General Discussion
In reply to the discussion: A question for Obama and\or his supporters here: [View all]stevenleser
(32,886 posts)calling out Obama supporters to defend it as if it was Obama's law. That alone is hideworthy, IMHO.
http://en.wikipedia.org/wiki/Troubled_Asset_Relief_Program
The Troubled Asset Relief Program (TARP) is a program of the United States government to purchase assets and equity from financial institutions to strengthen its financial sector that was signed into law by U.S. President George W. Bush on October 3, 2008. It was a component of the government's measures in 2008 to address the subprime mortgage crisis.
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Expenditures and commitmentsAs of February 9, 2009 (2009 -02-09)[update], $388 billion had been allotted, and $296 billion spent, according to the Committee for a Responsible Federal Budget. Among the money committed, includes:[37]
$205 billion to purchase bank equity shares through the Capital Purchase Program;[38]
$40 billion to purchase preferred shares of American International Group (AIG), then among the top 10 US companies, through the program for Systemically Significant Failing Institutions ($40 billion spent);
$20 billion to back any losses that the Federal Reserve Bank of New York might incur under the Term Asset-Backed Securities Loan Facility (none spent);
$40 billion in stock purchases of Citigroup and Bank of America ($20 billion each) through the Targeted Investment Program ($40 billion spent)
$12.5 billion in loan guarantees for Citigroup ($5 billion) and Bank of America ($7.5 billion) through the Asset Guarantee Program (none spent);
$25 billion in loans to automakers and their financing arms through the Automotive Industry Financing Program ($21 billion spent)
Bank of America repaid the government two payment loan of $45 billion in December 2009. This TARP loan was given to Bank of America in two payments of $25 billion in 2008 at the beginning of the financial crisis and $20 billion early 2009.[39]