Senator John McCain, who faces a tough reelection battle, says that he was misled regarding the details of the bailout. McCain says that he believed that the bailout would focus on the housing crisis, but that the money went to Wall Street companies, like AIG, and to the auto industry.
But Wall Street firms, including AIG, helped to create and were negatively impacted by the housing crisis. Also, the bailout legislation is drafted broadly and allows the government to purchase bad assets from "financial institutions" and other companies, regardless of whether the assets are mortgage-related.
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