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Sunday, October 3, 2010

Rumors of TARP's Death Are Exaggerated

In an article by Rep. Jeb Hensarling written in the Investors Business Daily titled "Rumors of TARP's Death Are Exaggerated" Rep. Hensarling points out that TARP did not save the tax payers $20 billion as reported by Treasury Secretary Timothy Geithner, but actually cost tax payers $66 billion dollars instead.  Rep. Hensarling says TARP can not make new committments as of Oct 3 2010, but continues to fork out outlays of existing contracts previously committed to. 
Treasury has committed $460 billion in signed contracts and only $199 billion of the $386 billion actually paid out has been repaid. There's no obligation that the outstanding money be repaid to taxpayers in a timely manner.
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