Transcript
8/14/2019 Bailout Tally Dec 2009
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. BailoutTallyReportby Nomi Prins and Krisztina Ugrin
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,
SupplementalAnalysisforItTakesAPillage:BehindtheBailouts,BonusesandBackroomDealsfrom
Washington
to
Wall
Street
WHOGAVEIT$12,194
WHOGOTIT
$3,06822%
$2,32416%
WHOGAVEITFederal Reserve
TreasuryDepartment
$12,194
WHOGOTIT
$6,71148%
$3,06822%
$2,32416%
$1,260
9%
WHOGAVEITFederal Reserve
TreasuryDepartment
FDIC
Joint
$12,194
$1,823
WHOGOTIT
$6,71148%
$3,06822%
$2,32416%
$1,260
9%
$6545%
WHOGAVEITFederal Reserve
TreasuryDepartment
FDIC
Joint
Other
$ in billions, rounded
$12,194
$1,823
Wall Street* American Citizens**
WHOGOTIT
TOTALBAILOUT: $14TRILLION
$6,71148%
$3,06822%
$2,32416%
$1,260
9%
$6545%
WHOGAVEITFederal Reserve
TreasuryDepartment
FDIC
Joint
Other
$ in billions, rounded
$12,194
$1,823
Wall Street* American Citizens**
WHOGOTIT
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DATE FEDERALDEPOSITINSURANCECORPORATION AMOUNTOctober14,2008 TemporaryLiquidityGuaranteeProgram(TLGP)
58sumannounced,seebelow(notcountingtowardsthetotal) [$ 1,400,000,000,000]
December31,2008 EnhancedDepositInsurance(to$250K/account)59
700,000,000,000$
March16,2009 TemporaryLiquidityGuaranteeProgramDebtGuarantees(TLGP DGP)60
940,000,000,000$
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June16,2009 TemporaryLiquidityGuaranteeProgramTransactionAccountGuaranteeProgram(TLGP TAG)61
684,000,000,000$
Total: 2,324,000,000,000$
,November23,2008 Citigroupassetguarantee
62301,000,000,000$
January16,2009 BankofAmericaassetguarantee63
118,000,000,000$
February10,
2009 Public
Private
Investment
Fund
($500
billion
with
amaximum
potential
of
$1
trillion)64 1,000,000,000,000$
Subtotal: 1,419,000,000,000$65
Ban o Americaassetguaranteeterminate (118,000,000,000)
AssetguaranteelossesCitigrouphastoabsorb66
(41,200,000,000)$
Total: 1,259,800,000,000$
DATE FEDERALHOUSING ADMINISTRATION AMOUNTJuly30,2008 HopeforHomeownersFHA
67300,000,000,000$
DATE OTHERFEDERALHOUSINGANDFINANCIALSYSTEMSUPPORT AMOUNTNovember7,2008 IncreaseinGuaranteesbyGovernmentNationalMortgageAssoc.(GNMA)
68149,200,000,000$
November17,2008 IncreaseinGuaranteesbyFederalHousingAuthority(FHA)69
134,500,000,000$
January7,2009NCUA
Homeowners
Affordability
Relief
Program
(HARP)
and
Credit
Union
System
Investment
Program
(CU
SIP)
($8.4blnasof6/30/08)potential:70
41,000,000,000$
NationalCreditUnionAdministration(NCUA)TemporaryCorporateCreditUnionLiquidityGuaranteeProgram
March31,2009 (TCCULGP)71
15,200,000,000$
IncreaseinGuaranteesbyDept.ofVeteransAffairs(VA)72
10,600,000,000$
July27,2009 NationalHighwayTrafficSafetyAdministration(NHTSA)CarAllowanceRebateSystem(CARS)73
3,000,000,000$
Total: 353,500,000,000$
TOTALPOTENTIALSUPPORT: $14,016,537,000,000 Nomi Prins LLC 4
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OBLIGATIONSTHATHAVEBEENVIEWEDASENJOYINGAND"IMPLIED"GUARANTEE:
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DATE IMPLIEDGUARANTEES AMOUNTDecember10,2008 FHFAFannieMae/FreddieMacConservatorship
745,500,000,000,000$
December10,2008 FHFAImpliedGuaranteeofFHLBliabilities75
1,300,000,000,000$
Total: 6,800,000,000,000$
TOTALPOTENTIALSUPPORTINCLUDINGIMPLIEDGUARANTEES: $20,816,537,000,000
*American Citizens: Stimulus Bill, Recovery Act, Tax Benefits, Student Loans, Hope for Homeowners, Other Federal Housing and Financial System Support
** Wall Street: everything else
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TOPRECIPIENTSOFTHEFEDERALBAILOUT$450
$inbillions
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$41.2
$300
$350
$400
$450
$inbillions
$373.7
$41.2
$72.8$162.0
$3.6$150$200
$250
$300
$350
$400
$450
Repaid
Owed
$inbillions
$373.7
$181.8$63.1 $73.1 $43.4 $38.4 $25.9
$89.4
$41.2
$72.8$162.0
$25.0 $10.0$10.0
$3.6
$
$50
$100
$150
$200
$250
$300
$350
$400
$450
Citigroup* AIG Bank of JPMorgan Chase Goldman Sachs Wells Fargo Morgan Stanley Automotive
Repaid
Owed
$inbillions
$373.7
$181.8$63.1 $73.1 $43.4 $38.4 $25.9
$89.4
$41.2
$72.8$162.0
$25.0 $10.0$10.0
$3.6
$
$50
$100
$150
$200
$250
$300
$350
$400
$450
Citigroup* AIG Bank of America** JPMorgan Chase Goldman Sachs Wells Fargo Morgan Stanley AutomotiveIndustry
Repaid
Owed
* Citigroup's repayment value represents the losses it has to absorb from the Asset Guarantee.
