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TARP MONEY: Full repayment 'unlikely'

The auto industry, AIG and other struggling recipients of the government's $700 billion Wall Street bailout will make it "extremely unlikely" that taxpayers will receive a full return on their investments, says a new report by the Treasury Department's independent watchdog.

About 17 percent of Troubled Asset Relief Program (TARP) loans issued since the program began a year ago have been repaid, according to a 252-page report released Wednesdayby TARP's Special Inspector General Neil Barofsky.

But with a handful of major bailout recipients battling for survival, such as General Motors, Chrysler and insurer American International Group (AIG), "full recovery is far from certain," says the study, which examines the Treasury's handling of TARP for the third quarter of 2009.

GM and Chrysler, along with their financing arms, collectively received about $80 billion in TARP funds to "avo

Added: Oct-22-2009 Occurred On: Oct-21-2009
By: Hypnojive2
Tags: TARP, Troubled Asset Relief Program, Neil Barofsky, bailout, economy, tax dollars
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