I thought we sunk about $400 bil into that. So we are going to get $400+ bil ‘back? Sounds like a load of horse-hockey. Not to mention, the $$ will go to pols in DC. Not ‘us’ folks who ponied up the cash. The will spend it on .......crap.
Not quite that much. Geithner: TARP to Earn Healthy Profit for US - Reuters, 2009 December 14 "Today's announcements mean that more than $185 billion of the $245 that TARP invested in banks is now slated to be returned to taxpayers -- with $90 billion scheduled to come back just in this month alone," the spokesman said in a statement. Plans from Wells Fargo and Citigroup to repay taxpayer funds will put the U.S. government on track to reduce its bailout investments in banks by more than 75 percent, while earning a healthy profit for the U.S., U.S. Treasury Secretary Timothy Geithner said on Monday. .....
"This month alone" is, of course, because the Treasury / FDIC / WH finally allowed banks to repay TARP, which many larger banks were trying to do for some time, but required to increase their capital reserves. Most of the hole in TARP lies in AIG (while Citi itself has not recovered, its TARP repayment is more than in full), partly because government managers rushed to sell some valuable assets, and non-financial entities such as GM and Chrysler. Fed actually made money for its backstop on the sale of Lehman Brothers, most of it to UK's Barclays.
Not to mention, the $$ will go to pols in DC. Not ‘us’ folks who ponied up the cash. They will spend it on .......crap.
Correct, see post #16. Here's how Treasury spokesman sees the money to be used, in the rest of the TARP repayment statement : "While much work lies ahead to improve lending and spur job creation, the news from Wells Fargo moves us closer to winding down the government's unprecedented involvement in the banks."
Not much more needs to be said, but of note, President Bush was the first one to misuse TARP fund when he decided to "lend" from it to "save" automakers and their unions.