Hmm. Remember the $700 billion bank baleout called TARP (Troubled Asset Relief Program)? It looks like it might have been money well spent.
The Treasury Department reported on Wednesday that six more banks repaid a total of $475 million in funds they had received as part of their participation in the $700 billion Troubled Asset Relief Program (TARP). The reimbursement lifted the recovery under the program to about 99%. The program was initiated more than two years ago to rescue the nation’s financial industry.
There is more good news for the Treasury. In addition to the recovery of the entire TARP money, the Treasury expects the program to earn a handsome $20 billion in profit from banks.
But then The Huffington Post talks a little vaguely about how the government spent $4 trillion on the bailout and most of that money is gone for good. I don’t know!