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All Constitutional guarantees were suspended.
The guarantees were supposed to cover only civil projects.
It also had to pretend that guarantees were not subsidies.
The Iraq guarantees were too risky to be a genuine commercial proposition.
And such guarantees were presented as generally low cost and low risk.
Among other concerns, they no longer felt that their own guarantees were so special.
The guarantees were authorized in a bill passed by Congress in 2005.
The guarantees were typically only for several years, and banks issued bonds to match.
These financing guarantees were approved by Congress as part of the American Recovery and Reinvestment Act.
In 2008 governments did what was needed to protect their banks: guarantees were issued, equity injected.
(After the sale, officials said those guarantees were made by investors other than the auction house).
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