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$132.9 Billion Still Owed to Tax Payers From Bailout

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Taxpayers are still owed $132.9 billion from companies like General Motors and the American International Group Inc. who benefited from the financial bailout. Christy Romero, the acting special inspector general for the $700 billion bailout said that some of that money may never be recovered.

Romero says that the bailout, which started in September of 2008, could last for several more years. Some bailout programs, like the effort to help homeowners avoid foreclosure, will last until 2017 and will cost the government at least another $50 billion.

According to the Huffington Post, the American International Group Inc. owes close to $50 billion. General Motors Co. owes $25 billion and Ally Financial Inc. about $12 billion.

Romero also reports that 371 banks still owe taxpayers money. Regions Financial Corp. and Zions Bancorporation both owe more than $1 billion. Synovus Financial Corp., Popular Inc., First Bancorp of San Juan, Puerto Rico, $M&T Bank Corp., all owe seven figure amounts.

USA Today reports that after the 2008 financial crisis Congress authorized $700 billion to lend out to companies in need. About $413 billion was lent out to financial companies and automakers. So far, 77%, or about $318 billion, has been paid back.

Treasury spokesman Matt Anderson said that it could take years for the Treasury to break even. The Huffington Post notes that the Treasury would have to sell its stock for GM at $53.98 to break even. As of Wednesday, GM’s stock was at $24.92.

Anderson said:

“We’ll continue to balance the important goals of exiting our investments as soon as practicable and maximizing value for taxpayers.”

Romero’s report also uncovered fraud related to TARP. Criminal charges were brought against 10 people during the fourth quarter. Altogether, criminal charges have been brought against 61 people for fraud in relation to TARP.

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22 Responses to “$132.9 Billion Still Owed to Tax Payers From Bailout”

  1. James Graham

    700 billion was set for TARP, 413 billion lent out, where is the other 287 billion dollars that has not been lent out? 318 billion dollars has been repaid, where is that money? And we know many billions which are still owed will never in fact be repaid. I think the people have a right to have all that tax payer money accounted for. In fact, according to this report we have hundreds of billions of unaccounted for tax dollars and we know the money that was repaid did not go to the debt so where is it? It is time for government to be held accountable for how they handle all taxpayer money. And Obama is asking for another 457 billion, first make him account for the other money before giving him more to "to repay to his friends and supporters", like unions and others. Obama did take over control of almost half of that TARP money the day he took office, and people keep blaming Bush for what happened to that TARP money. Be honest for a change, both parties agreed to the "give away" and both parties are responsible for what happened to it, and we are entitled to an explaination of where those tax dollars went to before we are saddled with another big bailout of 457 billion. Wake up people, and make your politicians become responsible for a change. And there was a "stink" about 6 billion that went unaccounted for under the Bush adminstration, talk about being misguided and blind!

  2. John Gaska

    Go figure, loan the people that gave loans to people they knew couldn't afford payments, because they were going brokr, and then they can't pay back the government!

  3. Roblyn Butry

    I thought gm had a commercial out stating that they have paid back the loan, obama is going around praising the bail out of gm.where's our money sounds like a bad loan to me.

  4. Steve Carmichael

    Take it out of all the politicians paychecks… They co-signed the loan on that fiasco.

  5. Jay Rein

    @JamesGraham The Sad Irony James is one of simple laziness. And I don't mean the politicians! Its "The People" who have to change this government! Between the Republicans and Democrats, do you think any of them will give up control of our government to people who actually want to help America? They keep themselves in power, pat themselves on the back for what a good job they are doing, and then spend the next 3 years using taxpayers (and God knows Who Else's Money) Just to get re-elected, again! So they can perpetuate the myth that we actually have a functioning Government. But if the Truth were ever Spoken or Published in a major Newspaper, The Paper would have a disclaimer (this is only the opinion of the writer, not us rich, old, money publishing company) America Needs to hear the facts about what our government is really doing with our money! Where is it all going? What about the Haiti Superfund? Or the Tons of Opium now being flown into the U.S.( Illegally) by the CIA and their (Cronies from before the war)! Prior to our presence in Afghanistan, less than 15% of the worlds Opium came from Afghanistan, Now more than 67% of all the Opium comes from there. Not to mention the amount and quality of the Hashish and Afghani Kush reminds me of the early 80's! When you could get it. But seriously, This Government will only Change when America,, And Its People! Say " I had Enough and I am just not going to take it anymore!" Sadly,, we will have to make sure the generals and the Armed forces are behind the People of America and not Congress. Because according to the Constitution our armed forces are from the people, for the people. And at no time should the US Armed Forces Ever Take Aim at its own Citizens! Although,, just the laws that have been put into place over the last 12 years,, (The Patriot Act) and another Congressional Resolution which will allow Congress to Deem the United States as a Warzone, Which would allow it to deploy weapons, troops and other Million$$ toys to use against its own civilians. Now,, I am constantly asking myself this one question. Why, Would our Government Feel the Need or the Want to Send American Soldiers into American Cities? And for What Reason? What do they know that We Don't? Why are they Building a (Denver International Airport), which was started over 20 years ago, and I was there the "day" They said it was finished! Way back in 94. Why is it still under construction? Why are they digging Train Tunnels underneath it? And why is almost all of the work underground? And why did the NORAD Complex At Cheyenne Mountain get a Multi Billion $$ Addition? Which will now allow them to house up to 25,000 people, for at least 3 years without having to come out? It makes me wonder,,, does our government really know the Truth about 2012 and they are preparing for the worst? Only for the Rich of course! Also, It might explain why we can never expect to get our $700Billion paid back. Because they know the economy wont be around in another year, so it wont matter. As long as they spend the money now,, They will never need to justify it to anyone, if something truly does happen. So, in order for us to get our Country Back,, we may have to take it back by force. 250 Million Gun Owners Cant Be Wrong!

