Found this is interesting. Next time someone tells you that taxpayers are going to make a profit on TARP and that it was a loan instead of a robbery tell them to stop listening to the statist banking propaganda.
GAO: Banks Paying Back TARP with Federal Money
Vote Ron Paul if you are tired of getting robbed and the shell game.
GAO: Banks Paying Back TARP with Federal Money
The Government Accountability Office says in a new report that banks that have repaid the Treasury Department's TARP bailout program did so with funds they received from other federal rescue programs.
The GAO’s finding undercuts the Treasury’s prior statements that effectively assert the Troubled Asset Relief Program has earned a profit for taxpayers. Specifically, the GAO says that, according to its new review, “as of January 31, 2012, 341 institutions had exited,” TARP, almost half by repaying...with funds from other federal programs.” For more, click here.
The GAO also finds that banks continue to stream out of TARP, but the number that are reneging or missing their required dividend and interest payments back to the Treasury program has risen.
A Treasury spokesman said that Congress specifically required that banks who participate in TARP could also participate in the Small Business Lending Fund. He also noted past comments from Assistant Secretary for Financial Stability Tim Massad, who said “we will continue to work to wind down the program in a way that ensures financial stability and protects the interest of taxpayers.”
The GAO adds that this issue of round-tripping federal bailout money arises with small banks, as the government essentially replaced their TARP funding with the new federal Small Business Lending Fund enacted in 2010, which GOP Congressmen have dubbed “TARP 2.0.”
Vote Ron Paul if you are tired of getting robbed and the shell game.