TARP is now over, and it made $15 billion in profits

[babylonsister]

TARP is now over, and it made $15 billion in profits

Updated by Matthew Yglesias on December 19, 2014, 10:40 a.m. ET @mattyglesias [e-mail]


Today, the Treasury Department announced the sale of its shares in Ally Financial (formerly the finance arm of General Motors) for $19.6 billion.

This is the last vestige of the auto industry bailout program initiated during the winter of 2008-2009.

In total, Treasury now says "taxpayers have recovered $441.7 billion on TARP investments including the sale of Treasury’s AIG shares, compared to $426.4 billion disbursed" for a profit of a bit over $15 billion.

TARP's most hysterical critics were wrong

The fact that the multi-billion dollar bailout program for banks and others ultimately cost the taxpayers less than $0 is an important reminder that many of TARP's fiercest critics were offering over-the-top and inaccurate complaints. The programs were not drivers of America's national debt, did not come at the expense of middle-class kitchen-table interests, did not leave the economy saddled with zombie banks, and were not a disastrous failure.

more...

http://www.vox.com/2014/12/19/7421359/tarp-profit

[stevenleser]

1. Oops! I can't wait to see the reaction from all corners.

oh, and:

[ohnoyoudidnt]

2. I'm sure everyone who lost their homes will be thrilled

that the banks made a profit with their foreclosures and the bailouts.

[belzabubba333]

3. just great, thanks obama

[SomethingFishy]

4. So then the destruction of Dodd Frank was a good thing

the language Citicorp added to the budget was good for the citizens and we should all hope that the economy collapses again so we can make some more money.

How much of that 15 billion went to people who lost their pensions? Their 401k's? Their homes? It says "taxpayers" got their money back. Which ones? Where did the money go?

Just asking.

[PoliticAverse]

5. Why did TARP show a paper profit? Because the real, $16 trillion bailout....

was done by the Federal Reserve.

See: http://www.sanders.senate.gov/newsroom/press-releases/the-fed-audit

[Nuclear Unicorn]

6. Assuming this is accurate (and not an accounting trick of the sort that initiated the TARP)

How is using taxpayer money for private profit a good thing?

[B2G]

7. What private profit?

The government profited by 15 billion, not the banks.

[Nuclear Unicorn]

9. The TARP was used to pay off bad investments.

That means losing investments became profitable investments. That means those who made those investments profited. That the government gained more than it put in may not even be anything more than an accounting trick.

[sabrina 1]

8. How does my friend whose home was stolen, get any of this money? So far

she was offered $800.00 which she refused, apparently she wasn't the only one who was insulted by that offer. Then they upped it to $3,000.00 telling her she better either accept that or go 'eff' herself as that was their 'final offer'.

She inquired whether accepting it would preclude her from suing the Corrupt Bank who stole her home and was told 'no, if she wants to sue she can'. Wells Fargo btw. How are they doing lately?

She accepted it and is pursuing a lawsuit which will cost her way more than that.

It's nice I suppose for whoever benefits from those billions, I love how the little people are ignored though, those who had their homes stolen by the corrupt and criminal practices of Wall St banks.

[doc03]

10. The steel plant I worked in shut down after over 150 years of operation,

it never restarted and none of us got our jobs back. Makes my heart feel good the banks crashed the economy and managed to
make enough profit to pay back their taxpayer bailout. Now with the new budget they can gamble with our money again
and get covered for their loss. Really gives me comfort to know that.