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The 9/11/01 Attack and Corporate Welfare

One of the first actions by Congress in the wake of the attack was to pass the airline bailout, $5 billion in cash and an additional $10 billion in loan guarantees. President Bush passed the bill just 11 days after the attack.

e x c e r p t
title: Rethinking the Airline Bailout
authors: Susanna Dokupil
The president signed the Air Transportation Safety and System Stabilization Act ("ATSSA"), Pub. L. No. 107-42, into law on September 23, 2001. This $15 billion aid package offered $5 billion in direct relief and $10 billion in loan guarantees. The act passed by a 96-1 vote in the Senate and 356-54 in the House [15]. It offers direct aid, loan guarantees, tax relief, insurance, and limitations on liability to qualifying air carriers.

Shortly after the attack President Bush promised New York $20 billion in aid. A commitment of $21.4 billion was announced in a March 7, 2004 Rose Garden Ceremony. By the middle of 2004, members of New York's Congressional delegation were decrying the failure of the administration to account for the money, comparing its accounting to that of Enron. 1  

The New York Daily News ran a series of articles on the misuse of appropriations earmarked for relief, entitled "9/11 Money Trough". 2   The Daily News documented the misuse of Liberty Bonds, set up to assist rebuilding areas damaged by the attack. noting that many millions of dollars were used to finance projects in midtown, far from Ground Zero. For example, Douglas Durst's project at One Bryant Park received $650 million in Liberty Bond financing. 3  


References

1. Maloney Calls New White House Document on 9/11 Aid 'An ‘Accounting’ of Funds Only By Enron Standards', 6/26/04
2. 9/11 Money Trough, NYDailyNews.com,
3. His Midtown Plan got Federal Boost, NYDailyNews.com, 12/8/05 [cached]

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