101. bailout costs
May 28, 2009 § Leave a comment
I take this as definitive until I know better. The fudging and equivocation are just frustrasting, but undersandable, given the stakes.
What cannot be disputed, however, is the financial bailout’s biggest loser: the American taxpayer. The US government, led by the Treasury Department, has done little, if anything, to maximize returns on its trillion-dollar, taxpayer-funded investment. So far, the bailout has favored rescued financial institutions by subsidizing their losses to the tune of $356 billion, shying away from much-needed management changes and – with the exception of the automakers – letting companies take taxpayer money without a coherent plan for how they might return to viability.