{"id":350438,"date":"2011-03-30T17:52:28","date_gmt":"2011-03-30T17:52:28","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/03\/30\/bank-bailout-turns-a-profit\/"},"modified":"2011-03-30T17:52:28","modified_gmt":"2011-03-30T17:52:28","slug":"bank-bailout-turns-a-profit","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/03\/30\/bank-bailout-turns-a-profit\/","title":{"rendered":"Bank bailout turns a profit"},"content":{"rendered":"<p><div readability=\"106.77365491651\">    <!-- KEEP --><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/03\/d807e0e5eithner.top_.jpg.jpg\" alt=\"white_house_geithner.top.jpg\" width=\"475\" height=\"300\" border=\"0\" class=\"cnnstoryImageFull\" \/><span><b>Treasury Secretary Tim Geithner in the Oval Office.<\/b><\/span><span id=\"fb-recommend\"\/><br \/>\n<span>By Charles Riley, staff reporter<\/span><span>March 30, 2011: 1:48 PM ET<\/span><!--startclickprintexclude--><br clear=\"all\"\/><\/p>\n<p>NEW YORK (CNNMoney) &#8212; Don&#8217;t look now, but the bank bailout is starting to turn a profit.<\/p>\n<p>The Treasury Department will announce Wednesday that the money it gave to banks during the financial crisis has been paid back, and then some.<\/p>\n<p>The bank bailout &#8212; part of the Troubled Asset Relief Program &#8212; is now $6 billion in the black, according to a Treasury Department official, who said the ultimate profit might rise to $20 billion.<\/p>\n<p>And that&#8217;s nice. But if you look at the whole program, there are still some trouble spots, and not everyone is happy.<\/p>\n<p>For a long time, TARP was the albatross around Treasury&#8217;s neck. It authorized the department to spend up to $700 billion to stabilize financial markets through the purchase of &#8220;troubled assets.&#8221;<\/p>\n<p>And that&#8217;s just what Treasury did, spending a total of $432 billion dollars to help banks, the domestic auto industry, AIG (<a href=\"http:\/\/money.cnn.com\/quote\/quote.html?symb=AIG&#038;source=story_quote_link\">AIG<\/a>, <a href=\"http:\/\/money.cnn.com\/magazines\/fortune\/fortune500\/2010\/snapshots\/2469.html?source=story_f500_link\">Fortune 500<\/a>), and fund grants aimed at avoiding foreclosures.<\/p>\n<p>And while some of the biggest banks are now flourishing, critics are slamming Treasury for falling down on part of its broader mission &#8212; helping Main Street.<\/p>\n<p>&#8220;These Main Street-oriented goals were not, as the Treasury Department is now suggesting, mere window dressing that needed only to be taken &#8216;into account,&#8217; &#8221; Neil Barofsky, the program&#8217;s former special inspector general, wrote in a <i>New York Times<\/i> <a href=\"http:\/\/www.nytimes.com\/2011\/03\/30\/opinion\/30barofsky.html?partner=rss&#038;emc=rss\" target=\"new\" rel=\"noopener noreferrer\">op-ed<\/a>.<\/p>\n<p>Barofsky specifically laments the attention paid to the big banks, while mortgage modifications were all but ignored. A program &#8212; the Home Affordable Modification Program &#8212; was put in place in February 2009, but has not been <a href=\"http:\/\/money.cnn.com\/2011\/02\/01\/real_estate\/hamp_modifications\/index.htm\">particularly successful<\/a>.<\/p>\n<p>&#8220;That program has been a colossal failure,&#8221; Barofsky wrote. &#8220;As the program flounders, foreclosures continue to mount, with 8 million to 13 million filings forecast over the program&#8217;s lifetime.&#8221;<\/p>\n<p>On Tuesday, the Republican-controlled House voted to <a href=\"http:\/\/money.cnn.com\/2011\/03\/29\/news\/economy\/republicans_kill_hamp\/\">kill the program<\/a>.<\/p>\n<p>And Treasury acknowledges the housing market is still difficult.<\/p>\n<p>&#8220;Housing is an area where there is still much work to be done,&#8221; Acting Assistant Secretary Timothy Massad told Congress on Wednesday. &#8220;It should be remembered that the forces that created this housing crisis had been building for nearly a decade.&#8221;<\/p>\n<p>There is also the issue of cost. According to the latest estimate of the nonpartisan Congressional Budget Office, TARP &#8212; the whole program &#8212; will ultimately cost taxpayers $19 billion, mostly due to losses from assistance to AIG, the auto industry and HAMP.<\/p>\n<p>Still, that number is far lower than anticipated by most analysts &#8212; including CBO, which initially estimated that TARP would lose hundreds of billions of dollars. Treasury has displayed a stellar track record thus far in recouping taxpayer funds, but there are a few problem areas.<\/p>\n<p>CBO estimates that the roughly $80 billion auto bailout will end up costing taxpayers $14 billion. And HAMP, which is a grants program and was never expected to return a profit to taxpayers, will eventually cost $13 billion.\u00a0<a href=\"http:\/\/money.cnn.com\/2011\/03\/30\/news\/economy\/tarp_program\/index.htm?section=money_topstories&#038;utm_source=feedburner&#038;utm_medium=feed&#038;utm_campaign=Feed%3A+rss%2Fmoney_topstories+%28Top+Stories%29#TOP\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/03\/0e63013ebug.gif\" alt=\"To top of page\" border=\"0\" width=\"7\" height=\"7\" \/><\/a><\/p>\n<p><!--endclickprintexclude--><\/div>\n<\/p>\n<p><img decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/03\/d807e0e5eithner.top_.jpg-150x150.jpg\" \/><\/p>\n<p>Read this article:<br \/>\n<a target=\"_blank\" href=\"http:\/\/rss.cnn.com\/~r\/rss\/money_topstories\/~3\/NspsMmZCte8\/index.htm\" title=\"Bank bailout turns a profit\" rel=\"noopener noreferrer\">Bank bailout turns a profit<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> Treasury Secretary Tim Geithner in the Oval Office. By Charles Riley, staff reporter March 30, 2011: 1:48 PM ET NEW YORK (CNNMoney) &#8212; Don&#8217;t look now, but the bank bailout is starting to turn a profit. <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-350438","post","type-post","status-publish","format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bank bailout turns a profit - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/03\/30\/bank-bailout-turns-a-profit\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Bank bailout turns a profit - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Treasury Secretary Tim Geithner in the Oval Office. 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