TARP Profit A Myth, Claims TARP Inspector General Christy RomeroQuicklink submitted by Amanda Lang Permalink
Become a Fan
|Contrary to the Obama administration's claims, the bank bailout has not turned a profit for the U.S. government and may never turn a profit, according to a grim new assessment by the bailout's watchdog.
Even by non-financial standards the bailout has been less than a roaring success and may be helping to lay the groundwork for future financial disasters and bailouts, writes Christy Romero, the Special Inspector General for the Troubled Asset Relief Program, in her latest quarterly report to Congress, released Wednesday morning.
"It is a widely held misconception that TARP will make a profit," she writes right at the top of her 327-page report. "The most recent cost estimate for TARP is a loss of $60 billion. Taxpayers are still owed $118.5 billion (including $14 billion written off or otherwise lost)."
The time limit for entering new comments on this Quicklink has expired.
This limit can be removed. Our paid membership program is designed to give you many benefits, such as removing this time limit. To learn more, please click here.