Time magazine looks at the TARP, and does some quick number crunching.
Since the Tarp was jammed through in October, Treasury has invested $165 billion into the nation’s eight largest banks.
Those same financial firms are now worth $418 billion less than they were four months ago. CBO calculates the taxpayer’s preferred shares are worth $20 billion less.
The government’s annualized rate of return on its investment in the nation’s largest banks is -1,096%.
As Time snarkily notes, even Bernie Madoff only lost 100%!
Why Your Bank Is Broke
Time, Jan. 29, 2009
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