There's good news and bad news. The good news is that the $700 billion bank bailout has finally made a profit. The bad news is that it's for this week.
Paul Keil at ProPublica reports that $125.2 million came in and only $45.5 million went out through the bailout program over the last week, for a "profit" of $79.7 million. More from Keil:
As always, it’s time for your weekly update on the bank bailouts.There were seven more TARP takers this week, totaling $45.5 million:
These investments are through the Treasury’s program for “healthy banks,” the Capital Purchase Program. The Treasury currently has $197.9 billion invested in more than 550 banks all over the country. You can see the entire list of bailout recipients here.
Of course, bit by bit, banks have been returning bailout funds because of the bailout’s taint and restrictions on executive compensation. Yesterday, the 12th bank returned the money: Sterling Bancshares of Houston, Texas, returned $125.2 million. As you can see from our list of banks that have refunded their bailout money, the 12 have returned $1.16 billion so far. Lately, Capital Purchase Program investments have slowed down considerably, and more bailout money has been coming back to Treasury than has been going out.
This story first appeared on ProPublica.
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