The taxpayers bailed them out, but the big time bankers are still sticking it to us.
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.
We have our own troubles. Why should we care about what happens in Greece? Maybe we should be paying more attention. According to Henry Blodget, CEO of The Business Insider, U.S. taxpayers will chip in $8 billion to help bailout Greece.
That number could rise if the need for bailouts spreads to Portugal, Italy, Spain or whereever.
Here’s more perspective of what’s happening in Europe.
The Balance Sheet: Merkel’s Mess
The Curious Capitalist: Why Europe is still in meltdown
The Conscience of a Liberal: Default, Devaluation, Or What?
Fox Business News’ stocks editor Elizabeth MacDonald has a not-so-comforting take on General Motors’ television campaign touting the pay back of taxpayer loans.
Read her blog post here.
The government bailout of automakers GM and Chrysler likely will take years to unwind and cost taxpayers mroe money, MacDonald says.
With financial regulation reform the next big thing coming out of Washington, I thought it would be fun to watch that oldie, but goodie — “Wall Street.” Great movie.
Michael Douglas as Wall Street raider Gordon Gekko delivered one of the classic lines of cinema history –“Greed, for the lack of a better word, is good. Greed is right. Greed works.”
Gekko’s doublespeak carried the day in that scene, but by the end of the movie good triumphed over evil.
Will the same be said when the current battle over financial reform ends?
Curious about what you, the taxpayers, now own after government bailouts of AIG and Bear Stearns?
Read this by Elizabeth MacDonald, stocks editor for Fox Business Network.