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Adrienne Gonzalez
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Adrienne has recently relocated to the Capital Wasteland (or the Washington, DC metro as it is known elsewhere) as she wanted a front seat to watch Rome burn.
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Jr Deputy Accountant
  • TARP Recipient Banks See 258,449% Return on Investment 0 comments
    Jul 17, 2009 7:18 PM | about stocks: BAC, C, JPM, GS

    Thanks due to Open Secrets for this useful little tidbit. Useful? Maybe that's not the right word. F---ing OUTRAGEOUS, now that might be more appropriate.

    How would you like to see a 258,449% return on investment in the most bizarre, under-performing, disgustingly perverted market in human history? I know I would probably appreciate performance like that.


    OS:

    The companies that have been awarded taxpayers' money from Congress's bailout bill spent $77 million on lobbying and $37 million on federal campaign contributions, Center finds. The return on investment: 258,449 percent.


    WASHINGTON--(This release has been corrected to reflect that Bank of America has received $45 billion, not $55 billion, from the TARP program. The $45 billion includes $10 billion that Merrill Lynch received before being acquired by Bank of America. An earlier version of this release incorrectly added Merrill Lynch's $10 billion to Bank of America's $45 billion. Adjustments to the figures in the original release are in bold below. In addition, the total number of TARP recipients that lobbied in 2008 is 26, rather than 25 as originally stated.) The struggling companies whose freewheeling business practices have contributed to the country's economic woes are getting a lucrative return on at least one of their investments. Beneficiaries of the $700 billion bailout package in the finance and automotive industries have spent a total of $114.2 million on lobbying in the past year and contributions toward the 2008 election, the nonpartisan Center for Responsive Politics has found. The companies' political activities have, in part, yielded them $295.2 billion from the federal government's Troubled Asset Relief Program (TARP), an extraordinary return of 258,449 percent.

     

    Read the rest at Jr Deputy Accountant

    Stocks: BAC, C, JPM, GS
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