TARP deadbeats, update
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:
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.”