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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).
http://money.cnn.com/2014/12/19/news/companies/government-bailouts-end/index.html?iid=HP_LN
And yes, yet another example of how the GOP was wrong on TARP. It did the job it was supposed to do, and, it made the Treasury some profit on top.
I wonder if they’ll now try to take this AWAY from Obama, claiming that Dubya was actually responsible?
“I wonder if they’ll now try to take this AWAY from Obama, claiming that Dubya was actually responsible?”
Wasn’t he?
In the minds of nearly each and every O’Hater out there, none of them knew that until they read those words.
Bush was desperately to keep the economy form complete meltdown on his watch.
The fact that Bush pushed through a massive government bailout and stimulant while on the verge of collapse
(and remember Boehner crying in his speech to encourage passage?) shows that even they didn’t believe their supplyside claptrap.When the chips were down, they went all Keynesian.
Because Keynesian policies work. It’s been proven. Several times! And always to rescue the recessions conservatives brought on.
Bush was trying to save his hyde after sending the economy into a tailspin. But history shows that all the GOP folks talking bad about TARP were wrong.
It solved our issues AND made a profit. If the GOP had their say they would have gone the other way and it would have been a disaster.
Bush did the right thing with the initial TARP loans.
Obama improved on it when he issued the second round of loans, because he added in transparency. He told the banks, GM and Chrysler that they weren’t getting another dime until they did something about the core problem. It forced them to streamline and modernize their operations and management teams, and capped frivolous and egregious executive and shareholder bonuses at a time where we were staring down the barrel at October of 1929.
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