| | | I can't tell you where the author got his figure but if you look at the underlying report to which he linked, the face amount of TARP funds from FY2009 was 541 Billion, which I assume was expensed in the FY09 financials. It was after that (maybe 2011) that they came back and said, "These weren't expenses at all, they were 'investments'", and made a PPA to book them as assets.
I have not sat down and analyzed the journal entries and do not intend to do so; however, that was 541B of the 700B allocation.
I think the confusion likely relates to the restatement; the 2013 document to which he refers would have been after the PPA was applied, thus causing the 2013 document to reflect the restated amounts, not the original amounts. If you, in a PPA made in 2011, booked an asset for a few hundred billion, then it would have reduced 2009 as of the restatement. AFAIK, the FY2009 deficit we toss around from news media accounts were never restated for this adjustment.
On its face, the figure in the article is obviously incorrect since all of the first 350B had been disbursed prior to Bush leaving office and Bush got the second 350B approved prior to his leaving office so Obama wouldn't have to deal with it. |
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