TARP Deadbeats

Pro Publica, an independent non-profit noted for its investigative journalism, has been keeping tabs on the TARP Troubled Asset Relief Program TARP program and presents its updated status here.

I dropped their figures into a spreadsheet and came up with some interesting factoids.  All dollar figures are in rounded billions of dollars.  Actual disbursements from the program have been $538, of which $343 is still outstanding.  80% of the funds were disbursed to just 12 companies, with Fannie Mae and Freddie Mac, the quasi-government mortgage giants, at the top of the list. Fannie received almost $84 while Freddie got over $61.  Neither of these public – private companies has returned any money to the treasury.

General Motors recently ran a number of ads touting the fact that they had repaid some of the funds to the U.S. taxpayer.  What the ads didn’t tell us was that GM still owed taxpayers almost $44.  What GM also failed to note was the $16 loaned to its financing arm, GMAC, which was split off into a separate company.  None of that money has been repaid. Chrysler has returned only $2 of the almost $11 it received.  GM, GMAC and Chrysler combined received $72 and have returned only $9.

AIG has returned nothing of the $47 loaned to them.  Citigroup has returned $26 of the $45 it received.  The other mega-banks, Goldman Sachs, J.P.Morgan Chase, Bank of America, Wells Fargo and Morgan Stanley have all returned the combined $115 they received.  Taxpayers made $11 on those 5 banks, a return of 9.6%.

Here’s a short summary of the $343 in outstanding monies (in billions):
Fannie          $84
Freddie         $61
GM, GMAC     $60
AIG        $48
Chrysler     $9
830 Others    $81   

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