Banking, finance, and taxes
TARP Costs Now Only $105 Billion, Thanks To Citigroup (C)
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The cost of saving the global financial markets and credit system has come down again. The government’s estimate of the loss on the TARP has dropped $11.4 billion. According to The Treasury Department, “it notified Congress that the projected cost of the Troubled Asset Relief Program (TARP) has decreased to $105.4 billion since the FY 2011 President’s Budget.”
As recently as the Midsession Review released last August, the Administration estimated the cost of TARP would be $341 billion.The major reasons for the charge are because of sums paid back by major banks and car companies and “appreciation in the value of the 7.7 billion shares of Citigroup common stock held by Treasury. As of March 31, 2010, each share had a market value of $4.05.”
Douglas A. McIntyre
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