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Old 01-26-2011, 11:26 AM
 
8,265 posts, read 11,158,790 times
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Saw this while "working" today: Citigroup Warrants Sell for $312 Million as Treasury Exits Direct Holding - Bloomberg

Quote:
Citigroup Inc. warrants, given to taxpayers as part of the bank’s $45 billion bailout, sold for $312 million in a U.S. Treasury Department auction yesterday.

The government sold about 255 million “A” warrants for $1.01 apiece, compared with a minimum bid price of 60 cents each set on Jan. 24, Treasury said today in a statement. About 210 million “B” warrants priced at 26 cents each, compared with the base bid of 15 cents. Warrants give holders the right to purchase shares up to a certain price for 10 years.

The auction, managed by Deutsche Bank AG, ends Treasury’s direct holdings in Citigroup, the third-largest U.S. bank, and adds to more than $12 billion that taxpayers have already made from the 2008 rescue. The government injected $45 billion into the New York-based bank and guaranteed troubled assets worth more than $300 billion to prevent it from collapsing.

“Our investment in Citigroup has produced a significant profit for taxpayers,” Tim Massad, Treasury’s acting assistant secretary for financial stability, said in the statement. “As we exit our investments in private companies and recover taxpayer dollars, it’s clear that the cost of the TARP program will be a fraction of what many had feared during the depths of the crisis,” he said, referring to the Troubled Asset Relief Program.

Which brings me to wondering what the scorecard is on TARP. I did a quick search but most news seemed to be from at least six months ago, I know most major banks have paid back and some companies (like GM) that many dismissed as lost money have in fact thrown some back into the kitty.

Does anyone have a higher level grasp of what the results of TARP in terms of cost to the taxpayers would amount to do date?
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Old 01-26-2011, 11:33 AM
 
Location: South Jordan, Utah
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It did as designed. TARP banks paid big bonuses despite poor performance - Jul. 30, 2009
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Old 01-28-2011, 12:57 AM
 
4,281 posts, read 3,143,412 times
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Well it seems the nabobs of negativity were a bit overzealous in their ranting. Funny none of them are man enough to come forward and admit that things played out differently from their wild-eyed scenarios.

Where's Rick Santelli and his Tea Party nowwwwww? Maybe gathered around a pentagram with their beloved Christine O'donnell!
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Old 01-28-2011, 07:52 AM
 
Location: Sitting on a bar stool. Guinness in hand.
4,429 posts, read 5,915,030 times
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Quote:
Originally Posted by shaker281 View Post
Well it seems the nabobs of negativity were a bit overzealous in their ranting. Funny none of them are man enough to come forward and admit that things played out differently from their wild-eyed scenarios.

Where's Rick Santelli and his Tea Party nowwwwww? Maybe gathered around a pentagram with their beloved Christine O'donnell!
HEY! Equating the Tea Party and Pentagrams together is just insulting to symbolism of Pentagrams.
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Old 01-29-2011, 08:46 AM
 
4,281 posts, read 3,143,412 times
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Originally Posted by slackjaw View Post
Which brings me to wondering what the scorecard is on TARP. I did a quick search but most news seemed to be from at least six months ago, I know most major banks have paid back and some companies (like GM) that many dismissed as lost money have in fact thrown some back into the kitty.

Does anyone have a higher level grasp of what the results of TARP in terms of cost to the taxpayers would amount to do date?
I don't think the auto bailout is included in most TARP figures. Last I read, the auto bailout which was speculated to cost around $130 billion by some:

Auto bailout tab could top $130 billion - Feb. 18, 2009

is now down to 19 billion and dropping.

Auto bailout loss: Congressional oversight panel says 19$B - Jan. 13, 2011
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Old 01-29-2011, 08:47 AM
 
4,281 posts, read 3,143,412 times
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Originally Posted by baystater View Post
HEY! Equating the Tea Party and Pentagrams together is just insulting to symbolism of Pentagrams.
I stand corrected and ashamed!
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Old 01-29-2011, 09:24 AM
 
5,369 posts, read 10,282,597 times
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Overall, TARP appears to have less legit accounting than a "Black" (off books) project.

How would anyone know the truth?
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Old 01-29-2011, 09:40 AM
 
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Originally Posted by Philip T View Post
Overall, TARP appears to have less legit accounting than a "Black" (off books) project...
And you base that on what? A general feeling of dread?
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Old 01-29-2011, 09:49 AM
 
5,369 posts, read 10,282,597 times
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Originally Posted by shaker281 View Post
And you base that on what? A general feeling of dread?

hmmm, no. Dread is not really in my genre.

I am basing it on a feature of humanity where open, honest people tend to be open and honest.

By contrast, TARP was cooked up from a closed session of Congress, by and for organizations known for lying about money and their accounting, was paid in large uncontrolled lumps, being "re-paid" by sources and accounting not fully published, and the top-end is saying "See? It is all better."

THAT does not look open and honest to me. Does it to you, comrade?
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Old 01-29-2011, 10:17 AM
 
4,281 posts, read 3,143,412 times
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Quote:
Originally Posted by Philip T View Post
hmmm, no. Dread is not really in my genre.

I am basing it on a feature of humanity where open, honest people tend to be open and honest.

By contrast, TARP was cooked up from a closed session of Congress, by and for organizations known for lying about money and their accounting, was paid in large uncontrolled lumps, being "re-paid" by sources and accounting not fully published, and the top-end is saying "See? It is all better."

THAT does not look open and honest to me. Does it to you, comrade?
So, a general feeling of suspicion then. Cool, got it!
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