or the law of the states or territories..." As far as I know, the U.S. automakers are not, nor were they ever, "regulated under United States law or the law of the states...". That's why not, aside from the financial or economic arguments one may or may not choose to make.
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