TARP and the Big Bank Bailouts! Where Did the Money Go and Who has Paid it Back?

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On October 14, 2008, the U.S. government, specifically the Treasury division, used taxpayers money to purchase up to $700 billion of "troubled-assets," allowing banks and major American car dealerships and financial institutions liquid capital to invest, lend and support their businesses during our economic recession and the failing stock market. The name of this program was Troubled Asset Relief Program (TARP). It was passed under the Emergency Economic Stabilization Act of 2008 and created a new Office of Financial Security.

Most politicians on both sides of the conservative and liberal spectrum felt the bailout was a necessary to avoid a complete collapse of the American stock market, as well as, to ensure the American and even the world's financial security. TARP was also designed to hopefully benefit the U.S. Treasury department, and allow them to collect profit from any shares they have purchased, on future gains. TARP was also passed under the assumption that banks would begin to "lend" more to customers which equals a "loosening" of credit and stabilizing our current economy. TARP funds have also helped people refinance inflated mortgage rates and prices, under Making Homes Affordable Plan with Fannie Mae and Freddie Mac.

Eric Thorson is currently the Inspector General of the US Department of the Treasury and is responsible for the oversight of the TARP. Thorson has expressed concerns about the difficulty of properly overseeing this complex program in addition to his regular responsibilities. According to Wikipedia.com, "Thorson called oversight of TARP a "mess" and later clarified this to say "The word 'mess' was a description of the difficulty my office would have in providing the proper level of oversight of the TARP while handling its growing workload, including conducting audits of certain failed banks and thrifts at the same time that efforts are underway to nominate a special inspector general."

In order to be eligible for TARP assistance the government used a confidential set of criteria that The New York Times, believes was based on (1) banks that were currently financially best off and (2) too big to fail. This angered many constituents and proponents of TARP as the money was being used to bail out the "big banks/wall street" and not helping any of the community-based banks. This may also be one of the reasons that America will continue to see small bank failures, acquisitions and mergers for up to the next five years.

According to Wikipedia.com the U.S. Treasury still has not released the official list of businesses bailed out by using TARP funds, however according to Wikipedia this is how TARP funds have been distributed and paid back.

Company

Preferred Stock Purchases (millions USD)

Repaid TARP Money

Citigroup

$45,000

Yes

Bank of America

$45,000

Yes

AIG (American International Group)

$40,000

JPMorgan Chase

$25,000

Yes

Wells Fargo

$25,000

Yes

General Motors

$13,400

Goldman Sachs

$10,000

Yes

Morgan Stanley

$10,000

Yes

PNC Financial Services Group

$7,579

Yes

U.S. Bancorp

$6,600

Yes

GMAC Financial

$5,000

Chrysler

$4,000

Capital One Financial

$3,555

Yes

Regions Financial Corporation

$3,500

American Express

$3,389

Yes

Bank Of New York Mellon Corp

$2,000 to $3,000

Yes

State Street Corporation

$2,000 to $3,000

Yes

Discover Financial

$1,230

Yes

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