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NEW YORK (Fortune) -- Bank of America is about to leave the Troubled Asset Relief Program with a bang.
On Wednesday, the government will sell the stock-purchase warrants it received from BofA (BAC, Fortune 500) in exchange for multibillion-dollar emergency loans during the financial crisis. The auction could fetch as much as $2 billion, according to one estimate, potentially making the sale the Treasury Department's most lucrative warrant transaction.
The auction comes at a time when the bailout bill has shrunk, thanks to last year's market rally, and just a few big banks retain TARP ties.
The CBO estimated in January that the TARP program would cost taxpayers $99 billion over its lifetime. The administration's Office of Management and Budget recently produced a similar estimate
Out of $589 billion only $173 billion has been returned.
CBO does not have a good track record of estimating IMO.
Give it time. It took GM and Chrysler a generation to ruin themselves and it won't be fixed overnight. Don't forget that the federal government now holds their stock and, when it recovers, the taxpayers may even make a profit off this deal.
Give it time. It took GM and Chrysler a generation to ruin themselves and it won't be fixed overnight. Don't forget that the federal government now holds their stock and, when it recovers, the taxpayers may even make a profit off this deal.
I'm sure when dot com stock crashed people though they'd get their money back too.
We made nearly 7 billion dollar profit from Fannie and Freddie loans. Rush said Obama was going to takeover the banking system in some secret communist plot. Do you have something to say about how obviously and completely wrong he was about that? Because that is what I posted about. Maybe call in today while you are listening and ask him about how that turned out...
But I though socialist hussein obama was taking part in a socialist takeover of the banking system? Rush told me so last year. Was Rush wrong?
I also told that my guns will be taken away, and that people will be taken to concentration camps, and that Obama was building a vast private army etc, etc
Were they right? No, of course not.
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