TARP Profit A Myth, Claims TARP Inspector General Christy Romero

April 26th, 2012

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TARP Profit A Myth, Claims TARP Inspector General Christy Romero

The Huffington Post – BofA and others have repaid TARP, but the idea of the bailout turning a profit for the government is bogus, according to TARP’s inspector. Contrary to the Obama administration’s claims, the bailouts of the financial and auto industries have 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).” Read Article

Tags: 2nd Great Depression, debt wealth, North America