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TARP Profit on Citigroup: $12.3 Billion .

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SpartanDem Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-27-11 03:21 PM
Original message
TARP Profit on Citigroup: $12.3 Billion .
Source: WSJ

WASHINGTONThe U.S. is set to record a net $312.2 million from its sale of its final 465.1 million warrants to purchase common shares of Citigroup Inc., the Treasury Department said Wednesday.

The sale of the warrants, expected to close Monday, will allow the government to dispose of the remaining stake in Citigroup obtained through the Troubled Asset Relief Program, or TARP.

Overall, taxpayers are expected to end up with a $12.3 billion profit on the government's $45 billion investment in the company during the 2008 financial-sector bailout. Last year, Treasury sold its 34% stake of common shares of Citigroup.

we exit our investments in private companies and recover taxpayer dollars, it's clear that the cost of the TARP program will be a fraction of what many had once feared during the depths of the crisis," Tim Massad, Treasury's acting assistant secretary for financial stability, said in a statement.



Read more: http://online.wsj.com/article/SB10001424052748703293204576105763449264874.html?mod=googlenews_wsj



That's a nice little payday
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jpak Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-27-11 03:24 PM
Response to Original message
1. You Lie! It was an Obama giveaway to Wall Street banksters!!1111
There can be no "profit" from corporate stoogism!

:D

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Roy Rolling Donating Member (762 posts) Send PM | Profile | Ignore Thu Jan-27-11 04:03 PM
Response to Reply #1
3. Technically....
TARP was done in the waning days of the Bush watch. But, as much as it is admirable the U.S. did not lose money, it may be successful because the giant banks were able to show big profits that may be a drain on other areas of the economy. So the U.S. is a partner in this. It would be nice to have a federal program for struggling local banks instead of just the predator "too big to fail" banks that continue to take a larger and larger chunk out of the economy. The local banks---the "Bailey Brothers Building and Loan" banks have a better finger on the pulse of communities than banks headquartered a thousand miles away.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-27-11 03:25 PM
Response to Original message
2. ...
:mad: how many unemployment checks, small business loans, food stamps, etc -- could that money have been put to?
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AdHocSolver Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-27-11 04:34 PM
Response to Original message
4. If the "TARP" money had been put into building infrastructue and "green" technology...
...the future payback to the economy would be many times greater than that measly $12.3 billion.

The only result of the TARP giveaway was to save the asses of the banksters when their Ponzi schemes collapsed.
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Disintermedia8 Donating Member (174 posts) Send PM | Profile | Ignore Thu Jan-27-11 04:56 PM
Response to Original message
5. "sure, I understand the ocean liner hit an iceberg and sank
but look at this set of wineglasses I was able to save from the ship's dining room".
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