Troubled Asset Relief Program - Where Are the Funds Going?
The Troubled Asset Relief Program (TARP) is the massive US government initiative to buy toxic assets from banks and other financial institutions in order to make the financial system stronger.
It was born in the wake of the subprime mortgage meltdown.
But just who is benefiting from the hundreds of billions of dollars of taxpayers money? After all this is the $700 billion troubled asset relief program! I went through the transaction reports that are provided by the government on the treasury web site and took a look at who is taking cash to bail out past mistakes.
Typically these bailout funds are in the form of preferred stock purchases, and options to buy more stock.
The top five handouts are the familiar names that you would expect to need bailouts:
treas.
gov/initiatives/eesa/transactions.
shtml) is the range of institutions clamoring for bailouts , for example, take a look at the five smallest handouts:
From Calvert to Citibank the financial system is in turmoil, and it seems that there is no alternative but to use taxpayers money via the troubled asset relief program to bail these institutions out.
It was born in the wake of the subprime mortgage meltdown.
But just who is benefiting from the hundreds of billions of dollars of taxpayers money? After all this is the $700 billion troubled asset relief program! I went through the transaction reports that are provided by the government on the treasury web site and took a look at who is taking cash to bail out past mistakes.
Typically these bailout funds are in the form of preferred stock purchases, and options to buy more stock.
The top five handouts are the familiar names that you would expect to need bailouts:
- AIG - $40,000,000,000
- Citigroup Inc.
- $25,000,000,000 - JPMorgan Chase & Co.
- $25,000,000,000 - Wells Fargo & Company - $25,000,000,000
- Citigroup - $20,000,000,000
treas.
gov/initiatives/eesa/transactions.
shtml) is the range of institutions clamoring for bailouts , for example, take a look at the five smallest handouts:
- California Oaks State Bank - $330,000
- FPB Financial Corp.
- $324,000 - The Freeport State Bank - $301,000
- Fresno First Bank - $196,800
- Calvert Financial Corporation - $103,700
From Calvert to Citibank the financial system is in turmoil, and it seems that there is no alternative but to use taxpayers money via the troubled asset relief program to bail these institutions out.
