Treasury’s tarp, Federal bailout costs are around $30 billion
October 6th, 2010 - 7:56 pm ICT by Aishwarya BhattAccording to the reports, US financial market is facing a crisis and to cease the matter the federal government has devoted $4.7 trillion.
It was noted that if the circumstances turn worst then the government will maximize its exposure nearly to $24 trillion. The latest figures are part of new quarterly reports submitted to Congress. It also ought to be mentioned that the treasury’s TARP and the federal bailouts are expected to cost around $30 billion.
The tough reports were presented by Neil Barofsky who a special inspector general. While the presentation he accused the Treasury Department for repeatedly failing to adopt the laid recommendations. The recommendations were aimed at securing the government financial sectors.
The aim was to rescue the sectors one-by-one in a more accountable and translucent manner. Barofsky said due to financial sector’s negligence and continuous declining participation in short-term loan schemes the sector is hit by crisis. The agencies are advised take aid from a newly created Federal Housing Finance Agency.
“While quantity and quality of the assets backing all of these programs vary, ignoring that side of these programs misrepresents ‘potential exposure’ associated with them,” according to Treasury spokesman Andrew Williams.
The agency will assist the financial sector and rise again from outstanding balance reports. Government has initiated the Federal Deposit Insurance Corp and 18 other programs to create funds and help the financial sector from this crisis.
- AIG pays back $1.5 bn to US Treasury - Mar 23, 2012
- TARP Bailout Costs Lesser Than Expected According To Government - Oct 06, 2010
- Federal Bailout Costs Slated to Reduce TARP - Oct 06, 2010
- Treasury Secretary Timothy F. Geithner Proposes Bank Bailout Fee - May 05, 2010
- Greek default would roil financial markets: US official - Jun 23, 2011
- US government to borrow $644 bn - Jan 31, 2012
- U.S. To Vend Whole Stake In Citi At An Elevated Profit - Mar 30, 2010
- Mexico lost $872 bn to illegal capital flight: Study - Jan 31, 2012
- US official warns against perils of 'financial crisis amnesia' - Mar 03, 2012
- Timothy Geithner Testimony: Actions Taken In The Best Interest Of Americans - Jan 28, 2010
- China's US debt holdings at $1.16 trillion - Mar 01, 2011
- US seeks to suspend executives' bonuses at mortgage giants - Nov 16, 2011
- Obama signs biggest financial overhaul in generations - Jul 22, 2010
- Europe has resources to tackle crisis: US official - Oct 26, 2011
- Fed Reserve gave $9 trillion emergency loans to US banks - Dec 02, 2010
Tags: aim, andrew williams, assets, bailout, circumstances, congress, federal deposit insurance, federal deposit insurance corp, federal government, financial sector, financial sectors, housing finance agency, loan schemes, negligence, participation, quarterly reports, short term loan, treasury department, treasury spokesman, trillion
