posted October 10, 2008
Sen. Bob Corker on Friday night praised Treasury Secretary Hank Paulson’s announcement that he would use the authority granted to him through the Emergency Economic Stabilization Act to buy senior preferred shares of non-voting stock directly from financial companies:
Sen. Corker said, "I applaud Treasury Secretary Hank Paulson's announcement tonight that he will use the authority that Congress granted him in the rescue bill to buy senior preferred shares of non-voting stock directly from financial companies which is the quickest way to inject liquidity into the markets, get credit flowing again and protect the taxpayer at the same time.
"I spoke this morning with Secretary Paulson and encouraged him to take this important step because it is the best way to quickly address this ongoing crisis that has crippled our credit markets and is putting tremendous stress on businesses across the state of Tennessee.
"I hope that he will use a large portion of the $700 billion he has been authorized to invest in this manner."
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