Nearly five years ago on Oct. 3, 2008, President George W. Bush signed into law the Troubled Asset Relief Program (TARP). It was designed to address the subprime mortgage crisis that had seen financial institutions gather billions of dollars of bad debt.
TARP funds allowed the government to buy or insure up to $700 billion of devalued securities, particularly collateralized debt obligations or CDOs. To date, there have been 936 recipients that have shared $608 billion in TARP funds. Among those 936 parties, $367 billion has been returned. Further, Washington also received $183 billion in dividends, interest and other fees from borrowers. That leaves the government -- or taxpayers -- still short by $57.8 billion, and if one counts the total principal amount loaned, the government is still owed about half of what it loaned.
As the fifth anniversary of TARP approaches, here is a list of banks, mortgage lenders and insurance companies that received TARP funds from the government and what profit the government made on each loan or what debt they are still owed.
Born and allegedly conceived by candlelight in 1984, Christopher was raised in Edinburgh, Scotland. After four years in the British Royal Navy, he decided to leave the sea...