From the HuffPost, of all publications (maybe their under- and un-paid writers are getting revenge?), we find the following stunning news by reporter Mark Gongloff:
TARP Profit A Myth, Claims TARP Inspector General Christy Romero
“…the bailout … 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).”
Yes, not stunning to this skeptic, but IFO didn’t have the facts to back up her intuitive idea that TARP was still costing taxpayers billions of dollars.
The U.S. Treasury Dept. still insists it will break even, but then they claim they never intended to anyway, “most of the remaining projected cost ($46 billion) is related to foreclosure prevention aid,…”
How can the HuPo print this heresy? Because BUSH DID IT!!! hahahahahaha
We urge you to read the entire article. There’s more info and it’s worse. Community banks, for example, have been put in a nearly untenable position. Think TARP was to help the little guys?
Think again. If this plays out the way it appears to be doing at this time, the number of small, local banks will have shrunk drastically. People will be forced to work with the big, bigger and biggest banks – you remember, the ones that were Too Big To Fail?