President Obama was in Richmond today on the campaign trail. During his stump speech he again claimed that "Wall Street" has completely paid back the entire amount that was granted under the TARP program. This is simply not true. According to the "TARP TRACKER" on the Department of the Treasury website 89% of the TARP loans granted have been paid back. This is his own administration putting out information which he is contradicting on the stump.
Now 11% doesnt sound like much however that 11% is 46 billion dollars. Yes that is a B for a billion. According to several sources these are the financial institutions which still have not fully paid their loans back to the Federal Government.
Institution Amount Received Amount Paid Back Amount Owed
Citi Group 45 billion 20 billion 25 billion
AIG 40 billion 36 billion 4 billion
GMAC Ally 17 billion ------ 17 billion
Total Still Owed 46 billion
Chrysler Financial paid back their loans with cash and stock however that stock was sold at a loss of 1.3 billion dollars to Fiat.
Remember that TARP was not part of the auto industry bailout but only a bailout to the financial sector. GM and Chrysler got money under this program to bolster their financial auto lending programs.
At this point in time I would be very surprised if we get any more of this money back.
I also like how Obama touts this program as one of those programs he set up to get the world wide credit system running again. This is another part of his lie. The program was signed into law on October 3, 2008 by George W. Bush. There is a possibility that he voted for this legislation as he was still a Senator however he was normally too busy on his Hope and Change (more like Doom and Gloom) Campaign to even make an appearance in the Senate Chamber. Im not even sure he voted present on this bill. As to be fair to all, I went and checked and not only was he present on October 1, 2008 in the Senate Chamber he did put his neck out on the line and make a decision with a YES vote for TARP.
Will the lame stream media call him out on this lie. Come on whats there to report.... its only 46 billion dollars.
"We got back every dime used to rescue the banks," he told the crowd gathered Oct. 18 in Victory Park. "We made that happen."
ReplyDeleteWhat Obama is referring to is the Emergency Economic Stabilization Act, which created the TARP, which initially offered up to $700 billion to banks, auto companies, insurance agencies and mortgage lenders, among other groups. In case you did not know, In 2010, Congress amended the law to limit the spending to $475 billion.
Now, four years later or present day, we have given out $466 billion of that total, according to the Treasury, and, of that total, about $370.4 billion has been returned, including $41.9 billion from interest and dividends, among other income sources.
Now has does Obama’s quote relate to banks - of those the totals, the bank payments that the president referenced are only a portion. 466 billion distributed, about $245.2 billion have gone to banks, both national and local….and, as of Oct. 18, the day of the president’s speech and each speech thereafter that he made this particular quote, the government had taken back about $266.7 billion, according, and this is according to the treasury dept., which reflects a profit of 21.5
This is not suggesting that ALL banks have paid back yet – they have not, but still suggests that a profit has been made and will continue to be made.
Regarding the Auto Bailout, well, that is a whole diff. animal. Chrysler has paid back, GM is still working on it, and it sounds like it will be a while. Regardless, the economic impact to let GM go under would have been far worse for our economy.
So, I guess there is no need to call him out on this because he is telling the truth, which is unlike Romney and his most recent ad suggesting that Chrysler is about to outsource jobs. That guy has a big set of brass balls running with that BS, hoping that people will believe. I guess desperate people do desperate things. There is a big difference between sending jobs to China vs. expanding in China. Furthermore, Chrysler recently announced adding 100 more jobs in one of their Ohio plants.
Oops, Chrysler is adding 1100 jobs
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