Washington Blog deals today with the big banks and how they are yet to pay (against what is often claimed) the infamous bail-out (TARP) of the late Bush administration.
However, as Barry Ritholtz notes:
Pro Publica has been maintaining a list of bailout recipients, updating the amount lent versus what was repaid.
So far, 938 Recipients have had $607,822,512,238 dollars committed to them, with $553,918,968,267 disbursed. Of that $554b disbursed, less than half — $220,782,546,084 — has been returned.
Whenever you hear pronunciations of how much money the TARP is making, check back and look at this list. It shows the TARP is deeply underwater.
So only some 40% has been repaid. And yet we have to hear how good payers those vampires are and how the state is even making money out of that loan. All lies (but a thousand-times repeated lie becomes a truth... until some kid laughs at the naked emperor, that is).
There is a lot more information in that article on how the state is transferring funds from the citizens to the banks for nothing and how Goldman Sachs particularly is taking advantage of its quasi-monopoly to manipulate markets and make even more money out of it.
Just read the whole story at Washington Blog.