Bailing out banks is proving to be a money-maker for U.S. taxpayers. Whether or not you agree with the politics of the bailout, there’s no denying the Troubled Asset Relief Program has paid off for the U.S. Treasury.
Most of the money has been repaid, although a handful of banks have yet to pay us back for keeping them alive.
“Of the $205 billion the Treasury doled out to 707 banks, $137 billion has been repaid. From the 61 banks that have fully repaid, the Treasury has earned a tidy $13 billion profit,” Forbes.com reports.
It’s interesting to note that of the banks that have yet to fully repay TARP loans two have sizable operations in the Knoxville area — SunTrust Banks and Regions Financial Corp.
It’s also interesting to see how news organizations from different ends of the political spectrum report on TARP.
Here’s a sampling of recent reports. Any guesses on which one puts the most negative spin on a successful program?
Forbes.com: Bank Bailouts Revisited
Fox Business News: Returns On US TARP Investments May Decline
BusinessWeek: Discover Buys Back Treasury Warrant for $172 Million
New York Times: JPMorgan and 9 Other Banks Repay TARP Money
Photo: Associated Press