1 billion down, few more to go
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From: northeast Miss.
1 billion down, few more to go
http://www.foxbusiness.com/story/mar...on-tarp-funds/
By Ronald D. Orol
MarketWatch Pulse
WASHINGTON - General Motors Corp. on Friday paid back taxpayers $1 billion of $50.4 billion in bank bailout dollars it received, according to the Treasury Department on Friday. The repayment is the first quarterly repayment from the embattled automaker, the Treasury said. With the repayment, $119 billion in Troubled Asset Relief Program funds have been repaid, and an additional $45 billion in repayments is expected next week, Treasury said. The Treasury Department estimates that the government could have a loss of $60 billion from its investment in American International Group Inc. and auto companies General Motors and Chrysler.
Copyright © 2009 MarketWatch, Inc.
MarketWatch Pulse
WASHINGTON - General Motors Corp. on Friday paid back taxpayers $1 billion of $50.4 billion in bank bailout dollars it received, according to the Treasury Department on Friday. The repayment is the first quarterly repayment from the embattled automaker, the Treasury said. With the repayment, $119 billion in Troubled Asset Relief Program funds have been repaid, and an additional $45 billion in repayments is expected next week, Treasury said. The Treasury Department estimates that the government could have a loss of $60 billion from its investment in American International Group Inc. and auto companies General Motors and Chrysler.
Copyright © 2009 MarketWatch, Inc.
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Joined: Oct 2000
Posts: 2,402
From: Toronto, ON Canada
Makes you wonder why some banks needed bailout money if they could already repay several tens of billions of dollars. You can't just "make" tens of billions of dollars in less than a year.
Or, this "paying back" is an accounting trick to balance out the ledger, and the Fed buys the Treasury debt.
Or, this "paying back" is an accounting trick to balance out the ledger, and the Fed buys the Treasury debt.
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