TARP Losses: $100-200B (And Counting…)
By Barry Ritholtz - October 5th, 2009, 11:00AM
Over the weekend, we celebrated (if that is the right word) the one year anniversary of TARP
Whoopee.
CNN/Money has a pair of nice graphics dissecting how taxpayer monies were spent, along with likely losses:
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Source:
TARP: Taxpayers on the hook for $200 billion
David Goldman
CNN/Money, October 3, 2009
http://money.cnn.com/2009/10/02/news/economy/tarp_anniversary/index.htm?postversion=2009100211
October 5th, 2009 at 11:49 am
Of course they’ve been busy for months now, spinning tales about how this looks worse than it is and how it was oh so necessary. When in fact it was a bail out of bank upper management and the bond holders. Capitalism took a shot to the gut with this little episode.
October 5th, 2009 at 12:16 pm
hmm, Goldman Sachs WASN’T THERE.
Transor Z Says: April 13th, 2009 at 3:10 pm
Goldman Sachs is a Mystery Cat: he’s called the Hidden Paw–
For he’s the master criminal who can defy the Law.
He’s the bafflement of Scotland Yard, the Flying Squad’s despair:
For when they reach the scene of crime–Goldman Sachs is not there!
He’s outwardly respectable. (They say he cheats at cards.)
And his footprints are not found in any file of Scotland Yard’s.
And when the larder’s looted, or the jewel-case is rifled,
Or when the milk is missing, or another Peke’s been stifled,
Or the greenhouse glass is broken, and the trellis past repair–
Ay, there’s the wonder of the thing! Goldman Sachs is not there!
And when the Foreign Office finds a Treaty’s gone astray,
Or the Admiralty lose some plans and drawings by the way,
There may be a scap of paper in the hall or on the stair–
But it’s useless of investigate–Goldman Sachs is not there!
And when the loss has been disclosed, the Secret Service say:
“It must have been Goldman Sachs!”–but he’s a mile away.
You’ll be sure to find him resting, or a-licking of his thumbs,
Or engaged in doing complicated long division sums.
Goldman Sachs, Goldman Sachs, there’s no one like Goldman Sachs,
There never was a Bank of such deceitfulness and suavity.
He always has an alibi, or one or two to spare:
And whatever time the deed took place–GOLDMAN SACHS WASN’T THERE!
And they say that all the Banks whose wicked deeds are widely known
(I might mention Kenny Lewis, I might mention Pandit-bone)
Are nothing more than agents for the Bank who all the time
Just controls their operations: the Napoleon of Crime!
http://www.ritholtz.com/blog/2009/04/taxpayer-funded-gs-profits/#comment-161908
October 5th, 2009 at 3:12 pm
From the article: “”People will never understand the enormity of the disruption that we never saw [..] As a society, we shouldn’t regret that some amount was invested in keeping the wheels on the cart.”
Fair enough, I don’t regret it! But then it should surely be a capital crime whatever it was that almost caused the “wheels” to come off?! I’ll be all for doling out money as soon as we start doling out the punishment for those crimes.
October 5th, 2009 at 4:37 pm
TARP IG should be encouraged to clawback funds: first locate bankers, invert and shake. Collect.
October 5th, 2009 at 9:16 pm
Well yeah, MEH got all of it. Just didn’t elaborate. He’s doing his poetry thing. And that’s tolerable because he’s a very cool cat.
What about SLP? The PPT?
What about the mega-trillion loan guarantees?
@BR: Sorry. You wanted to focus on a very manageable dataset.
I’m still off the chart.
October 6th, 2009 at 7:09 am
alfred,
that’s cool, I appreciate the compliment, but the Poem was, totally, Transor Z’s..
October 6th, 2009 at 9:52 am
Chris Whalen said we’d be paying for the bank bailouts for the rest of the century.Another big round coming up when rising unemployment layered over enormous numbers of underwater mortgages touches off a crisis for C, BAC and WFC – at a minimum. GMAC has a lot of garbage mortgages 9Ditech) maybe they’ll be first.