04-25-2012, 12:21 PM
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professional curmudgeon
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Watchdog rejects idea that TARP will turn a profit
Quote:
WASHINGTON -- The government's watchdog for the $700-billion Troubled Asset Relief Program on Wednesday disputed suggestions the bailout fund would turn a profit for taxpayers, and warned that many small banks are still struggling to repay.
"It is a widely held misconception that TARP will make a profit," said a report by Christy Romero, the special inspector general for the TARP program, known as SIGTARP.
The Obama administration has said TARP has turned a profit on about $205 billion injected into banks, but still projects losses for the entire fund.
The report to Congress said that one recent cost estimate put TARP losses at about $68 billion and noted that banks and other financial institutions still owe $118.5 billion. And those figures don't include the potential harmful effects of the government precedent of wide-scale bailouts.
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Quote:
Romero and her predecessor in the watchdog position, Neil Barofsky, have been highly critical of the way the Treasury Department has run TARP. And they have pushed back strongly against the administration's positive stance on TARP's impact and financial outlook.
Last week, administration officials predicted that the U.S. likely would make a profit of as much as $163 billion over the next decade on all the bailout initiatives that began in 2008 to rescue the financial industry.
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Quote:
The Treasury Department did not project a profit for the entire TARP program. The administration estimated in February that lifetime losses from TARP would be $67.8 billion, largely because of the GM and Chrysler bailouts, as well as mortgage assistance programs.
Last month, the Congressional Budget Office estimated that TARP would lose $32 billion.
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Watchdog rejects idea that TARP will turn a profit - latimes.com
obama and his sycophants keep telling us how GM has paid back all the money they borrowed, however when you dig deep you will find that they still owe 61 billion dollars.
obama doesn't give a **** about taxpayer dollars nor does he give a **** about the country. 
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