Treasury says TARP costs $26.55 million through January

Reuters on Yahoo ^ | 1/6/09 | David Lawder

[NormsRevenge]

WASHINGTON (Reuters) – How much does it cost to spend $350 billion?

The U.S. Treasury said on Tuesday its administrative bill for the Troubled Asset Relief Program is expected to total $26.55 million through the end of January, mostly to pay for services such as accounting and custodial contracts.

In a report to Congress, the Treasury said it incurred $5.58 million in expense obligations through December 31.

Congress has released only the first half of the $700 billion bailout fund, which was approved in October 2008. The Treasury has allocated about $354 billion from the fund, but has released only about $257 billion for disbursement.

Of the January 31 administrative bill, $1.19 million was projected for direct personnel costs and $24.42 million for contracted services.

[NormsRevenge]

$26.55 million

What a steal of a deal.

This is operating/administration costs only.

[massgopguy]

So why is my 401K still down 40%?

[USFRIENDINVICTORIA]

Seems like a lot for heavy-lift helicopter services.

[Attention Surplus Disorder]

$26.55 million??

Little disparity betwen that and the $350 BILLION that has supposedly been spent so far. Not that any one of us would know any of the details.

$26.55 million? I think that would probably cover the business cards, glossly brochures, and diversity training sessions.

[Attention Surplus Disorder]

$26.55 million??

Little disparity betwen that and the $350 BILLION that has supposedly been spent so far. Not that any one of us would know any of the details.

$26.55 million? I think that would probably cover the business cards, glossly brochures, and diversity training sessions.

[Red Badger]

They didn’t spend that much money on tarps after hurricane Katrina!...............

[Yo-Yo]

Well, they had to pay for the platoon of accountants who went over the books of every bank that requested TARP funds with a fine toothed comb, to make sure there wasn't any fraud or abuse occuring.

Oh wait...

[KarlInOhio]

Does that include the price of the Vasoline?

[mysterio]

Government is robbing us blind and ruining our currency.

[2harddrive]

But, the Bank of Oklahoma (with their wholly-owned Bank of Texas subsidiary) TURNED DOWN the TARP funds! After all, they NEVER participated ion any Subprime Crime!

[Attention Surplus Disorder]

Yeah, and when they found loads of fraud, they had to hire a pile of administrators to tell them to bury the results.

[elpadre]

Unbelievable! why doesn't the cost of spending TARP come out of the TARP fund???