TARP profit claim bugs skeptics
Aug 4th, 2009 | By Charles L. Stanley CFP® ChFC® AIF® | Category: News
The Treasury Department’s bank investments are paying dividends. But saying they have earned $6 billion for taxpayers, as Tim Geithner did, is a stretch. Tim Geithner may have jumped the gun by saying taxpayers have earned money on TARP.
NEW YORK (Fortune) — The markets are on a roll, but it’s still a tad early for Treasury Secretary Tim Geithner to be counting his bailout winnings.
Geithner said this past weekend that taxpayers have made a small profit on their investments in banks via the Troubled Asset Relief Program. “We’ve already earned about $6 billion for the taxpayer on those investments,” Geithner said Sunday on ABC’s “This Week.”
The claim seems to reflect regular payments banks have made since Treasury rolled out the TARP last fall.
Treasury didn’t return a request for comment, but the agency had received $6.85 billion in bank dividend and interest payments through June…
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TARP profit claim bugs skeptics – Aug. 4, 2009
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