Troubled Asset Relief Program

123:(EESA) requires financial institutions selling assets to TARP to issue equity warrants (a type of security that entitles its holder to purchase shares in the company issuing the security for a specific price), or equity or senior debt securities (for non-publicly listed companies) to the Treasury. In the case of warrants, the Treasury will only receive warrants for non-voting shares, or will agree not to vote the stock. This measure was designed to protect the government by giving the Treasury the possibility of profiting through its new ownership stakes in these institutions. Ideally, if the financial institutions benefit from government assistance and recover their former strength, the government will also be able to profit from their recovery. 524:

176 billion, for a shortfall of $ 78 billion. The COP's valuation analysis assumed that "securities similar to those issued under the TARP were trading in the capital markets at fair values" and employed multiple approaches to cross-check and validate the results. The value was estimated for each security as of the time immediately following the announcement by Treasury of its purchase. For example, the COP found that the Treasury bought $ 25 billion of assets from Citigroup on October 14, 2008, however, the actual value was estimated to be $ 15.5, creating a 38 percent (or $ 9.5 billion) subsidy.

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funds using capital raised from the issuance of equity securities and debt not guaranteed by the federal government. PNC Financial Services, one of the few profitable banks without TARP money, planned on paying their share back by January 2011, by building up its cash reserves instead of issuing equity securities. However, PNC reversed course on February 2, 2010, by issuing $ 3 billion in shares and $ 1.5-2 billion in senior notes in order to pay its TARP funds back. PNC also raised funds by selling its Global Investment Services division to crosstown rival

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preferred stock and warrants from 214 U.S. financial institutions through its Capital Purchase Program (CPP). This included the purchase of $ 40 billion of preferred stock in AIG, $ 25 billion of preferred stock in Citigroup, and $ 15 billion of preferred stock in Bank of America. The Treasury also agreed to lend $ 18.4 billion to General Motors and Chrysler. The Treasury, the FDIC and the Federal Reserve have also agreed to guarantee a $ 306 billion portfolio of assets owned by Citigroup.

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If TARP has not been able to recoup its outlays through the sale of the assets, the Act requires the President to submit a plan to Congress to recoup the losses from the financial industry. Theoretically, this prevents TARP from adding to the national debt. The use of the term "financial industry" in the provision leaves open the possibility that such a plan would involve the entire financial sector rather than only those institutions that availed themselves of TARP.

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tests. They are also asking if a bank has enough capital and reserves to withstand severe losses to its construction loan portfolio, nonperforming loans and other troubled assets." Some banks received capital with the understanding the banks would try to find a merger partner. To receive capital under the program banks are also "required to provide a specific business plan for the next two or three years and explain how they plan to deploy the capital".

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In the case of warrants, the Treasury will only receive warrants for non-voting shares, or will agree not to vote the stock. This measure is designed to protect the government by giving the Treasury the possibility of profiting through its new ownership stakes in these institutions. Ideally, if the financial institutions benefit from government assistance and recover their former strength, the government will also be able to profit from their recovery.

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against future unforeseen losses from troubled assets. Increased lending equates to "loosening" of credit, which the government hopes will restore order to the financial markets and improve investor confidence in financial institutions and the markets. As banks gain increased lending confidence, the interbank lending interest rates (the rates at which the banks lend to each other on a short-term basis) should decrease, further facilitating lending.

361:: The law sets out important requirements regarding executive compensation for firms that participate in the TARP. This team is working hard to define the requirements for financial institutions to participate in three possible scenarios: One, an auction purchase of troubled assets; two, a broad equity or direct purchase program; and three, a case of an intervention to prevent the impending failure of a systemically significant institution. 688:

procedures similar to those specified in the Federal Credit Reform Act (FCRA), but adjusting for market risk as specified in the EESA. The CBO estimated that the subsidy cost of the $ 247 billion in transactions before December 31, 2008, amounts to $ 64 billion. As of August 31, 2015, TARP is projected to cost approximately $ 37.3 billion total—significantly less than the $ 700 billion originally authorized by Congress.

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Secretary determines promotes financial market stability; and (B) any other financial instrument that the Secretary, after consultation with the Chairman of the Board of Governors of the Federal Reserve System, determines the purchase of which is necessary to promote financial market stability, but only upon transmittal of such determination, in writing, to the appropriate committees of Congress".

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and contingent liabilities) are adequate. If the Treasury finds that a particular institution has not provided sufficient disclosures, it has the power to make recommendations for new disclosure requirements to the institution's regulators, which will probably include foreign-government regulators for those foreign financial institutions that have "significant operations" in the United States.

2264:"Troubling Research on Troubled Assets: Charles Zheng on the U.S. Toxic Asset Auction Plan · Econ Journal Watch: auctions, bailout, banking, CMBS, CDOs, EESA, Emergency Economic Stabilization Act, lending, Legacy Loans Program, Legacy Securities Program, mortgages, nonrecourse loans, Public-Private Investment Partnership, PPIP, TALF, Term Asset Lending Facility, Troubled Asset" 1548:"U.S. ends TARP with $ 15.3 billion profit (Although the Government arguably did not profit from the transaction considering that the program was funded by deficit spending, with an interest rate of between 2% to nearly 4% during 2008 to 2009 the cost to service the debt the Government incurred to fund the program would be at least $ 8 to $ 16+ billion a year)" 1165:, Special Inspector General for the Troubled Asset Relief Program (SIGTARP), told lawmakers, "Inadequate oversight and insufficient information about what companies are doing with the money leaves the program open to fraud, including conflicts of interest facing fund managers, collusion between participants and vulnerabilities to money laundering. 1287:

including personal use of company jets and chauffeurs, home security, country club memberships, and professional money management. The Obama administration has promised to set a $ 500,000 cap on executive pay at companies that receive bailout money, directing banks to tie risk taken to workers' reward by paying anything further in deferred stock.

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available for strategic acquisitions in the future rather than to increase lending to the private sector, whose ability to pay back the loans was suspect. PlainsCapital chairman Alan B. White saw the Bush administration's cash infusion as "opportunity capital", noting, "They didn't tell me I had to do anything particular with it."

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estimated "that the total direct cost of the 2008 crisis-related bailouts in the United States" (including TARP and other programs) was about $ 500 billion, or 3.5% of the United States's GDP in 2009, and that "the largest direct beneficiaries of the bailouts were the unsecured creditors of financial

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citing finance experts on October 13, 2008, noted that, "A similar effort these days, in proportion to today's economy, would be about $ 200 billion." When the economy had stabilized, the government sold its bank stock to private investors or the banks, and is estimated to have received approximately

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Some in the financial industry have been accused of not using the loaned dollars for its intended reason. Others further abused investors after the TARP legislation was passed by telling investors their money was invested in the federal TARP financial bailout program and other securities that did not

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The May 2015 report of the TARP to Congress stated that $ 427.1 billion had been disbursed, total proceeds by April 30, 2015, were $ 441.8 billion, exceeding disbursements by $ 14.1 billion, though this included $ 17.7 billion in non-TARP AIG shares. The report predicted a total net cash outflow of $

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The Congressional Budget Office released a report in January 2009, reviewing the transactions enacted through the TARP. The CBO found that through December 31, 2008, transactions under the TARP totaled $ 247 billion. According to the CBO's report, the Treasury had purchased $ 178 billion in shares of

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The Act also seems to give a broad mandate to the Treasury to determine, for each "type" of institution that sells assets to TARP, whether the current disclosure and transparency requirements on the sources of the institution's exposure (such as off-balance sheet transactions, derivative instruments,

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to help it decide which banks to provide special help for and which to not as part of its capitalization program authorized by the Emergency Economic Stabilization Act of 2008. It was being used to classify the nation's 8,500 banks into five categories, where a ranking of 1 means they are most likely

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warrants were worth between $ 5 billion and $ 24 billion as of May 1, 2009. Canceling the CPP warrants thus amounts to a $ 5 billion to $ 24 billion subsidy to the banking industry at government expense. While the ABA wants the CPP warrants to be written off by the government, Goldman Sachs does not

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obligations. None of the publicly traded banks had yet bought back their warrants owned by the U.S. Treasury by March 31, 2009. According to the terms of the U.S. Treasury's investment, the banks returning funds can either negotiate to buy back the warrants at fair market value, or the U.S. Treasury

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and FHA refinancing) funds are fully taken up. Debt is still outstanding, some of which has been converted to common stock, from just under $ 125 million down to $ 7,000. Sums loaned to entities that have gone into, and in some cases emerged from bankruptcy or receivership are provided. Additional

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Though the Treasury will ultimately determine the type and extent of disclosure required for participation in the TARP, it is clear that these requirements will be extensive, particularly with respect to any asset acquired by TARP. It seems certain that institutions who participate in TARP will have

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This provision was a big factor in the eventual passage of the EESA. It gives the government the opportunity to "be repaid". The recoupment provision requires the Director of the Office of Management and Budget to submit a report on TARP's financial status to Congress five years after its enactment.

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The Act sets some limits on the compensation of the five highest-paid executives at companies that elect to participate significantly in TARP. The Act treats companies that participate through the auction process differently from those that participate through direct sale (that is, without a bidding

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In a report dated February 6, 2009, the Congressional Oversight Panel concluded that the Treasury paid substantially more for the assets it purchased under the TARP than their then-current market value. The COP found the Treasury paid $ 254 billion, for which it received assets worth approximately $

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to price assets. Theoretically, the system would create a market price from bidders that would want to sell at the highest possible price, but also be able to make a sale, therefore the price must set a low enough price to be competitive. The Treasury was required to publish its methods for pricing,

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from banks' balance sheets. The major stock market indexes in the United States rallied on the day of the announcement rising by over six percent with the shares of bank stocks leading the way. P-PIP has two primary programs. The Legacy Loans Program will attempt to buy residential loans from bank's

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payment to a senior executive based on the Internal Revenue Code provision; and (4) agreement not to deduct for tax purposes executive compensation in excess of $ 500,000 for each senior executive". The Treasury also bought preferred stock and warrants from hundreds of smaller banks, using the first

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to purchase or insure up to $ 700 billion of "troubled assets," defined as "(A) residential or commercial obligations will be bought, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before March 14, 2008, the purchase of which the

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had federal outflows (expenditures, loans, and investments) of $ 633.6 billion and inflows (funds returned to the Treasury as interest, dividends, fees, or stock warrant repurchases) of $ 754.8 billion, for a net profit of $ 121 billion. Of financial system bailout outflows, 38.7% went to banks and

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found that "few cited lending as a priority. Further, an overwhelming majority saw the program as a no-strings-attached windfall that could be used to pay down debt, acquire other businesses or invest for the future." The article cited several bank chairmen as stating that they viewed the money as

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In a January 2012, review, it was reported that AIG still owed around $ 50 billion, GM about $ 25 billion and Ally about $ 12 billion. Break even on the first two companies would be at $ 28.73 a share versus then-current share price of $ 25.31 and $ 53.98 versus then-current share price of $ 24.92,

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The Act requires financial institutions selling assets to TARP to issue equity warrants (a type of security that entitles its holder to purchase shares in the company issuing the security for a specific price), or equity or senior debt securities (for non-publicly listed companies) to the Treasury.

