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Politics : American Presidential Politics and foreign affairs -- Ignore unavailable to you. Want to Upgrade?

To: RMF who wrote (36627)	8/31/2009 2:02:46 PM
From: Broken_Clock	Read Replies (1) \| Respond to of 71588

sarcasm, right?

To: RMF who wrote (36627)	8/31/2009 2:35:19 PM
From: DuckTapeSunroof	Read Replies (3) \| Respond to of 71588

Report: U.S. turns profit on bank bailouts Portland Business Journal Monday, August 31, 2009, 9:15am PDT bizjournals.com The U.S. government has made a profit of about $4 billion on the federal program to bail out troubled banks, according to a report by The New York Times. The newspaper says the profit so far amounts to a 15 percent annual return. The news comes as a pleasant surprise, given the controversy surrounding the Troubled Asset Relief Program. Under the program, Charlotte, N.C.-based Bank of America Corp. (NYSE: BAC) received a total of $45 billion. Some $20 billion of that came as part of BofA’s purchase of troubled brokerage Merrill Lynch & Co. Inc. on Jan. 1. Wells Fargo & Co. (NYSE: WFC) received $25 billion under the program, which was designed to thaw the credit markets and boost the economy. BofA and San Francisco-based Wells have paid millions in dividends to the U.S. Treasury as part of the TARP program but have yet to repay their loans. But the U.S. government has garnered $1.4 billion from Goldman Sachs, $1.3 billion from Morgan Stanley (NYSE: MS) and $414 million from American Express (NYSE: AXP), as well as between $100 million and $334 million from five other banks that have repaid the government, according to the Times. It also has received $35 million from 14 smaller banks that have retired their preferred shares issued to the government. The article cautions that the government has yet to be repaid by insurance giant American International Group (NYSE: AIG) or automakers General Motors Corp. and Chrysler.