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Tag Archives: Troubled Asset Relief Program
CBO – Taxpayer Cost is $31B for Troubled Asset Relief Program
To AutoInformed’s knowledge not one person at the firms responsible has been successfully prosecuted for what was rampant financial fraud that caused the housing and stock markets to collapse as the ratings agencies paid by the swindlers continued to claim the complex financial instruments issued were investment grade when they were indeed junk. Junk bonds – never has a financial instrument so honestly been named. Continue reading
Treasury Makes $245 Million in Added Profits from TARP
TARP’s bank programs have already earned a significant profit for taxpayers. Including the expected proceeds from today’s transaction, Treasury has now recovered $264 billion from TARP’s bank programs through repayments, dividends, interest, and other income – compared to the $245 billion initially invested. Continue reading
U.S. Treasury to Sell $2.7 Billion of Ally Preferred Securities
As part of this corporate welfare program, Treasury invested a total of $17.2 billion in a failing Ally. This was the result of what critics called reckless lending practices in the home mortgage markets, which caused huge Ally losses when the housing bubble burst in 2009. Continue reading
Troubled Asset Relief Program Report – Same Villains
Lawmakers created the TARP in 2008 to stabilize the roiling financial markets. Given what appears to be universal Republican intransigence on guaranteeing US Treasury repayment of the huge amount of debt piled up considerably during the Trump Administration, and the ongoing Republican folly of tax-cuts for the wealthy and other forms of corporate welfare, it appears that the US is once again headed for a crash in the financial markets, a recession and perhaps a resulting global depression. If another bailout is needed to provide stability in financial markets by purchasing and guaranteeing “troubled assets,” let’s hope we learn from the past and awaken to the idea that bailed out banks and financial institutions will have to give taxpayers equity in the institutions commensurate with the amount of money given them. Continue reading →