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TARP allowed the Treasury to purchase both "troubled assets" and any other asset the purchase of which the Treasury determined was "necessary" to further economic stability. Troubled assets included real estate and mortgage-related assets and securities based on those assets. This included both the

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so that the government would benefit from future growth of the companies. Certain institutions seemed to be guaranteed participation. These included: U.S. banks, U.S. branches of a foreign bank, U.S. savings banks or credit unions, U.S. broker-dealers, U.S. insurance companies, U.S. mutual funds or

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The Act's criterion for participation stated that "financial institutions" will be included in TARP if they are "established and regulated" under the laws of the United States and if they have "significant operations" in the United States. The Treasury would need to define what institutions will be

115:

TARP does not allow banks to recoup losses already incurred on troubled assets, but officials expect that once trading of these assets resumes, their prices will stabilize and ultimately increase in value, resulting in gains to both participating banks and the Treasury itself. The concept of future

1123:

Of these banks, JPMorgan Chase & Co., Morgan Stanley, American Express Co., Goldman Sachs Group Inc., U.S. Bancorp, Capital One Financial Corp., Bank of New York Mellon Corp., State Street Corp., BB&T Corp, Wells Fargo & Co. and Bank of America repaid TARP money. Most banks repaid TARP

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Known aspects of the capitalization program "suggest that the government may be loosely defining what constitutes healthy institutions. that have been profitable over the last year are the most likely to receive capital. Banks that have lost money over the last year, however, must pass additional

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argued that banks will not sell bad assets at fair market values because they are reluctant to take asset write downs. Economist Linus Wilson, a frequent commenter on TARP related issues, also pointed to excessive misinformation and erroneous analysis surrounding the U.S. toxic asset auction plan.

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outlined his plan to use the remaining $ 300 billion or so in TARP funds. He intended to direct $ 50 billion towards foreclosure mitigation and use the rest to help fund private investors to buy toxic assets from banks. Nevertheless, this highly anticipated speech coincided with a nearly 5 percent

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that such an increase was necessary. The remaining $ 350 billion may be released to the Treasury upon a written report to Congress from the Treasury with details of its plan for the money. Congress then had 15 days to vote to disapprove the increase before the money will be automatically released.

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has used TARP funds to support the housing market by avoiding preventable foreclosures." The panel also concluded that "Although half the money has not yet been received by the banks, hundreds of billions of dollars have been injected into the marketplace with no demonstrable effects on lending."

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One of the more difficult issues that the Treasury faced in managing TARP was the pricing of the troubled assets. The Treasury had to find a way to price extremely complex and sometimes unwieldy instruments for which a market did not exist. In addition, the pricing had to strike a balance between

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and was responsible for the oversight of the TARP but expressed concerns about the difficulty of properly overseeing the complex program in addition to his regular responsibilities. Thorson called oversight of TARP a "mess" and later clarified this to say "The word 'mess' was a description of the

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Homeownership preservation: When we purchase mortgages and mortgage-backed securities, we will look for every opportunity possible to help homeowners. This goal is consistent with other programs – such as HOPE NOW – aimed at working with borrowers, counselors and servicers to keep people in their

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Insurance program: We are establishing a program to insure troubled assets. We have several innovative ideas on how to structure this program, including how to insure mortgage-backed securities as well as whole loans. At the same time, we recognize that there are likely other good ideas out there

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and funding; in some economists' view, effectively nationalizing many banks. This plan seemed attractive to the Treasury Secretary in that it was relatively easier and seemingly boosted lending more quickly. The first half of the asset purchases may not be effective in getting banks to lend again

126:

Another important goal of TARP was to encourage banks to resume lending again at levels seen before the crisis, both to each other and to consumers and businesses. If TARP can stabilize bank capital ratios, it should theoretically allow them to increase lending instead of hoarding cash to cushion

1168:

In its October 2011 quarterly report to Congress, SIGTARP reported "more than 150 ongoing criminal and civil investigations". SIGTARP had already achieved criminal convictions of 28 defendants (19 had already been sentenced to prison), and civil cases naming 37 individuals and 18 corporate/legal

687:

The CBO also estimated the subsidy cost for transactions under TARP. The subsidy cost is defined as, broadly speaking, the difference between what the Treasury paid for the investments or lent to the firms and the market value of those transactions, where the assets in question were valued using

350:

purchase program: We are designing a standardized program to purchase equity in a broad array of financial institutions. As with the other programs, the equity purchase program will be voluntary and designed with attractive terms to encourage participation from healthy institutions. It will also

187:

To qualify for this program, the Treasury required participating institutions to meet certain criteria, including: "(1) ensuring that incentive compensation for senior executives does not encourage unnecessary and excessive risks that threaten the value of the financial institution; (2) required

556:

are prohibited from signing new "golden parachute" contracts (employment contracts that provide for large payments upon termination) with any future executives. It will also place a $ 500,000 limit on annual tax deductions for payment of each executive, as well as a deduction limit on severance

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During 2008, companies that received $ 295 billion in bailout money had spent $ 114 million on lobbying and campaign contributions. Banks that received bailout money had compensated their top executives nearly $ 1.6 billion in 2007, including salaries, cash bonuses, stock options, and benefits

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must meet tougher standards to be established by the Treasury. These standards will require the companies to eliminate compensation structures that encourage "unnecessary and excessive" risk-taking by executives, provide for claw-back (forced repayment of bonuses in the event of a post-payment

1251:

The primary purpose of TARP, according to the Federal Reserve, was to stabilize the financial sector by purchasing illiquid assets from banks and other financial institutions. However, the effects of the TARP have been widely debated in large part because the purpose of the fund is not widely

1176:

The first TARP fraud case was brought by the SEC on January 19, 2009, against Nashville-based Gordon Grigg and his firm ProTrust Management. The latest occurred in March 2010, with the FBI claiming Charles Antonucci, the former president and chief executive of the Park Avenue Bank, made false

602:

The Act provides for judicial review of the actions taken by the Treasury under the EESA. In other words, the Treasury may be taken to court for actions it takes pursuant to the Act. Specifically, Treasury actions may be held unlawful if they involve an abuse of discretion, or are found to be

229:

On December 19, 2008, President Bush used his executive authority to declare that TARP funds could be spent on any program that Paulson, deemed necessary to alleviate the financial crisis. On December 31, 2008, the Treasury issued a report reviewing Section 102, the Troubled Assets Insurance

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that we could benefit from. Accordingly, on Friday we submitted to the Federal Register a public Request for Comment to solicit the best ideas on structuring options. We are requiring responses within fourteen days so we can consider them quickly, and begin designing the program.

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Whole loan purchase program: Regional banks are particularly clogged with whole residential mortgage loans. This team is working with bank regulators to identify which types of loans to purchase first, how to value them, and which purchase mechanism will best meet our policy

201:

The first allocation of the TARP money was primarily used to buy preferred stock, which was similar to debt in that it gets paid before common equity shareholders. This had led some economists to argue that the plan may be ineffective in inducing banks to lend efficiently.

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difficulty my office would have in providing the proper level of oversight of the TARP while handling its growing workload, including conducting audits of certain failed banks and thrifts at the same time that efforts are underway to nominate a special inspector general."

265:(FDIC) will provide non-recourse loan guarantees for up to 85 percent of the purchase price of legacy loans. Private sector asset managers and the U.S. Treasury will provide the remaining assets. The second program was called the legacy securities program, which would buy 520:

purchasing, and valuing troubled assets no later than two days after the purchase of their first asset. The Congressional Budget Office (CBO) used procedures similar to those specified in the Federal Credit Reform Act (FCRA) to value assets purchased under the TARP.

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purchase program: This team is identifying which troubled assets to purchase, from whom to buy them and which purchase mechanism will best meet our policy objectives. Here, we are designing the detailed auction protocols and will work with vendors to implement the

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suggested that some lawmakers are actively using TARP to funnel money to weak regional banks in their districts. Academic studies have found that banks and credit unions located in the districts of key Congress members had been more likely to win TARP money.

396:, was nominated to be the first Special Inspector General for the Troubled Asset Relief Program (SIGTARP). He was confirmed by the Senate on December 8, 2008, and was sworn into office on December 15, 2008. He stepped down from the post on March 30, 2011. 116:

gains from troubled assets comes from the hypothesis in the financial industry that these assets are oversold, as only a small percentage of all mortgages are in default, while the relative fall in prices represents losses from a much higher default rate.

367:: The law establishes important oversight and compliance structures, including establishing an Oversight Board, on-site participation of the General Accounting Office and the creation of a Special Inspector General, with thorough reporting requirements. 1323:

hold that view. A representative of Goldman Sachs was quoted as saying "We think that taxpayers should expect a decent return on their investment and look forward to being able to provide just that when we are permitted to return the TARP money."

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stated: "The criteria being used to choose who gets money appears to be setting the stage for consolidation in the industry by favoring those most likely to survive" because the criteria appears to favor the financially best off banks and banks

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to publicly disclose information pertaining to their participation, including the number of assets they sold to TARP, what type of assets were sold, and at what price. More extensive disclosure may be required at the discretion of the Treasury.

130:

TARP will operate as a "revolving purchase facility." The Treasury will have a set spending limit, $ 250 billion at the start of the program, with which it will purchase the assets and then either sell them or hold the assets and collect the

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determination that the bonuses were paid on the basis of false data) of bonuses already paid to senior executives based on financial statements later proven to be inaccurate, and prohibit payment of previously established golden parachutes.

111:

on the underlying loans. TARP was intended to improve the liquidity of these assets by purchasing them using secondary market mechanisms, thus allowing participating institutions to stabilize their balance sheets and avoid further losses.

205:

In the original plan, the government would buy troubled (also known as 'toxic') assets in insolvent banks and then sell them at auction to private investor and/or companies. This plan was scratched when United Kingdom's Prime Minister

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of any bonus or incentive compensation paid to a senior executive based on statements of earnings, gains or other criteria that are later proven to be materially inaccurate; (3) prohibition on the financial institution from making any

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for $ 5.58 billion, an amount that was considered a bargain. Despite ongoing speculation that more TARP funds could be used by large-but-weak banks to gobble up small banks, as of October 2009, no further such takeover had occurred.

223:

because they were reluctant to risk lending as before with low lending standards. To make matters worse, overnight lending to other banks came to a relative halt because banks did not trust each other to be prudent with their money.

3694: 603:"arbitrary, capricious . . . or not in accordance with law". However, a financial institution that sells assets to TARP is cannot challenge the Treasury's actions with respect to that institution's specific participation in TARP. 174:

consisting of funding, debt guarantees and infusing capital into banks via preferred stock. This model was closely followed by the rest of Europe, as well as the U.S Government, who on the October 14 announced a $ 250bn (£143bn)

1205:

Bank and Trust. Continental Illinois made loans to oil drillers and service companies in Oklahoma and Texas. The government was estimated to have lost $ 1 billion because of Continental Illinois, which ultimately became part of

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Real estate and mortgage-related assets (and securities based on those kinds of assets) were eligible if they originated (that is, were created) or were issued on or before March 14, 2008, the date of the Bear Stearns bailout.

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which was sold by the Treasury Department over time with the final sale taking place in December 2010 at a $ 12 billion profit. Citi received the largest amount of TARP funding, "a larger bailout than any other U.S. bank."

6136: 5273: 1291:, a former compensation consultant and author of "The Crystal Report on Executive Compensation", claimed that the limits on executive pay were "a joke" and that "they're just allowing companies to defer compensation." 5669: 762:

The U.S. Treasury maintains an official list of TARP recipients and proceeds to the government on a TARP website. Note that foreign-owned U.S. banks were not eligible. Beneficiaries of TARP include the following:

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institutions." Lucas noted that this cost estimate "stands in sharp contrast to popular accounts that claim there was no cost because the money was repaid, and with claims of costs in the trillions of dollars."

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mortgages themselves and the various financial instruments created by pooling groups of mortgages into one security to be bought on the market. This category probably included foreclosed properties as well.

704:

The May 2015 report also detailed other costs of the program, including $ 1.157 billion "for financial agents and legal firms" $ 142 million for personnel services, and $ 303 million for "other services".

