Treasury’s Efforts Recover Another $30 Million in TARP Funds for Taxpayers

[NACBA]

The U.S. Department of Treasury recovered approximately $30 million for taxpayers through the sale of First BanCorp common stock, according to an announcement from Treasury on Monday.

As part of the second pre-defined written trading plan for sales of First BanCorp's common stock, Treasury sold approximately five million shares, recovering about $30 million for American taxpayers. Treasury currently holds about 10.3 million shares (about 4.8 percent) of First BanCorp common stock, according to Treasury.

Treasury is selling its common stock in First BanCorp as part of an ongoing effort to wind down the government's Troubled Asset Relief Program (TARP) to bail out banks devastated by the financial crisis of 2008. First BanCorp received about $400 million from Treasury in 2009 as part of the TARP bailout. In December, Treasury recovered about $22 million for taxpayers through the sales of nearly 4.4 million shares of First BanCorp common stock as part of the first pre-defined written trading plan for the bank.

http://dsnews.com/news/03-09-2015/treasurys-efforts-recover-another-30-million-tarp-funds-taxpayers

[Valli6]

When can I expect my cut? :rolleyes:

[surf]

Taxpayers Recover $30 Million from Second First Bancorp. Trading Plan

3/9/2015 Page Content




WASHINGTON – The U.S. Department of the Treasury today announced the completion of the second pre-defined written trading plan for First BanCorp. common stock. Treasury sold 5,000,000 shares and recovered approximately $30 million for taxpayers. Treasury currently holds 10,291,553 shares, or approximately 4.8 percent of First BanCorp. common stock.


To date, taxpayers have recovered a total of $441.7 billion on TARP investments including the sale of Treasury’s AIG shares, compared to $427.1 billion disbursed. Of the 707 banks that received TARP investments through the Capital Purchase Program, only 32 remain in the program. For more details on Treasury’s lifetime cost estimates for TARP programs, please visit Treasury’s Monthly 105(a) Report to Congress on TARP at this link.


This press release shall not constitute an offer to sell or the solicitation of an offer to buy any shares of First BanCorp. common stock.
a quick bing found little on this "sale" so can someone please tell me how much Goldman made on this deal?

[Slave Mentality]

Yeah I'd like mine back all in twenties. Thanks treasury for looking out for us.

[UWDude]

And it only took about 7 years to get some of the money back. Gee, I wonder how much extra I could have earned from investments off $400 million in seven years. I think I could have done better than $30 million.


And these stories are always so shamefully dishonest. It is well known TARP will never be paid back in any way. The money was already loaned out, real estate never truly corrected, and the banks kept racking up more and more wealth from the American people by lending out more and more money that can only be paid back in taxes.

[Ronin Truth]

$30 million down, another how many multi-billion$ to go?

[Zippyjuan]

$30 million down, another how many multi-billion$ to go?

According to the article:

To date, taxpayers have recovered a total of $441.7 billion on TARP investments including the sale of Treasury’s AIG shares, compared to $427.1 billion disbursed.

And according to the latest Treasury report (3/10/15) http://www.treasury.gov/initiatives/financial-stability/reports/Documents/Daily_TARP_Update%20-%2003.10.2015.pdf

of the original $427 billion dispersed under TARP, $376 billion has been repaid or $51.2 billion has not. Six billion due from banks, $30 billion is AIG $13.5 billion) and the car companies GM, Chrysler, and GMAC. In this group, the government still owns stocks in these companies.

[Ronin Truth]

According to the article:


And according to the latest Treasury report (3/10/15) http://www.treasury.gov/initiatives/financial-stability/reports/Documents/Daily_TARP_Update%20-%2003.10.2015.pdf

of the original $427 billion dispersed under TARP, $376 billion has been repaid or $51.2 billion has not. Six billion due from banks, $30 billion is AIG $13.5 billion) and the car companies GM, Chrysler, and GMAC. In this group, the government still owns stocks in these companies.

SHOW ME THE MONEY!

YouTube or it didn't happen!

[UWDude]

According to the article:


And according to the latest Treasury report (3/10/15) http://www.treasury.gov/initiatives/financial-stability/reports/Documents/Daily_TARP_Update%20-%2003.10.2015.pdf

of the original $427 billion dispersed under TARP, $376 billion has been repaid or $51.2 billion has not. Six billion due from banks, $30 billion is AIG $13.5 billion) and the car companies GM, Chrysler, and GMAC. In this group, the government still owns stocks in these companies.

Soo, 7 years, 5% return, or about 1% APR. Hows that stock market done since? What kind of returns have the banks that got bailed out seen since they got these huge loans? I think we all know the answer to that one, especially if salaries are considered part of the returns. It has been astronomical. Certainly not 1.1% APR.

[angelatc]

Efforts?

They created a stock market bubble and cashed in at the top, offsetting some of "our" losses from the last bubble they created.

[muh_roads]

So they recovered 10 cents for every citizen. Oh joy.