Treasury Passes Break-Even Point In Bank Bailouts
Treasury Passes Break-Even Point In Bank
Bailouts
The US Treasury's program in which it bailed out a number of major banks moved out of the red Wednesday as banks repaid $7.4 billion in bailout assistance funds. The financial transfers to the Troubled Asset Relief Program will push the total amount taxpayers have recouped from the nation's banks to $251 billion. The program paid out a total of $245 billion to banks at the height of the financial crisis to help avoid a catastrophic collapse of the US financial system.
Treasury officials did not say which banks were making payments Wednesday, but SunTrust Banks and Key Corp announced on March 18th that they would be making payments of $4.9 billion and $2.5 billion, respectively. A third, smaller payment would presumably come from a third bank.
Treasury officials have previously estimated that the bailout of US banks would eventually net taxpayers some $20 billion in profit. The bailouts of banks sparked outrage in the aftermath of the 2008 financial meltdown, which continued on to affect the outcome of mid-term elections in 2010 that led to a Republican takeover of House control.
The US Treasury's program in which it bailed out a number of major banks moved out of the red Wednesday as banks repaid $7.4 billion in bailout assistance funds. The financial transfers to the Troubled Asset Relief Program will push the total amount taxpayers have recouped from the nation's banks to $251 billion. The program paid out a total of $245 billion to banks at the height of the financial crisis to help avoid a catastrophic collapse of the US financial system.
Treasury officials did not say which banks were making payments Wednesday, but SunTrust Banks and Key Corp announced on March 18th that they would be making payments of $4.9 billion and $2.5 billion, respectively. A third, smaller payment would presumably come from a third bank.
Treasury officials have previously estimated that the bailout of US banks would eventually net taxpayers some $20 billion in profit. The bailouts of banks sparked outrage in the aftermath of the 2008 financial meltdown, which continued on to affect the outcome of mid-term elections in 2010 that led to a Republican takeover of House control.
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