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Rep. DeGette, the TARP is leaking taxpayer money

Posted by Joshua Sharf on April 25th, 2012
 
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Back on March 20, U.S. Rep. Diana DeGette, D-Colo., hosted one of her telephone town halls. It was more or less a recitation of Obama Administration and Democratic talking points, including this about the 2008 Troubled Asset Relief Program (TARP)…

“…and the good news is that we required them to put provisions in there so that the money would be paid back…Now, as we sit here today in 2012, virtually all that money has been paid back to the taxpayers.”

Not so fast, Representative. TheStreet.com reports today

“In its quarterly report to Congress, the Special Inspector for TARP said “It is a widely held misconception that TARP will make a profit. The most recent cost estimate for TARP is a loss of $60 billion,” adding that “taxpayers are still owed $118.5 billion (including $14 billion written off or otherwise lost).

“This directly contradicts a statement by the Treasury in late March, after the agency took losses of $48.8 million after its decision to auction its preferred shares in six banks owing TARP money at a discount, that it had “recovered $260 billion from TARP’s bank programs through repayments, dividends, interest, and other income - compared to the $245 billion initially invested,” so that “each additional dollar recovered from TARP’s bank programs is an additional dollar of profit for taxpayers.”

So “virtually all” in DeGette-land, ends up meaning “a little over half.” Maybe she’s taking the traditional 50% + 1 electoral math a little far afield.

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  • Post by Joshua Sharf on April 25th, 2012

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