1318:(ABA) has lobbied Congress to cancel the warrants owned by the government, calling them an "onerous exit fee". Yet, if the Capital Purchase Program warrants of Goldman Sachs are representative, then the 355:

homes. In this case, we are working with the Department of Housing and Urban Development to maximize these opportunities to help as many homeowners as possible, while also protecting the government.

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Total loan portion repaid with interest to U.S. & Canadian governments as of April 21, 2010, ; $ 2.1 billion in preferred stock and 61 percent common equity share outstanding

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US Government Accountability Office Report GAO-09-161: Troubled Asset Relief Program: Additional Actions Needed to Better Ensure Integrity, Accountability, and Transparency. December 2, 2008.

240:

On February 5, 2009, the Senate approved changes to the TARP that prohibited firms receiving TARP funds from paying bonuses to their 25 highest-paid employees. The measure was proposed by

5802: 5171: 3701: 1297:

One study found that the typical white-owned bank was about ten times more likely to receive TARP money in the CDCI program than a black-owned bank after controlling for other factors.

285:

had been very critical of this program arguing the non-recourse loans lead to a hidden subsidy that will be split by asset managers, banks' shareholders and creditors. Banking analyst

6253: 5163: 393: 72:(CBO) stated that total disbursements would be $ 431 billion, and estimated the total cost, including grants for mortgage programs that have not yet been made, would be $ 24 billion. 277:(ABS) which were rated AAA. The funds would come in many instances in equal parts from the U.S. Treasury's TARP monies, private investors, and from loans from the Federal Reserve's 1260:

Moreover, while TARP funds have been provided to bank holding companies, those holding companies have only used a fraction of such funds to recapitalize their bank subsidiaries.

5947: 5266: 4737: 4391: 6200: 5864: 1294:

In November 2011, a report showed that the sum of the government's guarantees increased to $ 7.77 trillion; however, loans to banks were only a small fraction of that amount.

6230: 4732: 4257: 1229:). The cost of the S&L crisis amounted to 3.2 percent of GDP during the Reagan/Bush era, while the GDP percentage of the TARP cost was estimated at less than 1 percent. 428:

included under the term "financial institution" and what will constitute "significant operations". Companies that sell their bad assets to the government must have provided

65: 614:

As of June 30, 2012, $ 467 billion had been allotted, and $ 416 billion spent, according to a literature review on the TARP. Among the money committed, includes:

5338: 4762: 4208: 2962: 6186: 5981: 5903: 5848: 5006: 4699: 244:

of Connecticut as an amendment to the $ 900 billion economic stimulus act then waiting to be passed. On February 10, the newly confirmed Secretary of the Treasury

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The Act encouraged the Treasury to design a program using market mechanisms to the extent possible. This had led to the expectation that the Treasury would use a

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The President was to submit a law to cover government losses on the fund, using "a small, broad-based fee on all financial institutions". To participate in the

6207: 6150: 5834: 5484: 4898: 4368: 3633: 676:(CDFI's). CDFI's attempt to make 60 percent of their loans to underserved communities. In exchange, they are eligible for special federal capital assistance. 471:

to be helped and a 5 most likely to not be helped. Regulators were applying a short list of criteria based on a secret ratings system they use to gauge this.

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On January 15, 2009, the Treasury issued interim final rules for reporting and record keeping requirements under the executive compensation standards of the

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In short, this allows the Treasury to purchase illiquid, difficult-to-value assets from banks and other financial institutions. The targeted assets can be

179:

to buy stakes in a wide variety of banks in an effort to restore confidence in the sector. The money came from the $ 700bn Troubled Asset Relief Program.

5250: 3408: 2263: 5359: 5043: 4604: 1275:

The Senate Congressional Oversight Panel created to oversee the TARP concluded on January 9, 2009: "In particular, the Panel sees no evidence that the

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On November 12, 2008, Paulson indicated that reviving the securitization market for consumer credit would be a new priority in the second allotment.

237:(CPP). Six days later, the Treasury announced new regulations regarding disclosure and mitigation of conflicts of interest in its TARP contracting. 5753: 5373: 5366: 5310: 4999: 4992: 4985: 4978: 4971: 4964: 4957: 4752: 1994: 1666: 5521: 5331: 5015: 2849: 2478:

Pana, Elisabeta; Wilson, Linus (2012). "Political Influence and TARP Investments in Credit Unions by Elisabeta Pana, Linus Wilson :: SSRN".

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Government officials that oversaw the bailout acknowledged the difficulties in tracking the money and in measuring the bailout's effectiveness.

230:

Financing Fund, also known as the "Asset Guarantee Program." The report indicated that the program would likely not be made "widely available."

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for an international summit on the global credit crisis. Prime Minister Brown, in an attempt to mitigate the credit squeeze in England, planned

6085: 6055: 5704: 5345: 5317: 4757: 4661: 4338: 4203: 2075: 1436: 1362: 1337: 1242: 1226: 314: 68:, signed into law in 2010, reduced the amount authorized to $ 475 billion (approximately $ 648 billion in 2023). By October 11, 2012, the 5115: 5746: 5477: 5410: 5289: 2157: 139:

will go back into the pool, facilitating the purchase of more assets. The initial $ 250 billion could be increased to $ 350 billion upon the

3518: 6113: 6092: 6025: 5732: 5491: 5380: 5324: 4727: 4262: 4117: 3434: 1451: 164: 120: 61: 24: 281:(TALF). The initial size of the Public Private Investment Partnership was projected to be $ 500 billion. Economist and Nobel Prize winner 6039: 5940: 5648: 5352: 5108: 4797: 4787: 4767: 4308: 4069: 3095: 1341: 673: 218:

consisting of funding, debt guarantees and infusing capital into banks via preferred stock. The objective was to directly support banks'

660:$ 79.7 billion in loans and capital injections to automakers and their financing arms through the Automotive Industry Financing Program. 512:

efficiently using public funds provided by the government and providing adequate assistance to the financial institutions that need it.

6078: 5620: 4891: 4807: 4353: 4277: 3939: 636: 278: 1632: 1521: 6168: 6032: 5655: 5087: 4950: 4929: 4916: 4722: 4694: 4621: 4533: 4363: 3991: 5556: 5433: 5129: 4193: 4046: 3782: 3460: 2029: 152: 96: 6260: 6237: 5997: 5145: 5050: 5022: 4838: 4656: 4287: 4084: 1441: 215: 171: 84: 6308: 6157: 5910: 5767: 5136: 5064: 5057: 4777: 4629: 4597: 4074: 714: 2966: 6313: 6129: 5697: 5456: 5071: 4943: 4884: 4866: 4543: 4272: 4242: 4163: 262: 46:

and equity from financial institutions to strengthen its financial sector that was passed by Congress and signed into law by

3202: 1784: 411:

to assist in the administration of the program. Accounting and internal controls support services have been contracted from

5505: 4936: 4303: 4158: 4024: 3010: 1476: 1353: 294:

would hurt the stock price of distressed banks. Therefore, such banks would only sell toxic assets at above market prices.

266: 5094: 5919: 5718: 5396: 3912: 1456: 270: 148:

Privately held mortgages would be eligible for other incentives, including a favorable loan modification for five years.

3584: 2688: 2595: 2364: 6071: 5967: 5528: 5029: 4448: 4333: 3180: 2896: 1954: 1739: 1186: 1252:

understood. A review of investor presentations and conference calls by executives of some two dozen US-based banks by

433:

other U.S. registered investment companies, tax-qualified U.S. employee retirement plans, and bank holding companies.

5855: 5641: 5101: 4590: 4343: 4328: 4252: 2579: 2551: 2525:

Wilson, Linus, TARP (October 19, 2012). New Palgrave Dictionary of Economics Online, Forthcoming. Available at SSRN:

1547: 1466: 253: 2826: 2237: 5690: 4571: 4198: 4029: 2804: 1885: 1246: 968: 650:($ 20 billion each) through the Targeted Investment Program ($ 40 billion spent). All that money had been returned. 632: 389: 3412: 484:. Some lawmakers are upset that the capitalization program will end up culling banks in their districts. However, 6244: 6062: 6004: 5926: 5389: 5235: 5228: 5221: 5214: 5207: 5200: 5193: 5036: 4634: 4526: 4019: 2715: 2215: 1332: 1193:

administration in 1932, made loans to distressed banks and bought stock in 6,000 banks, totalling $ 1.3 billion.

1132:

respectively. Ally was not publicly traded. The 371 banks that still owed money include Regions ($ 3.5 billion),

628:(AIG), then among the top 10 US companies, through the program for Systemically Significant Failing Institutions; 467: 3819: 1838:

Wu, Yan Wendy; Wilson, Linus (December 29, 2009). "Common (Stock) Sense about Risk-Shifting and Bank Bailouts".

1217:

of the late 1980s, although the subsidy cost does not include the cost of other "bailout" programs (such as the

6216: 6099: 5933: 5896: 5818: 5725: 5634: 5549: 4792: 4684: 4566: 4443: 4178: 4173: 3610: 2924: 1369:, economists generally agreed that unemployment at the end of 2010 would have been higher without the program. 1238: 140: 104: 3655:

Puente, Lucas; Wilson, Linus (2013). "Minority Ownership and TARP Investments by Lucas Puente, Linus Wilson".

6011: 5739: 4717: 4709: 4348: 4183: 3984: 3485: 2382: 2343:"Treasury Update on Implementation of Troubled Asset Relief Program (TARP) before Institute of International" 2054: 1263:

Many analysts speculated TARP funds could be used by stronger banks to buy weaker ones. On October 24, 2008,

1170: 1036: 380: 320: 156: 3051: 5827: 5781: 5579: 5424: 4907: 4676: 4652: 4267: 4079: 3306: 3254: 3121: 3070: 1366: 1345: 1315: 829: 625: 404: 4644: 5795: 5586: 5186: 3327: 3276: 3227: 2190: 1125: 69: 2001: 1927: 975:

within hours of receiving TARP money. Announced on February 2, 2010, that it would repay its TARP loan.

159:

became law October 3, 2008, the result of an initial proposal that ultimately was passed by Congress as

87:

actually booked $ 15.3 billion in profit, as it earned $ 441.7 billion on the $ 426.4 billion invested.

6285: 6276: 6223: 5774: 4742: 4053: 3885: 3158: 896:

Total stake has been liquidated with income received of $ 19.6 billion. Now renamed to Ally Financial.

728: 332: 6179: 6018: 5887: 4843: 4463: 4373: 4041: 4014: 2132: 1811: 408: 2648: 2512: 2401: 2083: 1213:

The $ 24 billion for the estimated subsidy cost of TARP was less than the government's cost for the

5880: 5593: 4747: 4613: 4458: 4213: 4089: 3977: 1688: 1319: 1222: 1088: 720: 701:

sums have been written off, for example Treasury's original investment of $ 854 million in Old GM.

