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Govt Will Make Over $10 Billion In Profit From AIG Bailout

  • They have been selling off international assets like crazy but I never thought they would be able to pay off their tab to the govt. http://www.cnbc.com/id/47281842 The treasury also says that they eventually will make a profit between $10 billion and $100 billion for the bailout as a whole. http://bottomline.msnbc.msn.com/_news/2012/04/13/11186623-taxpayers-to-make-money-on-tarp-treasury-says?lite How much money the treasury makes on TARP depends on how long it waits to sell of their stakes in GM and AIG. The federal govt is usually completely incompetent so this program turning out alright is a nice change.

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    ng164300

  • This is indeed good news and turning out much better than I ever expected. I figured we would not get most of the money back with GM and AIG being two of the biggest and two of the hardest to turn. Citi and BoA were the other two that worried me.

    So does this mean BO will have to congratulate GWB, Ben Bernake, and Hank Paulson for TARP? Means that talking point for the left has died if TARP makes money and the unions have or will make out like bandits on GM with that "very unusual" bankruptcy deal.

    This post was edited by nwbucknut on 5/6/2012 at 8:41 PM

    nwbucknut ●

  • nwbucknut said...

    This is indeed good news and turning out much better than I ever expected. I figured we would get most of the money back with GM and AIG being two of the biggest and two of the hardest to turn. Citi and BoA were the other two that worried me.

    So does this mean BO will have to congratulate GWB, Ben Bernake, and Hank Paulson for TARP? Means that talking point for the left has died if TARP makes money and the unions have or will make out like bandits on GM with that "very unusual" bankruptcy deal.

    It also means Cons like you should apologize.

    dave1954 ●

  • For what?

    nwbucknut ●

  • The larger picture taken from 3 govt accounting sources is slightly less optimistic.

    http://www.econmatters.com/2012/04/myth-buster-us-treasury-says-tarp.html

    Even after taking into account of government sources such as Office of Management and Budget (OMB), the Congressional Budget Office (CBO), the U.S. Treasury Dept. is probably the only one repeatedly preaching the "profitability" of TARP. After proclaiming that "Repayments to Taxpayers Surpass Tarp Funds Outstanding." in June 2010, Treasury came out with this update earlier this month:

    "Overall, the government is now expected to at least break even on its financial stability programs and may realize a positive return. Treasury’s TARP investments and overall stake in AIG, purchase of mortgage-backed securities, and Money Market Fund guarantee program are each currently expected to realize an overall positive return for taxpayers."

    A week later, along came a congressional report by SIGTARP (The Office of the Special Inspector General for the TARP) pouring ice water on the seemingly overly optimistic Treasury:

    "It is a widely held misconception that TARP will make a profit...... As of March 31, 2012, $470.1 billion is obligated to TARP programs.6 Of that amount, $414.6 billion had been spent and $50.2 billion remained obligated and available to be spent. Taxpayers are owed $118.5 billion as of March 31, 2012.

    The table below from SIGTARP report lists the most recent TARP program estimates from three agencies.

    attachment

    cincyx ●

  • I am not going to blame a party or give credit to any party for passing TARP. They really had no choice but to do it. Everybody knows that the Great Depression was just a recession until they let the banks fail. After that shit hit the fan.

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    ng164300

  • It has been proven that the only way to get out of a recession and to avoid a depression is to spend our way out. The European countries have tried austerity, and what has it gotten them? You cannot be on record as opposing stimulus and bailout measures and then take credit for them when they succeed.

    McCague

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