TARP deadbeats, update

January 4, 2010

Last month Treasury released the latest data on banks that missed their payment obligations under TARP. The number increased to 56 in November from 33 in August. Here’s a chart summarizing the problem:

TARP deadbeats update

And that’s just for banks. AIG — recipient of $69.8 billion of TARP money — has also failed to make its contractual payments to taxpayers.

Hat tips to Linus Wilson of the University of Louisiana Lafayette for the data and Stephen Culp for the chart.

Wilson also has an interesting paper on the topic. He points out that 3 banks that received TARP money were seized this year, wiping out taxpayers’ $2.6 billion “investment.”

One comment

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I admit I only came up with 50 names, but I could easily have missed some.

Of the 50 I found (which added up to $5B in investments):

1 was CIT @ $2.3B

37 names had $50 million or less in gov’t money.

4 more had between 50 and $100 million.

So support your local banks: they’re safe and responsible.

Posted by Andrew | Report as abusive