679:$ 45.6 billion for homeowner foreclosure assistance. Only $ 4.5 billion had been spent at the time. 619: 234: 176: 54: 39: 2742: 2164: 692:

37.7 billion (excluding non-TARP AIG shares), based on the assumption the TARP housing programs' (

6193: 4168: 4036: 2929: 1758: 1669:

United States Senate Committee on Banking, Housing and Urban Affairs. (Retrieved October 2, 2008)

1214: 748: 486: 3966:

from the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP)

3438: 3381: 1580:"CBO | The Troubled Asset Relief Program: Report on Transactions Through December 31, 2008" 6318: 6143: 5683: 4188: 1264: 1218: 955: 697: 672:(CDCI) for banks serving disadvantaged communities. Eligible institutions had to be designated 448:' and requires that unearned bonuses be returned." The fund had an Oversight Board so that the 412: 358: 144: 3768: 3680: 2302: 1976: 1870: 1847: 1314:

that add to the number of shares of stock outstanding if they are exercised for a profit. The

800:

Two allocations: $ 25 on October 28, 2008 and $ 20 in January 2009. The rest was converted to

5811: 5572: 5565: 4538: 4485: 4438: 2635: 2499: 2317: 1729: 1169:

entities as defendants. It had recovered $ 151 million, and prevented $ 553 million going to

732: 364: 274: 3963: 3947: 3835: 2768: 1928:"Remarks by Secretary Henry M. Paulson, Jr. on Financial Rescue Package and Economic Update" 1185:

The nearest parallel action the federal government has taken was in investments made by the

5470: 5447: 5440: 4876: 4561: 2800: 1692: 1636: 1400: 1202: 1201:

In 1984, the government took an 80 percent stake in the nation's then seventh-largest bank

1133: 744: 298: 291: 3355: 2443: 462:(US supervisory ratings used to classify the nation's 8,500 banks) were being used by the 19:

This article is about the Treasury fund. For the legislative bill and subsequent law, see

8: 4848: 4521: 4453: 3566: 2662:

Solomon, Deborah; Paletta, Damian; Hilsenrath, Jon; Lucchetti, Aaron (October 14, 2008).

1890: 1268: 972: 290:

Removing toxic assets would also reduce the volatility of banks' stock prices. This lost

1995:"Report to Congress Pursuant to Section 102 of the Emergency Economic Stabilization Act" 6106: 5403: 5303: 4817: 4802: 4503: 4479: 4137: 4110: 3849: 3756: 3668: 3543: 3386: 3028: 2901: 2487: 1816: 1812:"Paulson Says Banks Must Deploy New Capital: Drama Behind a $ 250 Billion Banking Deal" 1300: 1253: 1105: 1010:

Although Chrysler repaid their loans, the Treasury sold its 6% stake in the company to

752: 475: 20: 3140: 2992: 5841: 5463: 5296: 4772: 4548: 3853: 3764: 3760: 3695:"Assessing Treasury's Process to Sell Warrants That It Received From TARP Recipients" 3676: 3672: 3479: 2575: 2547: 2491: 2298: 2048: 1907:

Panic: The Untold Story of the 2008 Financial Crisis | Full VICE Special Report | HBO

1866: 1843: 1735: 1446: 1149: 453: 440:

program, "...companies will lose certain tax benefits and, in some cases, must limit

429: 376: 3726: 2663: 2461: 2106: 719:

The banks agreeing to receive preferred stock investments from the Treasury include

3881: 3839: 3831: 3748: 3660: 3162: 2567: 2479: 2290: 1579: 1071: 1054: 693: 445: 286: 245: 241: 194: 107:, which were sold in a booming market until 2007, when they were hit by widespread 3866: 1177:

statements to regulators in an effort to obtain about $ 11 million from the fund.

5871: 5676: 4689: 4497: 4000: 3332: 1788: 1461: 1310:

can sell the warrants to third party investors as soon as feasible. Warrants are

1306: 1207: 810: 647: 516: 481: 416: 4582: 6046: 4412: 4358: 4142: 3890: 2853: 2285:

Wilson, Linus (February 14, 2009). "The Put Problem with Buying Toxic Assets".

2241: 1190: 937: 901: 882: 846: 756: 740: 724: 554:

Companies who sell more than $ 300 million in assets through an auction process

459: 80: 50: 47: 3292:

The article relies on the work of New York University Historian and Economist

1905: 657:($ 5 billion). The program closed, with no payment made, on December 23, 2009. 6302: 5974: 5514: 5259: 4861: 4833: 4127: 4122: 4105: 3293: 2708: 1471: 1288: 1276: 1162: 1145: 1141: 919: 801: 736: 463: 449: 441: 385: 324: 136: 132: 76: 5498: 5179: 3798: 1931: 1519: 1428: 1414: 1386: 980: 561:

Companies in which the Treasury acquires equity because of direct purchases

372: 302: 282: 257: 207: 2874: 1305:

By March 31, 2009, four banks out of over five hundred had returned their

1267:

received $ 7.7 billion in TARP funds, then only hours later agreed to buy

351:

encourage firms to raise new private capital to complement public capital.

5788: 5760: 5711: 5627: 4491: 4132: 3844: 3752: 3664: 2543: 2483: 2294: 1311: 1019: 864: 211: 108: 53:. It was a component of the government's measures in 2009 to address the 43: 1785:"HP-1207: Treasury Announces TARP Capital Purchase Program Description" 1495: 3960:(Listing of recipients for funds allocated or distributed under TARP.) 3904: 1861:

Wilson, Linus (February 2, 2009). "Debt Overhang and Bank Bailouts".

1496:"CBO | Report on the Troubled Asset Relief Program—October 2012" 786: 654: 643: 400: 160: 23:. For the legislative history and the events leading to the law, see 1301:

American Bankers Association's attempts to expunge the TARP warrants

824:

Two allocations: $ 25 on October 28, 2008, and $ 20 in January 2009

5542: 4407: 3916: 2681: 2526: 1707: 997: 327:, the fund would be split into the following administrative units: 219: 189: 6254:

Small Business Liability Relief and Brownfields Revitalization Act

3969: 3634:"Secret Fed Loans Gave Banks $ 13 Billion Undisclosed to Congress" 60:

The TARP originally authorized expenditures of $ 700 billion. The

3934:(Listing of all economic recovery measures, including from TARP.) 2661: 2035:. Web.archive.com. Archived from the original on February 7, 2009 1520:

RYAN TRACY, JULIE STEINBERG and TELIS DEMOS (December 19, 2014).

1137: 437: 2850:"Citi's Corbat Has Parting Words: 'Banking Is Quickly Changing'" 249:

drop in the S&P 500 and was criticized for lacking details.

5948:

White House Office of Faith-Based and Neighborhood Partnerships

4392:

List of banks acquired or bankrupted during the Great Recession

2124: 6201:

Committee on Climate Change Science and Technology Integration

3886:"Eight Days: the battle to save the American financial system" 1180: 4738:

Acquired or bankrupt banks in the late 2000s financial crisis

1731:

Liquidity Lost: The Governance of the Global Financial Crisis

1681: 668: 347: 4906: 4227: 3783:"Goldman Sachs Is NOT Lobbying to Expunge the TARP Warrants" 3380:

Coates, John C.; Scharfstein, David S. (February 17, 2009).

1189:(RFC) in the 1930s. The RFC, an agency chartered during the 83:, essentially ending the program. Through the Treasury, the 3743:

Wilson, Linus (May 7, 2009). "The Goldman Sachs Warrants".

3544:"Business News, Personal Finance and Money News - ABC News" 1667:

Summary of the Emergency Economic Stabilization Act of 2008

1422: 1331:

In total, U.S. government economic bailouts related to the

1011: 618:$ 204.9 billion to purchase bank equity shares through the 3922: 3799:

Bailout Tracker: Tracking Every Dollar and Every Recipient

3195: 663:$ 21.9 billion to buy "toxic" mortgage-related securities. 5982:

Economic Growth and Tax Relief Reconciliation Act of 2001

4733:

Dodd–Frank Wall Street Reform and Consumer Protection Act

4258:

Dodd–Frank Wall Street Reform and Consumer Protection Act

3519:"U.S. bailout recipients spent $ 114 million on politics" 1351:

A 2019 study by economist Deborah Lucas published in the

66:

Dodd–Frank Wall Street Reform and Consumer Protection Act

3435:"kdka.com - PNC Financial Services To Buy National City" 2925:"AIG sells MetLife equity, repays $ 6.9 bln to Treasury" 2797:"Citi, Wells Fargo repay 45 billion dollars in bailouts" 1361:

In a 2012 survey of leading economists conducted by the

3567:"U.S. Plans $ 500,000 Cap on Executive Pay in Bailouts" 2689:"Bailout: The Rescue Plan & The Largest Recipients" 2462:"Political Interference Seen in Bank Bailout Decisions" 6151:

Tax Increase Prevention and Reconciliation Act of 2005

5904:

President's Council on Service and Civic Participation

5835:

Higher Education Relief Opportunities For Students Act

4369:

National fiscal policy response to the Great Recession

3500:"US officials say tracking bailout money is difficult" 3461:"Accountability for the Troubled Asset Relief Program" 3270: 3268: 2655: 1803: 527: 498: 5989:

Jobs and Growth Tax Relief Reconciliation Act of 2003

3565:

Andrews, Edmund L.; Bajaj, Vikas (February 4, 2009).

3356:"Bailout Is a Windfall to Banks, if Not to Borrowers" 1699: 1662: 1660: 1658: 1656: 1654: 452:

cannot act in an arbitrary manner. There was also an

5601:

Foreign Investment and National Security Act of 2007

2760: 2537: 1955:"Paulson Shifts Focus of Rescue to Consumer Lending" 1376: 557:

benefits for any golden parachutes already in place.

4859: 4783:

