In recognition of TARP's one-year anniversary, we're putting up some quick numbers for the HuffPost community to digest.
The Emergency Economic Stabilization Act of 2008 -- the law that authorized the federal government to dole out $700 billion in taxpayer funds to banks, the auto industry and troubled insurer AIG -- was passed by Congress, signed by former President George W. Bush, and went into effect on Oct. 3, 2008.
Congress originally intended the money to be used to buy and insure troubled bank assets, like delinquent home mortgages. But over time, the Troubled Asset Relief Program took on another, broader mission: To pump massive amounts of money into companies to prevent them from collapsing in the face of future losses.
Beneficiaries have included banks (like Citigroup and Bank of America), auto manufacturers (like General Motors and Chrysler), and mortgage servicers (like PennyMac Loan Services and Countrywide Home Loans Servicing).
The following is a breakdown of where the money has gone, where it hasn't, and what taxpayers have found themselves on the hook for in the year since Bush told the nation, at 2:03pm ET on Friday, Oct. 3, 2008, that the bill had just cleared Congress, and that he was going to sign it into law.
- $573.3 Billion -- Total amount announced and/or distributed
- $72.8 Billion -- Amount returned to taxpayers
- 12 -- Number of programs
- 755 -- Number of recipients
- 655 -- Number of recipients that have yet to return bailout funds
- 40 -- Recipients that have fully repaid taxpayers
- $389.6 Billion -- Total amount outstanding (does not include announced funds that have yet to be distributed)
- $14.4 Billion -- Revenue for government from investments (dividends, interest and stock warrants)
- 60 -- Mortgage servicers getting taxpayer-provided incentives to modify home mortgage loans
- $22.3 Billion -- Amount provided to mortgage servicers to induce mortgage modifications
- 2,965,980 -- Estimated number of eligible mortgages under program
- 360,165 -- Number of trial modifications started
- 12.1 Percent -- Share of eligible mortgages that have been modified
- 83 -- Number of TARP recipients in California (leads the nation)
- 0 -- Number of TARP recipients in Montana and Vermont (the only states without TARP recipients)
- $23.7 Trillion -- A worst-case scenario figure for the amount of money taxpayers could be forced to cough up if every program, in essence, fails. This eye-popping number should be taken with a grain of salt. For more, please read the following analysis from The New York Times's Floyd Norris.
Note: The figures were compiled from the following sources, using the most recent information available: U.S. Treasury Department, ProPublica, Office of the Special Inspector General for the Troubled Asset Relief Program
Please help us mine for hidden nuggets. Visit the Treasury Department's Web page that lists their reports. If you find something good, give us a shout at huffpostbiz [at] gmail [dot] com.