We Made Nothing From the Bailouts & We Bailed Out Greece to Boot

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CNN reported today that taxpayers made $25 billion on $225 billion worth of mortgage-backed securities. What a windfall, I can’t wait to see the reduction in my taxes or do I get a dividend check?

Are they kidding with this piddling amount? Are they seriously trying to pull this charade on the American people?

Here is the real story –

ProPublica: Detailed Breakdown (as of March 9, 1012)

OUTFLOWS: $601,470,954,178

Disbursed
Banks and other Financial Institutions $245,155,693,547
Fannie and Freddie $187,488,000,000
Auto Companies $79,697,855,706
AIG $67,835,000,000
Toxic Asset Purchases $17,663,904,774
Mortgage Mod Program $2,409,231,881
State Housing Programs $803,122,818
Small Business Loan Aid $368,145,452
FHA Refinance Program $50,000,000

INFLOWS: $356,519,884,228

Refunds $279,672,004,933
Money returned to Treasury by bailed-out companies.
Dividends $55,186,120,720
Revenue Treasury has earned on its investments through dividend payments.
Interest $1,549,317,875
Revenue Treasury has earned through its loans through interest payments.
Warrants $9,186,808,439
Revenue Treasury has earned from selling stock warrants it held on companies that have paid back its investment.
Other Proceeds $10,486,168,489
Revenue from selling off equity or other assets.
Fees $454,000,000
Revenue Treasury has garnered from special fees.

Net Outstanding: $244,951,069,949

Adding Up the Government’s Total Bailout Tab (April 2011)

Beyond the $700 billion bailout known as TARP, which has been used to prop up banks and car companies, the government has created an array of other programs to provide support to the struggling financial system. Through April 30, the government has made commitments of about $12.2 trillion and spent $2.5 trillion — but also has collected more than $10 billion in dividends and fees. Here is an overview, organized by the role the government has assumed in each case.

THE GOVERNMENT AS INVESTOR

$9.0 trillion Commitment

SPENT: $1.6 TRILLION

Includes direct investments in financial institutions, purchases of high-grade corporate debt and purchases of mortgage-backed securities issued by Fannie Mae, Freddie Mac and Ginnie Mae.

THE GOVERNMENT AS INSURER

$1.7 trillion Commitment

SPENT: $330 BILLION

Includes insuring debt issued by financial institutions and guaranteeing poorly performing assets owned by banks and Fannie Mae and Freddie Mac.

THE GOVERNMENT AS LENDER

$1.4 trillion Commitment

SPENT: $528 BILLION

Read more: NY Times

Let’s not forget our $20 billion bailout of Europe who could care less about us –

Washington Examiner: On March 12th, the International Monetary Fund (IMF) approved a whopping $36.7 billion bailout of the banks that are owed money by the government of Greece.

Shockingly, U.S. taxpayers are on the hook for approximately $7.5 billion of the total.

Currently, the U.S. has a total exposure to the IMF of $165 billion.  Although taxpayers fund 17.72 percent of the IMF, they are currently paying for more than 20 percent of its outstanding loans.

Part of the reason for that is because of an additional $108 billion the Pelosi-Reid Congress approved to the IMF in 2009, which included $100 billion in New Arrangements to Borrow (NAB) that the U.S. disproportionately funds.

Overall, including the new Greek bailout, taxpayers are already $20 billion deep into bailing out European financial institutions that bet poorly on sovereign debt of failed socialist states — and counting.

At least $13 billion of that has gone to Greece alone. To put that amount into perspective, that’s almost as much as the $14.3 billion the U.S. Department of Labor gets on an annual basis

So, can you see why I am not impressed by the $25 billion profit?

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