Shock Report: TARP Fraud Grows, Feds Admit Taxpayers ‘Will Never Get Back’ Billions of Dollars
By Becket Adams
January 27, 2012
U.S. taxpayers are still owed nearly $133 billion that companies haven’t repaid from the financial bailout, according to a quarterly Special Inspector General Troubled Asset Relief Program (SIGTARP) report. The report also states that as of December 31, 2011, the Treasury has “written off $4.2 billion and realized losses of $7.8 billion that the taxpayer will never get back,“ and that it ”predicts losses on other TARP investments.”
But perhaps this shouldn’t come as a surprise. After all, some programs were designed as a “Government subsidy with no return to taxpayers,” according to the report.
Of the $700 billion Congress authorized for the bailout of financial companies and automakers, also known as the Troubled Asset Relief Program (TARP), approximately $413 billion has been lent. Of the $413 billion, the government has allegedly recovered about $318 billion, or about 77 percent of it, according to the Associated Press.