Where Did All the TARP Money Go?

January 6, 2009 No Comments »

money

If you’re curious where all that TARP money went, you no longer have to wonder.

The Federal Reserve today released details of all the transactions that took place over the past couple months since the program was launched.

As of December 31, a whopping $177.5 billion was invested in scores of U.S. financial institutions via senior preferred shares through the so-called Capital Purchase Program (CPP).

To protect taxpayer money, “only viable institutions” were accepted, as judged by the companies’ regulators and the Federal Reserve.

Investments ranged from as little as $1.5 million in smaller regional banks to $25 billion in big players like Citigroup and Wells Fargo.

Treasury has also agreed to lend up to $13.4 billion in short-term financing to car manufacturer GM, with $4 billion immediately funded and another $5.4 billion committed to fund on January 16.

Its struggling auto and home loan financing arm, GMAC LLC, also received $5 billion via a senior preferred equity purchase.

An agreement with fellow struggling automaker Chrysler was finalized on January 2, so it will be discussed in the next report.

Take a look at how much your bank got here.

(photo: tracyo)

Leave A Response