Public–Private Investment Program for Legacy Assets

3805:(published April 15, 2009; updated March 19, 2020). 3265: 2734: 2030:"February Oversight Report : February 6, 2009" 155:to establish and manage TARP under a newly created 4488:(Europe, Middle East and North Africa, Asia; 2009) 3277:"Intervention Is Bold, but Has a Basis in History" 3159:"Report: Taxpayers still owed $ 133B from bailout" 2827:"Update: Treasury gets $ 12 billion Citi windfall" 2540:Financing Economic Development in the 21st Century 2402:"Two law firms to help U.S. Treasury dole out aid" 2318:"U.S. May Convert Banks' Bailouts to Equity Share" 2067: 1651: 182: 4612: 3411:. FierceFinance. October 31, 2008. Archived from 3379: 2952:AP: GM pays back government loans from US, Canada 2791: 2789: 2133:"U.S. Expands Plan to Buy Banks' Troubled Assets" 2131:Andrews, Edmund L.; Dash, Eric (March 24, 2009). 2024: 2022: 6300: 5754:National Security Entry-Exit Registration System 5172:Joint session of Congress (September 11 attacks) 4296: 3727:"Financial Firms Lobby to Cut Cost of TARP Exit" 2618: 2616: 1886:"Gordon Brown and Crisis Lessons Worth Learning" 3938:Ericson, Matthew; He, Elaine; Schoenfeld, Amy. 3937: 3869:, Initiative on Global Markets (March 6, 2012). 3466:. Archived from the original on January 6, 2011 3228:"SEC charges financial planner with TARP fraud" 3169:, January 26, 2012. Retrieved January 26, 2012. 2965:. Morgan Stanley. June 17, 2009. Archived from 2847: 2572:Assessing the TARP on the Eve of Its Expiration 2444:"U.S. Said to Be Using Loose Rules in Bank Aid" 2216:"Meredith Whitney: A Bad Bank Won't Save Banks" 2163:. U.S. Treasury. March 23, 2009. Archived from 2098: 624:$ 67.8 billion to purchase preferred shares of 609: 6086:Job Creation and Worker Assistance Act of 2002 6056:Farm Security and Rural Investment Act of 2002 4758:Federal takeover of Fannie Mae and Freddie Mac 4339:American Recovery and Reinvestment Act of 2009 4204:Office of Federal Housing Enterprise Oversight 3299: 2786: 2664:"U.S. to Buy Stakes in Nation's Largest Banks" 2158:"FACT SHEET PUBLIC-PRIVATE INVESTMENT PROGRAM" 2019: 1810:Landler, Mark; Dash, Eric (October 14, 2008). 1723: 1721: 1633:"Emergency Economic Stabilization Act of 2008" 1437:American Recovery and Reinvestment Act of 2009 1363:University of Chicago Booth School of Business 1243:Indiana State Police Pension Trust v. Chrysler 1227:Federal takeover of Fannie Mae and Freddie Mac 315:Oversight of the Troubled Asset Relief Program 4892: 4598: 3985: 2917: 2875:"BofA repays all of government bailout funds" 2705:(Graphic of proposed bank equity investments) 2613: 1348:, with the remaining 7.8% in other programs. 1148:of San Juan, Puerto Rico ($ 400 million) and 301:outlined the conversion of the TARP loans to 6114:Emergency Economic Stabilization Act of 2008 6093:Mortgage Forgiveness Debt Relief Act of 2007 6026:Energy Independence and Security Act of 2007 4728:Emergency Economic Stabilization Act of 2008 4263:Emergency Economic Stabilization Act of 2008 3793: 3791: 3654: 3564: 3253:Wei, Lingling; Bray, Chad (March 16, 2010). 3011:"PNC to Repay TARP Money After Sale of Unit" 2743:"Bank of New York Will Oversee Bailout Fund" 2383:"Barofsky Stepping Down as Watchdog of TARP" 2076:"U.S. Senate votes to ban executive bonuses" 1627: 1625: 1623: 1621: 1619: 1617: 1452:Emergency Economic Stabilization Act of 2008 674:community development financial institutions 165:Emergency Economic Stabilization Act of 2008 121:Emergency Economic Stabilization Act of 2008 62:Emergency Economic Stabilization Act of 2008 25:Emergency Economic Stabilization Act of 2008 6040:Financial Literacy and Education Commission 5663:Government response to September 11 attacks 5649:Emmett Till Unsolved Civil Rights Crime Act 4798:2009 Supervisory Capital Assessment Program 4768:Homeowners Affordability and Stability Plan 3733:. April 22, 2009. Retrieved April 27, 2009. 3328:"Current Economic and Financial Conditions" 3052:"U.S. loses .3 billion in exiting Chrysler" 2208: 2130: 1883: 1809: 1753: 1751: 1734:. Oxford University Press. pp. 82–86. 1718: 1615: 1613: 1611: 1609: 1607: 1605: 1603: 1601: 1599: 1597: 1181:Similar historical federal banking programs 755:The Bank of New York Mellon is to serve as 456:to protect against waste, fraud and abuse. 308: 6079:Food, Conservation, and Energy Act of 2008 5621:Adam Walsh Child Protection and Safety Act 4899: 4885: 4808:Term Asset-Backed Securities Loan Facility 4605: 4591: 4400: 4354:Fraud Enforcement and Recovery Act of 2009 4278:Term Asset-Backed Securities Loan Facility 3992: 3978: 2538:White, Sammis B.; Zenia Z. Kotval (2012). 2477: 1522:"Bank Bailouts Approach a Final Reckoning" 637:Term Asset-Backed Securities Loan Facility 631:$ 1.4 billion to back any losses that the 319:The program was run by the Treasury's new 279:Term Asset-Backed Securities Loan Facility 269:(RMBS) that were originally rated AAA and 170:On October 8, the British announced their 6033:Fair and Accurate Credit Transactions Act 5656:Genetic Information Nondiscrimination Act 5290:Jordan–United States Free Trade Agreement 4723:Housing and Economic Recovery Act of 2008 4534:Effects of the Great Recession on museums 4364:Housing and Economic Recovery Act of 2008 4248:China–Japan–South Korea trilateral summit 3843: 3788: 3382:"Op-Ed: The Bailout Is Robbing the Banks" 3068: 2897:"Bank of America Finishes TARP Repayment" 1977:"Text of Draft Proposal for Bailout Plan" 1689:"Economic rescue swiftly signed into law" 1574: 1572: 1570: 1568: 1515: 1513: 772:Preferred stock purchased (billions USD) 422: 6324:United States Department of the Treasury 4870:) is being considered for deletion. See 4228:Government policy and spending responses 4194:Government National Mortgage Association 3813: 3811: 3785:. April 23, 2009. Retrieved May 1, 2009. 3516: 3353: 3325: 3307:"Light At the End of the Bailout Tunnel" 3141:"PNC quarterly profits more than double" 3138: 3029:"Chrysler Repays Outstanding TARP Loans" 2990: 1952: 1837: 1748: 1594: 669:Community Development Capital Initiative 252:Geithner announced on March 23, 2009, a 153:United States Department of the Treasury 97:United States Department of the Treasury 6261:Water Resources Development Act of 2007 5998:Consumer Product Safety Improvement Act 5023:Dismissal of U.S. attorneys controversy 4839:Financial position of the United States 4288:2008 United Kingdom bank rescue package 3836:10.1146/annurev-financial-110217-022532 3252: 3181:"Tarp Fraud Probes Begin - Daily Brief" 3139:Sabatini, Patricia (October 23, 2009). 2991:Sabatini, Patricia (February 3, 2010). 2380: 2315: 2218:. businessinsider.com. January 29, 2009 2188: 2104: 2073: 1727: 1545: 1442:2008 United Kingdom bank rescue package 1336:other financial institutions, 30.2% to 666:$ 0.57 billion in capital for banks in 198:$ 250 billion allotted to the program. 6301: 6158:Tax Relief and Health Care Act of 2006 5768:Secondary Security Screening Selection 3742: 3203:"SIGTARP Quarterly Report to Congress" 3119: 3049: 2986: 2984: 2566: 2437: 2435: 2433: 2431: 2399: 2284: 2105:Solomon, Deborah (February 11, 2009). 1860: 1708:"How the Bailout Is Like a Hedge Fund" 1678:U.S. Dept. of Treasury, MHA Guidelines 1565: 1510: 715:Supervisory Capital Assessment Program 267:residential mortgage backed securities 5698:National Construction Safety Team Act 5457:Strategic Offensive Reductions Treaty 4880: 4586: 4273:Temporary Liquidity Guarantee Program 4243:Banking (Special Provisions) Act 2008 4226: 4164:Federal Deposit Insurance Corporation 3973: 3817: 3808: 3178: 2889: 2848:Jennifer Surane (February 26, 2021). 2316:Andrews, Edmund L. (April 19, 2009). 1705: 1198:the same amount previously invested. 271:commercial mortgage-backed securities 263:Federal Deposit Insurance Corporation 6231:Magnuson–Stevens Reauthorization Act 6130:Renovation, Repair and Painting Rule 5747:U.S. Department of Homeland Security 4159:Consumer Financial Protection Bureau 3940:"Tracking the $ 700 Billion Bailout" 3824:Annual Review of Financial Economics 3409:"How can banks best use TARP funds?" 3274: 3069:Sparshott, Jeffrey (April 4, 2012). 2867: 2766: 2740: 2622: 2441: 2400:Rucker, Patrick (November 3, 2008). 2074:Ferraro, Thomas (February 5, 2009). 1953:Brinsley, John (November 12, 2008). 1546:Isidore, Chris (December 19, 2014). 1477:NCUA Corporate Stabilization Program 1354:Annual Review of Financial Economics 135:. The money received from sales and 5920:Prison Rape Elimination Act of 2003 5397:Darfur Peace and Accountability Act 4449:Collateralized mortgage obligations 3999: 3517:Sullivan, Andy (February 4, 2009). 3354:McIntire, Mike (January 17, 2009). 3113: 2981: 2803:. December 23, 2009. Archived from 2428: 1457:Financial Crisis Responsibility Fee 735:(which had just agreed to purchase 653:$ 5 billion in loan guarantees for 642:$ 40 billion in stock purchases of 598:Judicial Review of Treasury Actions 528:Protection of government investment 499:Eligible assets and asset valuation 419:under the Federal Supply Schedule. 13: 6072:Flood Insurance Reform Act of 2004 5968:American Jobs Creation Act of 2004 5339:Dominican Republic–Central America 3875: 3437:. October 24, 2008. Archived from 3255:"Bank Chief Accused of TARP Fraud" 2381:Protess, Ben (February 14, 2011). 1884:Iain Martin (September 15, 2010). 