GAO: Banks Paying Back TARP with Federal Money

Originally published on Fox Business.The Government Accountability Office says in a new report that banks that have repaid the Treasury Department's TARP bailout program did so with funds they received from other federal rescue programs.The GAO's finding undercuts the Treasury's prior statements that effectively assert the Troubled Asset Relief Program has earned a profit for taxpayers. Specifically, the GAO says that, according to its new review, “as of January 31, 2012, 341 institutions had exited,” TARP, almost half by repaying...with funds from other federal programs.” For more, click here. The GAO also finds that banks continue to stream out of TARP, but the number that are reneging or missing their required dividend and interest payments back to the Treasury program has risen.Treasury did not return email requests for comment.Continue reading this article here.