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TARP REPAYMENTS REACH $181 BILLION
Today: Hartford Repays $3.4 Billion; GM Repays $1 Billion
WASHINGTON – Today, the U.S. Department of the Treasury received full repayment on its Troubled Asset Relief Program (TARP) investment in Hartford Financial Services Group, Inc. in the sum of $3.4 billion, as well as a $1 billion repayment from General Motors. TARP repayments now total $181 billion, well ahead of last fall’s repayment projections for 2010.
Treasury currently estimates that its programs aimed at stabilizing the banking system will earn a profit thanks to dividends, interest, early repayments, and the sale of warrants. Total bank investments of $245 billion in FY2009 that were initially projected to cost $76 billion are now projected to bring a profit. Taxpayers have already received $14 billion through just interest and dividends and that number could be considerably higher by the end of this year.
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