1187:Reconstruction Finance Corporation 830:AIG (American International Group) 14: 6335: 5642:Born-Alive Infants Protection Act 4874:to help reach a consensus. › 4544:2007–2008 world food price crisis 4344:Chinese economic stimulus program 4329:2008 European Union stimulus plan 4253:Commercial Paper Funding Facility 3898: 3725:Damian Paletta; Deborah Solomon. 3613:. Bloomberg.com. February 5, 2009 3326:Bernanke, Ben (October 7, 2008). 3050:Censky, Annalyn (July 21, 2011). 2365:"Workload, Not TARP, Is a 'Mess'" 1706:Gross, Daniel (October 1, 2008). 778:Repaid TARP money (billions USD) 775:Assets guaranteed (billions USD) 254:Public-Private Investment Program 5849:Criticism of government response 5828:Higher Education Opportunity Act 5719:President's Surveillance Program 4572:List of countries by public debt 4199:National Asset Management Agency 3820:"Measuring the Cost of Bailouts" 3631: 3275:Lohr, Steve (October 13, 2008). 2574:. DIANE Publishing. p. 56. 2527:http://ssrn.com/abstract=2164559 2460:Paletta, Damian; Enrich, David. 2189:Krugman, Paul (March 23, 2009). 1421: 1407: 1393: 1379: 1247:National City acquisition by PNC 1232: 633:Federal Reserve Bank of New York 545:Limits on executive compensation 444:. In addition, the bill limits ' 390:Assistant United States Attorney 323:. According to a speech made by 6245:Renewable Identification Number 6063:Forest Land Enhancement Program 6005:Credit Rating Agency Reform Act 5927:Public Service Loan Forgiveness 5705:NIST WTC Disaster Investigation 4527:2008 Central Asia energy crisis 4444:Collateralized debt obligations 3860: 3775: 3736: 3719: 3687: 3648: 3625: 3603: 3577: 3558: 3536: 3510: 3492: 3453: 3427: 3401: 3373: 3347: 3319: 3246: 3220: 3172: 3151: 3132: 3088: 3062: 3043: 3021: 3003: 2955: 2946: 2841: 2829:. CNN/Fortune. December 7, 2010 2819: 2767:Kiel, Paul (February 9, 2009). 2741:Dash, Eric (October 14, 2008). 2588: 2560: 2531: 2519: 2471: 2454: 2442:Dash, Eric (October 31, 2008). 2419: 2393: 2374: 2357: 2335: 2309: 2278: 2256: 2230: 2182: 2150: 2061: 1987: 1969: 1946: 1920: 1898: 1877: 1854: 1831: 1777: 708: 468:global financial crisis of 2008 183:Timeline of changes to the TARP 105:collateralized debt obligations 79:sold its remaining holdings of 6217:Diesel Emissions Reduction Act 6137:SAFE Transportation Equity Act 6100:Pension Protection Act of 2006 5934:Unborn Victims of Violence Act 5897:Partial-Birth Abortion Ban Act 5819:Election Assistance Commission 5726:Terrorist Surveillance Program 5635:Bipartisan Campaign Reform Act 5130:State funeral of Ronald Reagan 4793:Primary Dealer Credit Facility 4662:Role of credit rating agencies 4622:Background / timeline 4334:2008–2009 Keynesian resurgence 4179:Federal Housing Finance Agency 4174:Federal Housing Administration 3915:for FinancialStability.gov at 3179:Stein, Mark (April 21, 2009). 3120:Miller, Jay (March 17, 2010). 3071:"Regions Financial Exits TARP" 2107:"Market Pans Bank Rescue Plan" 1672: 1539: 1488: 1239:AIG bonus payments controversy 466:government in response to the 1: 6309:Troubled Asset Relief Program 6121:Troubled Asset Relief Program 6012:Economic Stimulus Act of 2008 5740:Homeland Security Act of 2002 4813:Troubled Asset Relief Program 4718:Economic Stimulus Act of 2008 4614:U.S. subprime mortgage crisis 4349:Economic Stimulus Act of 2008 4283:Troubled Asset Relief Program 4209:Office of Financial Stability 4184:Federal Housing Finance Board 4118:Société Générale trading loss 3894:magazine, September 21, 2009. 3585:"Congress Limits CEO Bonuses" 2625:"Report to Congress May 2015" 1482: 1467:Financial crisis of 2007–2008 1155: 1037:Regions Financial Corporation 405:Squire, Sanders & Dempsey 394:Southern District of New York 381:US Department of the Treasury 321:Office of Financial Stability 157:Office of Financial Stability 32:Troubled Asset Relief Program 6314:Banking in the United States 5782:Terrorist Screening Database 5733:NSA warrantless surveillance 5580:H-1B Visa Reform Act of 2004 5425:Vision for Space Exploration 5137:State funeral of Gerald Ford 4908:Presidency of George W. Bush 4867:Presidency of George W. Bush 4653:United States housing bubble 4268:Irish emergency budget, 2009 3797:Paul Kiel & Dan Nguyen, 3167:Atlanta Journal-Constitution 2993:"PNC to repay bailout money" 2345:. Accountability-central.com 1367:Initiative on Global Markets 1316:American Bankers Association 1072:Bank of New York Mellon Corp 956:PNC Financial Services Group 626:American International Group 610:Expenditures and commitments 7: 5803:FISA Amendments Act of 2008 5796:Protect America Act of 2007 5587:L-1 Visa Reform Act of 2004 1582:. Cbo.gov. January 16, 2009 1498:. Cbo.gov. October 11, 2012 1372: 1126:The Bank of New York Mellon 729:J.P. Morgan Chase & Co. 583:Disclosure and Transparency 216:a package of three measures 70:Congressional Budget Office 10: 6340: 6224:Healthy Forests Initiative 5865:Medicare Modernization Act 5775:Terrorist Screening Center 5670:Rescue and recovery effort 5506:August 2001 daily briefing 5123:Presidential proclamations 4743:Capital Assistance Program 4685:2007–2008 financial crisis 4567:2007–2008 financial crisis 4459:Mortgage-backed securities 4070:Automotive industry crisis 2191:"Geithner plan arithmetic" 1338:Fannie Mae and Freddie Mac 1236: 712: 409:Hughes, Hubbard & Reed 399:The Treasury retained the 333:Mortgage-backed securities 312: 90: 75:On December 19, 2014, the 18: 6270: 6180:Clean Boating Act of 2008 6167: 6019:Energy Policy Act of 2005 5957: 5888:Highly qualified teachers 5610: 5304:Trade promotion authority 5249: 5164:Joint session of Congress 5155: 4924: 4915: 4844:Foreclosure rescue scheme 4826: 4753:Federal Reserve responses 4708: 4700:Indirect economic effects 4675: 4657:housing market correction 4643: 4620: 4557: 4514: 4472: 4464:Secondary mortgage market 4429: 4385:rescues, and acquisitions 4383:Government interventions, 4382: 4374:Zero interest-rate policy 4321: 4233: 4222: 4151: 4098: 4085:Housing market correction 4062: 4007: 3484:: CS1 maint: unfit URL ( 3296:for historical estimates. 3096:"Discover Lifts The TARP" 2053:: CS1 maint: unfit URL ( 1326: 1104: 1087: 1070: 1053: 1035: 1018: 1014:at a $ 1.3 billion loss. 996: 979: 954: 936: 918: 900: 881: 863: 845: 828: 809: 785: 780: 777: 774: 771: 768: 6277:← Clinton administration 5881:No Child Left Behind Act 5594:Secure Fence Act of 2006 5051:Supreme Court candidates 5016:Legislation and programs 4872:templates for discussion 4748:Capital Purchase Program 4482:(United States; c. 2009) 4214:UK Financial Investments 4099:Banking losses and fraud 4090:Subprime mortgage crisis 4075:California budget crisis 3315:(Subscription required.) 3122:"Discover to Repay TARP" 2769:"Show Me the TARP Money" 1320:Capital Purchase Program 1223:Maiden Lane Transactions 1089:State Street Corporation 721:Goldman Sachs Group Inc. 620:Capital Purchase Program 309:Administrative structure 235:Capital Purchase Program 177:Capital Purchase Program 167:and several other acts. 55:subprime mortgage crisis 40:United States government 6238:Renewable Fuel Standard 5492:Pre-attack intelligence 4763:Government intervention 4500:(worldwide; 2011–2012) 4439:Auction rate securities 4169:Federal Home Loan Banks 3818:Lucas, Deborah (2019). 3731:The Wall Street Journal 3311:The Wall Street Journal 3259:The Wall Street Journal 3145:Pittsburgh Post-Gazette 3126:The Wall Street Journal 2997:Pittsburgh Post-Gazette 2930:The Wall Street Journal 2668:The Wall Street Journal 2466:The Wall Street Journal 2111:The Wall Street Journal 1526:The Wall Street Journal 1333:global financial crisis 1215:savings and loan crisis 1138:Synovus Financial Corp. 883:GMAC Financial Services 749:Bank of New York Mellon 487:The Wall Street Journal 297:On April 19, 2009, the 275:asset-backed securities 6286:Obama administration → 6194:Clear Skies Initiative 4630:Background information 4189:Federal Reserve System 4063:United States-specific 3905:FinancialStability.gov 2643:Cite journal requires 2507:Cite journal requires 1728:Langley, Paul (2015). 1265:PNC Financial Services 698:Making Home Affordable 635:might incur under the 423:Participation criteria 413:PricewaterhouseCoopers 370: 359:Executive compensation 64:created the TARP. The 38:) is a program of the 6208:Executive Order 13432 6187:Climate change policy 5812:Help America Vote Act 5573:Executive Order 13470 5566:Executive Order 13355 5044:Judicial appointments 4539:Decline of newspapers 4486:2009 May Day protests 4432:and financial markets 4322:Stimulus and recovery 3964:Reports and testimony 3867:survey: Bank Bailouts 3707:on September 19, 2020 2623:TARP (May 11, 2015). 1983:. September 21, 2008. 1049:Repaid April 4, 2012 1020:Capital One Financial 950:Repaid June 17, 2009 759:overseeing the fund. 745:Wells Fargo & Co. 733:Bank of America Corp. 329: 151:The authority of the 16:US government program 5478:Communication issues 5471:September 11 attacks 5187:Mission Accomplished 4849:Property derivatives 4788:Regulatory responses 4562:European debt crisis 4454:Credit default swaps 4430:Securities involved 4236:stability and reform 3950:on February 20, 2010 3753:10.2139/ssrn.1400995 3665:10.2139/ssrn.2247043 2546:. pp. 222–223. 2484:10.2139/ssrn.1698945 2371:. November 21, 2008. 