'Extremely Unlikely' Taxpayers Will Recoup TARP Money: Government Watchdog:
source: http://abcnews.go.com/Business/government-watchdog-extremely-taxpayers-recoup-tarp-money/sto...
-
-
- bansheewail
- added this
The controversial $700 billion bailout program has helped avert the collapse of the financial system, but the chances of taxpayers recouping the money are "extremely unlikely," a government watchdog believes.
Taxpayers are "extremely unlikely" to recoup the $700 billion the government spent to bail out the nation's banks and other institutions, special inspector general Neil Barofksy says.
In prepared testimony to be delivered at a Senate Banking Committee hearing today ahead of the one-year anniversary of the enactment of the Troubled Asset Relief Program, the bailout's special inspector general tells lawmakers that it is "unclear" if the government will meet its goal of "maximiz[ing] overall returns to the taxpayer."
"While several TARP recipients have repaid funds for what has widely been reported as a 17 percent profit, it is extremely unlikely that the taxpayer will see a full return on its TARP investment," Neil Barofsky says. "For example, certain TARP programs, such as the mortgage modification program which is scheduled to use $50 billion of TARP funds, will yield no direct return, and for others, including the extraordinary assistance programs to AIG and the auto companies, full recovery is far from certain."
Taxpayers are "extremely unlikely" to recoup the $700 billion the government spent to bail out the nation's banks and other institutions, special inspector general Neil Barofksy says.
In prepared testimony to be delivered at a Senate Banking Committee hearing today ahead of the one-year anniversary of the enactment of the Troubled Asset Relief Program, the bailout's special inspector general tells lawmakers that it is "unclear" if the government will meet its goal of "maximiz[ing] overall returns to the taxpayer."
"While several TARP recipients have repaid funds for what has widely been reported as a 17 percent profit, it is extremely unlikely that the taxpayer will see a full return on its TARP investment," Neil Barofsky says. "For example, certain TARP programs, such as the mortgage modification program which is scheduled to use $50 billion of TARP funds, will yield no direct return, and for others, including the extraordinary assistance programs to AIG and the auto companies, full recovery is far from certain."
-
- groups:
- Current Tonight, US Politics
-
- tags:
- News and Politics, Financial, US Politics, Congress, 5 more
-
-
neocongo
-
I don't think all the money was expected to be recovered. This will provide excellent leverage for badly, badly needed regulation.
- 2 years ago
-
neocongo
-
-
bansheewail
-
'Extremely Unlikely'
Is this a surprise?? Something the Bush Adminstration pushed down our throats isn't going to turnout like they promised.....wow. Shocking.
- 2 years ago
-
bansheewail
