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Bush's TARP Program Ends with $15 Billion Profit

Discussion in 'News & Current Events' started by InTheLight, Dec 19, 2014.

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  1. InTheLight

    InTheLight Well-Known Member
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    NEW YORK (CNNMoney)
    The U.S. government essentially closed the books on TARP with a $15.3 billion profit.

    Treasury sold its remaining shares Friday in Ally Financial, its last remaining major stake from the $426 billion bailout of banks and the U.S. auto industry.

    The Troubled Asset Relief Program was passed in 2008, in the wake of Lehman Brothers' bankruptcy, as the nation's financial system was on the verge of collapse and economists feared another Great Depression. At the height of the bailout, Treasury owned a significant stake in all of the major U.S. banks, such as Citigroup (C) and Bank of America (BAC), two of the nation's Big Three automakers -- General Motors (GM) and Chrysler Group (FCAM) -- as well as one of its largest insurers, AIG (AIG).

    But with the sale of the Ally (ALLY) stock, Treasury now only holds stakes in 35 small community banks.


    http://money.cnn.com/2014/12/19/new...-end/index.html?sr=twmoney121914tarp0120story
     
    #1 InTheLight, Dec 19, 2014
  2. poncho

    poncho Well-Known Member

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    So we saved the banks that should have have been allowed to fail.

    What a success story.
     
    #2 poncho, Dec 19, 2014
  3. carpro

    carpro Well-Known Member
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    I was against it. Still believe we should not have done it. But at least it made money. So I guess it turned out to be a good investment.

    The GM deal done by Obama was the one I objected to most, mainly how it was done. It was done primarily to benefit the UAW who ended up owning like 17% of the company. For the first time in history, debtors were not given preference in a bankruptcy. It was a total steal.

    GM will fail again. They still haven't addressed their main problem.
     
    #3 carpro, Dec 19, 2014
    Last edited by a moderator: Dec 19, 2014
  4. poncho

    poncho Well-Known Member

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    Let's do it again next year!
     
    #4 poncho, Dec 19, 2014
  5. poncho

    poncho Well-Known Member

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    #5 poncho, Dec 19, 2014
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