2295:10.2139/ssrn.1343625 1401:United States portal 1203:Continental Illinois 1134:Zions Bancorporation 299:Obama administration 261:balance sheets. The 143:'s certification to 5941:2006 VRA Amendments 5281:by Condoleezza Rice 5267:International trips 5102:Impeachment efforts 4667:Government policies 4522:2000s energy crisis 4234:Banking and finance 4152:Government entities 3591:. February 14, 2009 3441:on October 25, 2008 3415:on January 24, 2009 3075:Wall Street Journal 3017:. February 2, 2010. 2905:. December 10, 2009 2807:on January 31, 2010 2716:"Beneficiary Banks" 2468:. January 22, 2009. 2369:The Washington Post 2244:on January 27, 2013 2086:on February 9, 2009 1934:. November 14, 2011 1891:Wall Street Journal 1791:on October 14, 2008 1639:on January 10, 2009 1269:National City Corp. 1195:The New York Times, 1152:($ 381.5 million). 1140:($ 967.9 million), 973:National City Corp. 781:Additional details 482:too big to let fail 172:bank rescue package 6144:Sarbanes–Oxley Act 6107:Public Law 110-343 5404:Mexico City policy 4818:Wall Street reform 4803:Tea Party protests 4504:Occupy Wall Street 4480:Tea Party protests 4138:Scott W. Rothstein 3944:The New York Times 3913:Datasets and Tools 3589:Washingtonpost.com 3571:The New York Times 3506:. January 1, 2009. 3504:The Times Of India 3387:The New York Times 3360:The New York Times 3281:The New York Times 3234:. January 28, 2009 3208:. October 27, 2011 3015:The New York Times 2969:on January 5, 2012 2902:The New York Times 2747:The New York Times 2722:. October 14, 2008 2720:The New York Times 2695:. October 14, 2008 2693:The New York Times 2448:The New York Times 2387:The New York Times 2322:The New York Times 2238:"Welcome to nginx" 2195:The New York Times 2137:The New York Times 1981:The New York Times 1817:The New York Times 1765:. October 12, 2008 1763:The New York Times 1759:"Gordon Does Good" 1695:. October 3, 2008. 1254:The New York Times 1150:M&T Bank Corp. 1106:Discover Financial 753:State Street Corp. 476:The New York Times 21:Public Law 110-343 6296: 6295: 5842:Hurricane Katrina 5485:Military response 5464:USA Freedom Corps 5390:2002 steel tariff 5297:Trade Act of 2002 5245: 5244: 5236:2008 SOTU Address 5229:2007 SOTU Address 5222:2006 SOTU Address 5215:2005 SOTU Address 5208:2004 SOTU Address 5201:2003 SOTU Address 5194:2002 SOTU Address 5109:Executive actions 5030:Email controversy 4857: 4856: 4778:Loan modification 4773:Hope Now Alliance 4580: 4579: 4549:Retail apocalypse 4494:(MENA; 2010–2012) 4425: 4424: 4421: 4420: 4317: 4316: 4297:Bank stress tests 3882:Stewart, James B. 3313:. April 12, 2010. 3305:Deborah Solomon. 2568:Warren, Elizabeth 2170:on March 24, 2009 2007:on April 29, 2009 1447:Corporate welfare 1144:($ 935 million), 1136:($ 1.4 billion), 1121: 1120: 932:October 28, 2008 877:October 28, 2008 859:October 28, 2008 454:inspector general 446:golden parachutes 377:Inspector General 95:TARP allowed the 6331: 6289: 6280: 6263: 6256: 6247: 6240: 6233: 6226: 6219: 6210: 6203: 6196: 6189: 6182: 6160: 6153: 6146: 6139: 6132: 6123: 6116: 6109: 6102: 6095: 6088: 6081: 6074: 6065: 6058: 6049: 6042: 6035: 6028: 6021: 6014: 6007: 6000: 5991: 5984: 5977: 5970: 5950: 5943: 5936: 5929: 5922: 5913: 5906: 5899: 5890: 5883: 5874: 5867: 5858: 5851: 5844: 5837: 5830: 5821: 5814: 5805: 5798: 5791: 5784: 5777: 5770: 5763: 5756: 5749: 5742: 5735: 5728: 5721: 5714: 5707: 5700: 5693: 5686: 5679: 5672: 5665: 5658: 5651: 5644: 5637: 5630: 5623: 5603: 5596: 5589: 5582: 5575: 5568: 5559: 5552: 5545: 5538: 5531: 5524: 5517: 5508: 5501: 5494: 5487: 5480: 5473: 5466: 5459: 5450: 5443: 5436: 5427: 5420: 5413: 5406: 5399: 5392: 5383: 5376: 5369: 5362: 5355: 5348: 5341: 5334: 5327: 5320: 5313: 5306: 5299: 5292: 5283: 5276: 5269: 5262: 5238: 5231: 5224: 5217: 5210: 5203: 5196: 5189: 5182: 5175: 5167: 5148: 5146:Obama transition 5139: 5132: 5125: 5118: 5116:Executive orders 5111: 5104: 5097: 5090: 5081: 5074: 5067: 5060: 5053: 5046: 5039: 5037:Shoeing incident 5032: 5025: 5018: 5009: 5002: 4995: 4988: 4981: 4974: 4967: 4960: 4953: 4946: 4944:2nd inauguration 4939: 4937:1st inauguration 4932: 4922: 4921: 4901: 4894: 4887: 4878: 4877: 4607: 4600: 4593: 4584: 4583: 4473:Social responses 4398: 4397: 4294: 4293: 4224: 4223: 3994: 3987: 3980: 3971: 3970: 3959: 3957: 3955: 3946:. Archived from 3933: 3931: 3929: 3908:Official website 3870: 3864: 3858: 3857: 3847: 3815: 3806: 3795: 3786: 3779: 3773: 3772: 3740: 3734: 3723: 3717: 3716: 3714: 3712: 3706: 3700:. Archived from 3699: 3691: 3685: 3684: 3652: 3646: 3645: 3643: 3641: 3629: 3623: 3622: 3620: 3618: 3607: 3601: 3600: 3598: 3596: 3581: 3575: 3574: 3562: 3556: 3555: 3553: 3551: 3546:. 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Econjwatch.org 2260: 2254: 2253: 2251: 2249: 2240:. Archived from 2234: 2228: 2227: 2225: 2223: 2212: 2206: 2205: 2203: 2201: 2186: 2180: 2179: 2177: 2175: 2169: 2162: 2154: 2148: 2147: 2145: 2143: 2128: 2122: 2121: 2119: 2117: 2102: 2096: 2095: 2093: 2091: 2082:. Archived from 2071: 2065: 2059: 2058: 2052: 2044: 2042: 2040: 2034: 2026: 2017: 2016: 2014: 2012: 2006: 2000:. Archived from 1999: 1991: 1985: 1984: 1973: 1967: 1966: 1964: 1962: 1950: 1944: 1943: 1941: 1939: 1924: 1918: 1917: 1916: 1914: 1902: 1896: 1895: 1881: 1875: 1874: 1858: 1852: 1851: 1835: 1829: 1828: 1826: 1824: 1807: 1801: 1800: 1798: 1796: 1787:. Archived from 1781: 1775: 1774: 1772: 1770: 1755: 1746: 1745: 1725: 1716: 1715: 1703: 1697: 1696: 1685: 1679: 1676: 1670: 1664: 1649: 1648: 1646: 1644: 1635:. 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Portfolio.com 3177: 3173: 3157:Gordon, Marcy, 3156: 3152: 3137: 3133: 3118: 3114: 3104: 3102: 3094: 3093: 3089: 3079: 3077: 3067: 3063: 3048: 3044: 3034: 3032: 3027: 3026: 3022: 3009: 3008: 3004: 2989: 2982: 2972: 2970: 2963:"Press Release" 2961: 2960: 2956: 2951: 2947: 2937: 2935: 2934:. March 8, 2011 2923: 2922: 2918: 2908: 2906: 2895: 2894: 2890: 2880: 2878: 2873: 2872: 2868: 2858: 2856: 2846: 2842: 2832: 2830: 2825: 2824: 2820: 2810: 2808: 2795: 2794: 2787: 2777: 2775: 2765: 2761: 2751: 2749: 2739: 2735: 2725: 2723: 2714: 2713: 2709: 2698: 2696: 2687: 2686: 2682: 2672: 2670: 2660: 2656: 2644: 2642: 2633: 2632: 2627: 2621: 2614: 2604: 2602: 2594: 2593: 2589: 2582: 2565: 2561: 2554: 2536: 2532: 2524: 2520: 2508: 2506: 2497: 2496: 2476: 2472: 2459: 2455: 2440: 2429: 2424: 2420: 2410: 2408: 2398: 2394: 2379: 2375: 2362: 2358: 2348: 2346: 2341: 2340: 2336: 2326: 2324: 2314: 2310: 2283: 2279: 2269: 2267: 2262: 2261: 2257: 2247: 2245: 2236: 2235: 2231: 2221: 2219: 2214: 2213: 2209: 2199: 2197: 2187: 2183: 2173: 2171: 2167: 2160: 2156: 2155: 2151: 2141: 2139: 2129: 2125: 2115: 2113: 2103: 2099: 2089: 2087: 2072: 2068: 2062: 2046: 2045: 2038: 2036: 2032: 2028: 2027: 2020: 2010: 2008: 2004: 1997: 1993: 1992: 1988: 1975: 1974: 1970: 1960: 1958: 1957:. Bloomberg.com 1951: 1947: 1937: 1935: 1926: 1925: 1921: 1912: 1910: 1904: 1903: 1899: 1882: 1878: 1859: 1855: 1836: 1832: 1822: 1820: 1808: 1804: 1794: 1792: 1783: 1782: 1778: 1768: 1766: 1757: 1756: 1749: 1742: 1726: 1719: 1704: 1700: 1687: 1686: 1682: 1677: 1673: 1665: 1652: 1642: 1640: 1631: 1630: 1595: 1585: 1583: 1578: 1577: 1566: 1556: 1554: 1544: 1540: 1530: 1528: 1518: 1511: 1501: 1499: 1494: 1493: 1489: 1485: 1462:Lemon socialism 1427: 1420: 1413: 1408: 1406: 1399: 1394: 1392: 1385: 1380: 1378: 1375: 1344:, and 10.7% to 1329: 1307:preferred stock 1303: 1249: 1235: 1219:Federal Reserve 1208:Bank of America 1183: 1158: 971:longtime rival 811:Bank of America 717: 711: 648:Bank of America 612: 530: 517:reverse auction 501: 425: 417:Ernst and Young 317: 311: 256:(P-PIP) to buy 185: 163:, enacting the 93: 28: 17: 12: 11: 5: 6337: 6327: 6326: 6321: 6316: 6311: 6294: 6293: 6291: 6290: 6281: 6271: 6268: 6267: 6265: 6264: 6257: 6250: 6249: 6248: 6234: 6227: 6220: 6213: 6212: 6211: 6204: 6197: 6183: 6175: 6173: 6165: 6164: 6162: 6161: 6154: 6147: 6140: 6133: 6126: 6125: 6124: 6117: 6103: 6096: 6089: 6082: 6075: 6068: 6067: 6066: 6052: 6051: 6050: 6047:Red Flags Rule 6043: 6029: 6022: 6015: 6008: 6001: 5994: 5993: 5992: 5985: 5971: 5963: 5961: 5955: 5954: 5952: 5951: 5944: 5937: 5930: 5923: 5916: 5915: 5914: 5900: 5893: 5892: 5891: 5877: 5876: 5875: 5861: 5860: 5859: 5852: 5838: 5831: 5824: 5823: 5822: 5808: 5807: 5806: 5799: 5792: 5785: 5778: 5771: 5764: 5757: 5750: 5743: 5736: 5729: 5722: 5715: 5708: 5701: 5694: 5687: 5680: 5673: 5659: 5652: 5645: 5638: 5631: 5624: 5616: 5614: 5608: 5607: 5605: 5604: 5597: 5590: 5583: 5576: 5569: 5562: 5561: 5560: 5557:2008 Iraq SOFA 5553: 5550:financial cost 5546: 5539: 5536:2002 Iraq AUMF 5532: 5525: 5511: 5510: 5509: 5502: 5495: 5488: 5481: 5467: 5460: 5453: 5452: 5451: 5444: 5434:Russia summits 5430: 5429: 5428: 5414: 5407: 5400: 5393: 5386: 5385: 5384: 5377: 5370: 5363: 5356: 5349: 5342: 5335: 5328: 5321: 5314: 5307: 5293: 5286: 5285: 5284: 5277: 5263: 5255: 5253: 5251:Foreign policy 5247: 5246: 5243: 5242: 5240: 5239: 5232: 5225: 5218: 5211: 5204: 5197: 5190: 5183: 5176: 5168: 5159: 5157: 5153: 5152: 5150: 5149: 5142: 5141: 5140: 5133: 5126: 5119: 5105: 5098: 5091: 5084: 5083: 5082: 5075: 5068: 5061: 5054: 5040: 5033: 5026: 5019: 5012: 5011: 5010: 5003: 4996: 4989: 4982: 4975: 4968: 4961: 4947: 4940: 4933: 4925: 4919: 4913: 4912: 4904: 4903: 4896: 4889: 4881: 4855: 4854: 4852: 4851: 4846: 4841: 4836: 4834:Error accounts 4830: 4828: 4827:Related topics 4824: 4823: 4821: 4820: 4815: 4810: 4805: 4800: 4795: 4790: 4785: 4780: 4775: 4770: 4765: 4760: 4755: 4750: 4745: 4740: 4735: 4730: 4725: 4720: 4714: 4712: 4706: 4705: 4703: 4702: 4697: 4692: 4687: 4681: 4679: 4673: 4672: 4670: 4669: 