  6. Fred Morgan

    If you are wondering where the rest of this money went it's easy to find out,,, it's called administrative cost,,, does anyone actually believe that our "servants of the people" we call congress and the house,,, the ones we pay enormous wages and benefits to,,, are going to give our hard earned dollars away to the ones who killed the american dream for free,,, and James I must apologize for being a union worker but I was raised in the north where unions began,, i had an uncle who was handicap from being beaten in the head as a coal miner who was trying to get medical benefits and food money for his family,, i'm not sayin that unions are perfect but they do help,, please realize that without government being government we would have the american dream not the greed dream,, in rome they got to kill their senators for not serving the people,, maybe they had an idea there.

  7. Armida Riveroll

    Well said, Whats considerably worse is that government officials receive hefty pensions after retirement. Regardless of the aftermath that rolls over from their selfishly terribly made decisions. Yet we scapegoat on public school teachers.

    What should be done?

  8. Paul Wilkinson

    james, apparently it wasnt all lent out. there was 700 allocated to be lent out, but only 413 was actually lent. the other 287 doesnt exist, because it wasnt lent, so its not missing, and not owed.

  9. Tanya Hellard-Cruz

    Jay if all you say is true, How can we stand up against the government? More than half of the U.S. citizens only talk? I am a person of action and I beleive that we should all start to say NO. Be the leader, If you have a plan let us in on it so we can back it up. No smart ass comments meant here I agree with you. We have to take our country back.

  10. Darcy Waterhouse

    Very simple. 413 billion was lent out, 287 billion was handed out free and clear, without repayment expected – Most as political favors to companies like Solyndra. Regardless, both parties were part of the "bailout" that didn't work, but many agreed out of the fear that the Obama Administration sold to the American people. Would have been better off not spending a penny and letting those "too big to fail" actually fail. Now they want more money to hand out…

  11. Reece Why

    This is a spin. In fact America gain over 500 billion if you do the real calculations not this hatchet job; which is intentianlly omitting most of the facts.

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  13. Gregory Foster

    Congress should cancel what money is left to loan out. The economy is recovering without the rest of it. They should have done a better job of distributing the money more efficiently in the first place to minimize losses (especially losses this big). I'll be happy when this is all said and done with.

  14. Jay Rein

    Oh,, Thats the Easy Part. The True Constitution Prevent the military from being used on its own citizens. Most Generals would not ask there troops to do such a thing. Also, In Amerca there are over 250 million Firearms. Many of Which are owners who have more than 1, and usually have some sort of training. Americans know something is wrong. They can feel it Everyday. They just don't know what to do about it. The answer is very unclear. How do approach the subject itself. So, in the absence of a mission. You let time present the right moment to you. You see, Secrets cant stay hidden forever. And thanks to hacker groups like Anonymous and Wiki-Leaks, The whole ball of wax is in Jeopary. People have found out they have been being lied too. Although in the US, The media is much more controlled than elsewhere. We are spoon fed tidbits. But notice nothing on the war, after 11 years of getting nowhere. The Russians knew it and got out. Our country is going to use it as a staging ground for Iran, all in the name of Oil. Yet Americas biggest Consumer of Oil is not the People. But the Military complex itself. You shut that down. Nobodys going nowhere fast.Thats the card Iran is playing, but its a Dangerous game with Israel being a Loose cannon with nukes. They may do something stupid and ruin it for the rest of the world. With 2012 Coming, I think that all these "Things" They have predicted, EMP, Solar Flares, Yellowstone, Floods, Nukes,Axis tilt,The Aliens Return, Asteroid,Comet, They are all just a matter of not if,, but when. Something big is coming!! IT has been for a long Long time, perhaps 1000's of year. We shall have to see what we as people can make of it. Cause God knows, Politicians dont know shit about people!!!! All they care a bout it $$$. And that is the sort of mindset that gets you into trouble everytime. Greed Kills!! Thats why our Government can account for al the money they spend. $1000 for a hammer?? ?Come on, who are they kidding…. I just hope this hurries up and gets over with so I can start my life over again…