$inbillions
** Bank of America's repayment value includes the $118 billion terminated Asset Guarantee Program.
DATE CITIGROUP AMOUNT ENTITY
October13,
2008 TARP:
Capital
Purchase
Program
76
25,000,000,000$
TreasNovember23,2008 Treasury,FedandFDICassetguarantee
77301,000,000,000$ Joint
TARP: Tar eted Investment Pro ram TIP78
, , , ,
asofOct.30,2009 TemporaryLiquidityGuaranteeProgram(TLGP)79
64,531,200,000$ FDIC
March17,2009 AIGSecuritiesLendingCounterparties80
2,300,000,000$ AIG
September30,2009 TARP:HomeAffordableModificationProgram CitiMortgage,Inc.81
2,089,600,000$ Treas
Subtotal: 414,920,800,000$82
sse
guaran ee
osses
group
as
o
a sor 41,200,000,000
CitigroupTotal: 373,720,800,000$
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DATE JPMORGANCHASE&CO. AMOUNT ENTITY March24,2009 MaidenLaneLLC(BearStearns)
11028,820,000,000$ FRBNY
October28,2008 TARP:CapitalPurchaseProgram111
25,000,000,000$ Treas
asofSept.1,2009 TemporaryLiquidityGuaranteeProgram(TLGP)112
40,458,900,000$ FDIC113
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, , ,
September30,2009 TARP:HAMP J.P.MorganChaseBank,NA114
2,684,870,000$ Treas
September30,2009 TARP:HAMP EMCMortgageCorporation115
707,370,000$ Treas
Subtotal: 98,071,140,000$TARPPaybackJune17,2009
116(25,000,000,000)$ Treas
ota : , , ,
DATE GOLDMANSACHS AMOUNT ENTITY October28,2008 TARP:CapitalPurchaseProgram
11710,000,000,000$ Treas
asofOct.30,2009 TemporaryLiquidityGuaranteeProgram(TLGP)118
19,521,100,000$ FDIC
17.March09 fromAIGFP119
2,500,000,000$ AIG
17.March09 fromAIGMaidenLaneIII120
5,600,000,000$ AIG
17.March09 AIGSecuritiesLendingCounterparties121
4,800,000,000$ AIG
AvailablefundingunderCPFFapproximately:122
11,000,000,000$ FRB
Subtotal: 53,421,100,000$TARPPaybackJune17,2009
123(10,000,000,000)$ Treas
Total: 43,421,100,000$
DATE WELLSFARGO AMOUNT ENTITY October28,2008 TARP:CapitalPurchaseProgram
12425,000,000,000$ Treas
asof
June
1,
2009 Temporary
Liquidity
Guarantee
Program
(TLGP)125 9,496,000,000$
FDIC
September30,2009 TARP:HAMP WellsFargoBank,NA126
2,475,080,000$ Treas127
September30,2009 TARP:HAMP Wac oviaBan ,N.A. 47,320,000 Treas
September30,2009 TARP:HAMP WachoviaMortgage,FSB128
1,357,890,000$ Treas
Total: 38,376,290,000$
DATE MORGANSTANLEY AMOUNT ENTITY October28,2008 TARP:CapitalPurchaseProgram
12910,000,000,000$ Treas
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July10,2009 ChryslerHoldingLLC TARP:WarrantySupportProgram/AutoWarrantyCommitmentProgramrepaid154
(280,130,642)$ Treas
July10,2009 GeneralMotors TARP:AutomotiveIndustryFinancingProgram(AIFP)repaid155
(360,624,198)$ Treas
July8,2009 GMSupplierReceivablesLLC&ChryslerReceivablesSPVLLC (ASSP)adjusted156
(1,500,000,000)$ Treas
Total: 89,375,314,131$
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Treas TreasuryDepartment
FRB FederalReserveBank
FRBNY FederalReserve
Bank
of
New
York
FDIC FederalDepositInsuranceCorporation
Joint TreasuryDepartment,FederalReserveBank,FederalDepositInsuranceCorporation
Due to the nontrans arent and com licated nature of the bailout modifications corrections or additions are not added retroactivel but, ,
during the month of their discovery.
Forquestionsorcommentscontact:KrisztinaUgrinatkrisztina.ugrin@gmail.comorNomiPrinsatnom nom pr ns.com.
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151
152
153
U.S.DepartmentoftheTreasury,FACTSHEET:ObamaAdministrationAutoRestructuringInitiativeGeneralMotorsRestructuring,pressrelease:tg179,May31,2009,
http://www.treas.gov/press/releases/tg179.htm;U.S.DepartmentoftheTreasury,TARPTransactionReportforPeriodEndingJune17,2009,June19,2009,
http://www.financialstability.gov/docs/transactionreports/transactionsreport061909.pdf.
U.S.DepartmentoftheTreasury,TARPTransactionReportforPeriodEndingSeptember30,2009, October2,2009,http://www.financialstability.gov/docs/transactionreports/Transactions_Report_093009.pdf.
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154 Ibid.155 Ibid.156 Ibid.
. . epar men o e reasury, ransac on epor or er o n ng u y , , u y , , p: www. nanc a s a y.gov ocs ransac on
reports/transactionsreport_07282009.pdf.
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