2008 Federal Bailout Costly For Taxpayers

By WTVO WQRF Newsroom

Published 04/30 2014 10:54AM

Updated 04/30 2014 10:56AM

WTVO/WQRF - A new report estimates taxpayers have lost $40 billion as a result of the 2008 federal bailout package.

Dubbed the Troubled Asset Relief Program, or TARP, was signed into law under President Bush.

It provided financial assistance to banks, the housing market, and automakers during the financial crisis.  The Special Inspector General for TARP says of the $700 billion provided, no more than $475 billion were spent.

Most of it has been paid back, but the report says $40 billion has been lost, mostly to write-offs and losses to GM and AIG.

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