US taxpayers make profit on bank bailouts

[munky]

http://www.bloomberg.com/news/2010-10-20/bailout-o...

I notice the British Broadcasting Communists are not running the story.

[Fittster]

And the bailouts of AIG and the motor firms?

[jesta1865]

British Broadcasting Communists, they seem to feel they have a say in how and what they pay for. personally i feel that we the people who have to pay for them should be telling them what we want to keep and what to scrap etc. i think they have a cheek to say they won't swallow the cost of free tv licences.

sorry to go off topic.

bet we don't see anything back, we just handed the money over with no strings attached, or at least none that they have actually enforced.

Edited by jesta1865 on Wednesday 20th October 11:31

[munky]

Fittster said:

And the bailouts of AIG and the motor firms?

it's all in the article:

article said:

The Treasury said in an Oct. 5 report that it expects to lose about $17 billion on the separate $80 billion TARP payout to Detroit automakers General Motors Co. and Chrysler LLC. The bank and insurance portion of the bailout, which includes $47.5 billion to New York-based American International Group Inc., will probably earn $11 billion in the end, taking expected losses into account, according to Treasury estimates.

[jeff m]

That newsreport is full of half truths. I expect better from Bloomburg

You have a 10K mortgage, your cousin gets into the crap and you lend him 10K.
You get the 10K by extending your mortgage to 20.

Your cousin manages to get himself back on track and starts to pay back the money at 10.5K as agreed
To administer this loan you use your younger brother who is a bit of a loser, for every thousand he receives he takes 250 and gives you 750.
Instead of paying this 750 (and the nine subsequent 750s) back into your mortgage you spend it.

So, yes...... gross, there is a profit, but you have a 20K mortgage to pay.

Fannie Mack and Mae are used to administer the Tarp funds and take a decent chunk.