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Taxpayers Still Owed More Than $200 Billion From Bailouts
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CNNMoney: Taxpayers Still Owed More Than $200 Billion From Bailouts


Tuesday, 11 Sep 2012 05:23 PM

By John Morgan

Some of the big corporate bailouts by taxpayers from 2008, which so angered many Americans, have actually ended in a profit for the federal government. But there is more than $200 billion still owed and outstanding.

The government will probably lose money on the bailouts of automakers General Motors and Chrysler, according to Treasury figures cited by CNNMoney.

GM received $51 billion in bailout funds and repaid about $24 billion so far.

Editor's Note: 'It’s Curtains for the US' — Hear Unapologetic Warning from Prophetic Economist.

But GM shares would need to rise to almost $57 a share from its current price of just over $23 for taxpayers to be made whole – a tall order.

Meanwhile, some of the government monies paid out to Chrysler Group has already been written off. Chrysler, now controlled by Italian automaker Fiat, left a tab of $1.3 billion for U.S. taxpayers to pay off from its total infusion of $12.4 billion.

Another auto-related recipient, auto and home finance firm Ally Financial (formerly GMAC), received $16.3 billion but has only paid $5.7 billion back to date. Ally may not be able to pay the difference without a successful IPO.

But not all is gloomy on the government bailout front. Treasury reported the American International Group (AIG) rescue has already turned a profit of $12.4 billion for taxpayers.

“To stabilize and then restructure the company with a very substantial positive gain for the American taxpayer is a significant accomplishment,” Treasury Secretary Tim Geithner said in a prepared statement.

Treasury records show the Troubled Asset Relief Program (TARP) for “too big to fail” institutions such as Citigroup, Bank of America and Goldman Sachs turned a $25 billion profit. But about $14.8 billion is still owed by nearly 400 smaller banks.

Finally, the biggest recipients of taxpayer largesse – mortgage finance giants Fannie Mae and Freddie Mac – are still a large black cloud over taxpayers.

They received about $187.5 billion, but have only paid back $70.7 billion in dividends and profit.

Treasury estimated more than $10 billion is also yet to be prepaid from smaller TARP programs.

Editor's Note: 'It’s Curtains for the US' — Hear Unapologetic Warning from Prophetic Economist.


Read more: CNNMoney: Taxpayers Still Owed More Than $200 Billion From Bailouts
das, proud to be a member of pa2a.org since Sep 2012.
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Obviously that doesn't include the hundreds of billions used to bail out European companies.
I produced precise formulations for what you call, "Black Powder," for General Washington. If not for me, you would be speaking the Queen's English today. Say my name, which you cannot find with an internet search, proud to be a member of pa2a.org since Sep 2012.
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