4664: 4659: 4649: 4647: 4641: 4640: 4638: 4637: 4632: 4626: 4624: 4618: 4617: 4610: 4609: 4602: 4595: 4587: 4578: 4577: 4575: 4574: 4569: 4564: 4558: 4555: 4554: 4552: 4551: 4546: 4541: 4536: 4531: 4530: 4529: 4518: 4516: 4515:Related topics 4512: 4511: 4509: 4508: 4507: 4506: 4495: 4489: 4483: 4476: 4474: 4470: 4469: 4467: 4466: 4461: 4456: 4451: 4446: 4441: 4435: 4433: 4427: 4426: 4423: 4422: 4419: 4418: 4416: 4415: 4413:General Motors 4410: 4404: 4402: 4395: 4394: 4388: 4386: 4380: 4379: 4377: 4376: 4371: 4366: 4361: 4359:Green New Deal 4356: 4351: 4346: 4341: 4336: 4331: 4325: 4323: 4319: 4318: 4315: 4314: 4312: 4311: 4306: 4300: 4298: 4291: 4290: 4285: 4280: 4275: 4270: 4265: 4260: 4255: 4250: 4245: 4239: 4237: 4231: 4230: 4220: 4219: 4217: 4216: 4211: 4206: 4201: 4196: 4191: 4186: 4181: 4176: 4171: 4166: 4161: 4155: 4153: 4149: 4148: 4146: 4145: 4143:Allen Stanford 4140: 4135: 4130: 4125: 4120: 4115: 4114: 4113: 4102: 4100: 4096: 4095: 4093: 4092: 4087: 4082: 4080:Housing bubble 4077: 4072: 4066: 4064: 4060: 4059: 4057: 4056: 4051: 4050: 4049: 4039: 4034: 4033: 4032: 4027: 4017: 4011: 4009: 4005: 4004: 3997: 3996: 3989: 3982: 3974: 3968: 3967: 3961: 3935: 3923:"Stimulus.org" 3919: 3910: 3900: 3899:External links 3897: 3896: 3895: 3891:The New Yorker 3877: 3874: 3872: 3871: 3859: 3807: 3787: 3774: 3735: 3718: 3686: 3647: 3624: 3602: 3576: 3557: 3535: 3509: 3491: 3452: 3426: 3400: 3372: 3346: 3318: 3298: 3264: 3245: 3219: 3194: 3171: 3150: 3131: 3112: 3087: 3061: 3042: 3031:. Treasury.gov 3020: 3002: 2980: 2954: 2945: 2916: 2888: 2866: 2840: 2818: 2785: 2759: 2733: 2707: 2680: 2654: 2645:|journal= 2612: 2587: 2580: 2559: 2552: 2530: 2518: 2509:|journal= 2470: 2453: 2427: 2418: 2392: 2373: 2363:Eric Thorson. 2356: 2334: 2308: 2277: 2255: 2229: 2207: 2181: 2149: 2123: 2097: 2066: 2060: 2018: 1986: 1968: 1945: 1919: 1897: 1876: 1853: 1830: 1802: 1776: 1747: 1741:978-0199683789 1740: 1717: 1698: 1680: 1671: 1650: 1593: 1564: 1538: 1509: 1486: 1484: 1481: 1480: 1479: 1474: 1469: 1464: 1459: 1454: 1449: 1444: 1439: 1433: 1432: 1418: 1404: 1390: 1374: 1371: 1342:auto companies 1328: 1325: 1302: 1299: 1234: 1231: 1191:Herbert Hoover 1182: 1179: 1157: 1154: 1119: 1118: 1116: 1113: 1111: 1108: 1102: 1101: 1099: 1096: 1094: 1091: 1085: 1084: 1082: 1079: 1077: 1074: 1068: 1067: 1065: 1062: 1060: 1057: 1051: 1050: 1047: 1044: 1042: 1039: 1033: 1032: 1030: 1027: 1025: 1022: 1016: 1015: 1008: 1005: 1003: 1000: 994: 993: 991: 988: 986: 983: 977: 976: 966: 963: 961: 958: 952: 951: 948: 945: 943: 940: 938:Morgan Stanley 934: 933: 930: 927: 925: 922: 916: 915: 912: 909: 907: 904: 902:General Motors 898: 897: 894: 891: 889: 886: 879: 878: 875: 872: 870: 867: 861: 860: 857: 854: 852: 849: 847:JPMorgan Chase 843: 842: 840: 837: 835: 832: 826: 825: 822: 819: 816: 813: 807: 806: 798: 795: 792: 789: 783: 782: 779: 776: 773: 770: 741:Citigroup Inc. 725:Morgan Stanley 710: 707: 681: 680: 677: 664: 661: 658: 651: 640: 629: 622: 611: 608: 607: 606: 605: 604: 595: 594: 593: 589: 580: 579: 578: 569: 568: 567: 566: 565: 558: 542: 541: 540: 529: 526: 500: 497: 460:CAMELS ratings 424: 421: 369: 368: 362: 356: 352: 345: 341: 337: 313:Main article: 310: 307: 184: 181: 92: 89: 81:Ally Financial 51:George W. Bush 15: 9: 6: 4: 3: 2: 6336: 6325: 6322: 6320: 6319:Systemic risk 6317: 6315: 6312: 6310: 6307: 6306: 6304: 6288: 6287: 6282: 6279: 6278: 6273: 6272: 6269: 6262: 6258: 6255: 6251: 6246: 6242: 6241: 6239: 6235: 6232: 6228: 6225: 6221: 6218: 6214: 6209: 6205: 6202: 6198: 6195: 6191: 6190: 6188: 6184: 6181: 6177: 6176: 6174: 6172: 6169:Environmental 6166: 6159: 6155: 6152: 6148: 6145: 6141: 6138: 6134: 6131: 6127: 6122: 6118: 6115: 6111: 6110: 6108: 6104: 6101: 6097: 6094: 6090: 6087: 6083: 6080: 6076: 6073: 6069: 6064: 6060: 6059: 6057: 6053: 6048: 6044: 6041: 6037: 6036: 6034: 6030: 6027: 6023: 6020: 6016: 6013: 6009: 6006: 6002: 5999: 5995: 5990: 5986: 5983: 5979: 5978: 5976: 5975:Bush tax cuts 5972: 5969: 5965: 5964: 5962: 5960: 5956: 5949: 5945: 5942: 5938: 5935: 5931: 5928: 5924: 5921: 5917: 5912: 5908: 5907: 5905: 5901: 5898: 5894: 5889: 5885: 5884: 5882: 5878: 5873: 5869: 5868: 5866: 5862: 5857: 5853: 5850: 5846: 5845: 5843: 5839: 5836: 5832: 5829: 5825: 5820: 5816: 5815: 5813: 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Doctrine 5257: 5256: 5254: 5252: 5248: 5237: 5233: 5230: 5226: 5223: 5219: 5216: 5212: 5209: 5205: 5202: 5198: 5195: 5191: 5188: 5184: 5181: 5177: 5173: 5169: 5165: 5161: 5160: 5158: 5154: 5147: 5143: 5138: 5134: 5131: 5127: 5124: 5120: 5117: 5113: 5112: 5110: 5106: 5103: 5099: 5096: 5092: 5089: 5085: 5080: 5079:controversies 5076: 5073: 5069: 5066: 5065:Harriet Miers 5062: 5059: 5055: 5052: 5048: 5047: 5045: 5041: 5038: 5034: 5031: 5027: 5024: 5020: 5017: 5013: 5008: 5004: 5001: 4997: 4994: 4990: 4987: 4983: 4980: 4976: 4973: 4969: 4966: 4962: 4959: 4955: 4954: 4952: 4948: 4945: 4941: 4938: 4934: 4931: 4927: 4926: 4923: 4920: 4918: 4914: 4909: 4902: 4897: 4895: 4890: 4888: 4883: 4882: 4879: 4873: 4869: 4868: 4863: 4850: 4847: 4845: 4842: 4840: 4837: 4835: 4832: 4831: 4829: 4825: 4819: 4816: 4814: 4811: 4809: 4806: 4804: 4801: 4799: 4796: 4794: 4791: 4789: 4786: 4784: 4781: 4779: 4776: 4774: 4771: 4769: 4766: 4764: 4761: 4759: 4756: 4754: 4751: 4749: 4746: 4744: 4741: 4739: 4736: 4734: 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4240: 4238: 4232: 4225: 4221: 4215: 4212: 4210: 4207: 4205: 4202: 4200: 4197: 4195: 4192: 4190: 4187: 4185: 4182: 4180: 4177: 4175: 4172: 4170: 4167: 4165: 4162: 4160: 4157: 4156: 4154: 4150: 4144: 4141: 4139: 4136: 4134: 4131: 4129: 4128:Bernie Madoff 4126: 4124: 4123:Forex scandal 4121: 4119: 4116: 4112: 4109: 4108: 4107: 4106:Libor scandal 4104: 4103: 4101: 4097: 4091: 4088: 4086: 4083: 4081: 4078: 4076: 4073: 4071: 4068: 4067: 4065: 4061: 4055: 4052: 4048: 4045: 4044: 4043: 4040: 4038: 4035: 4031: 4030:South America 4028: 4026: 4025:United States 4023: 4022: 4021: 4018: 4016: 4013: 4012: 4010: 4006: 4002: 3995: 3990: 3988: 3983: 3981: 3976: 3975: 3972: 3965: 3962: 3949: 3945: 3941: 3936: 3924: 3920: 3918: 3914: 3911: 3909: 3906: 3903: 3902: 3893: 3892: 3887: 3883: 3880: 3879: 3868: 3863: 3855: 3851: 3846: 3845:1721.1/135978 3841: 3837: 3833: 3829: 3825: 3821: 3814: 3812: 3804: 3800: 3794: 3792: 3784: 3781:John Carney. 3778: 3770: 3766: 3762: 3758: 3754: 3750: 3746: 3739: 3732: 3728: 3722: 3703: 3696: 3690: 3682: 3678: 3674: 3670: 3666: 3662: 3658: 3651: 3635: 3628: 3612: 3606: 3590: 3586: 3580: 3572: 3568: 3561: 3545: 3539: 3524: 3520: 3513: 3505: 3501: 3495: 3487: 3481: 3462: 3456: 3440: 3436: 3430: 3414: 3410: 3404: 3389: 3388: 3383: 3376: 3361: 3357: 3350: 3335: 3334: 3329: 3322: 3312: 3308: 3302: 3295: 3294:Richard Sylla 3282: 3278: 3271: 3269: 3260: 3256: 3249: 3233: 3229: 3223: 3204: 3198: 3182: 3175: 3168: 3164: 3160: 3154: 3146: 3142: 3135: 3127: 3123: 3116: 3101: 3097: 3091: 3076: 3072: 3065: 3057: 3053: 3046: 3030: 3024: 3016: 3012: 3006: 2998: 2994: 2987: 2985: 2968: 2964: 2958: 2949: 2933: 2931: 2926: 2920: 2904: 2903: 2898: 2892: 2876: 2870: 2855: 2851: 2844: 2828: 2822: 2806: 2802: 2798: 2792: 2790: 2774: 2770: 2763: 2748: 2744: 2737: 2721: 2717: 2711: 2694: 2690: 2684: 2669: 2665: 2658: 2650: 2637: 2626: 2619: 2617: 2601: 2597: 2591: 2583: 2581:9781437940305 2577: 2573: 2569: 2563: 2555: 2553:9780765636515 2549: 2545: 2541: 2534: 2528: 2522: 2514: 2501: 2493: 2489: 2485: 2481: 2474: 2467: 2463: 2457: 2449: 2445: 2438: 2436: 2434: 2432: 2422: 2407: 2403: 2396: 2388: 2384: 2377: 2370: 2366: 2360: 2344: 2338: 2323: 2319: 2312: 2304: 2300: 2296: 2292: 2288: 2281: 2265: 2259: 2243: 2239: 2233: 2217: 2211: 2196: 2192: 2185: 2166: 2159: 2153: 2138: 2134: 2127: 2112: 2108: 2101: 2085: 2081: 2077: 2070: 2064: 2056: 2050: 2031: 2025: 2023: 2003: 1996: 1990: 1982: 1978: 1972: 1956: 1949: 1933: 1929: 1923: 1909: 1908: 1901: 1893: 1892: 1887: 1880: 1872: 1868: 1864: 1857: 1849: 1845: 1841: 1834: 1819: 1818: 1813: 1806: 1790: 1786: 1780: 1764: 1760: 1754: 1752: 1743: 1737: 1733: 1732: 1724: 1722: 1713: 1709: 1702: 1694: 1690: 1684: 1675: 1668: 1663: 1661: 1659: 1657: 1655: 1638: 1634: 1628: 1626: 1624: 1622: 1620: 1618: 1616: 1614: 1612: 1610: 1608: 1606: 1604: 1602: 1600: 1598: 1581: 1575: 1573: 1571: 1569: 1553: 1549: 1542: 1527: 1523: 1516: 1514: 1497: 1491: 1487: 1478: 1475: 1473: 1472:Matthew Pendo 1470: 1468: 1465: 1463: 1460: 1458: 1455: 1453: 1450: 1448: 1445: 1443: 1440: 1438: 1435: 1434: 1430: 1424: 1419: 1416: 1405: 1402: 1391: 1388: 1377: 1370: 1368: 1364: 1359: 1356: 1355: 1349: 1347: 1343: 1339: 1334: 1324: 1321: 1317: 1313: 1308: 1298: 1295: 1292: 1290: 1289:Graef Crystal 1284: 1281: 1278: 1277:U.S. Treasury 1273: 1270: 1266: 1261: 1258: 1255: 1248: 1244: 1240: 1233:Controversies 1230: 1228: 1224: 1220: 1216: 1211: 1209: 1204: 1199: 1196: 1192: 1188: 1178: 1174: 1172: 1171:Colonial Bank 1166: 1164: 1163:Neil Barofsky 1153: 1151: 1147: 1146:First BanCorp 1143: 1142:Popular, Inc. 1139: 1135: 1129: 1127: 1117: 1114: 1112: 1109: 1107: 1103: 1100: 1097: 1095: 1092: 1090: 1086: 1083: 1080: 1078: 1075: 1073: 1069: 1066: 1063: 1061: 1058: 1056: 1052: 1048: 1045: 1043: 1040: 1038: 1034: 1031: 1028: 1026: 1023: 1021: 1017: 1013: 1009: 1006: 1004: 1001: 999: 995: 992: 989: 987: 984: 982: 978: 974: 970: 967: 964: 962: 959: 957: 953: 949: 946: 944: 941: 939: 935: 931: 928: 926: 923: 921: 920:Goldman Sachs 917: 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