TARP App Update: MoJo Interns Still Waiting for a Bailout

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Last week Mother Jones conducted an experiment in which we discovered that it takes a whopping 27 minutes to apply for money under the federal bailout program’s astonishingly short application.

Many Mother Jones readers were under the impression that MoJo interns actually submitted our app for TARP funding on Friday afternoon. We did not. We just timed how long it took to fill out the application.

But then we got to thinking, well, why not apply for a bailout? While it’s hard to argue that Mother Jones, a nonprofit outfit which employs about 50 people, is too big to fail, the magazine industry in general could certainly use some help. And size hasn’t deterred other small institutions from taking advantage of recent federal largess. Plus, if a bank fails, that makes it hard for bank employees to give a small percentage of their income to a nonprofit mag like Mother Jones, right? It takes a village.

Though we were a bit late jumping on the bailout bandwagon, apparently we weren’t alone: Treasury’s extended the TARP deadline to January 15th for any dawdling financial institutions.

The guidelines for TARP funding explain that:

The maximum amount of capital eligible for purchase by the Treasury under the CPP is the lesser of (i) an amount equal to 3 percent of the Total Risk-Weighted Assets of the applicant or (ii) $25 billion.

While we redacted the amount of total Risk-Weighted Assets from the application posted here, let us assure you that the Foundation for National Progress falls into the (i) category.

The completed information, which we’ve provided below, has been submitted to two of the institutions that distribute funds: the Office of the Comptroller of the Currency and the Office of Thrift Supervision. We’ll keep you posted.

TARP-pdf.png

—Alexis Fitts and Daniel Luzer

HERE ARE THE FACTS:

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ONE MORE QUICK THING:

Our fall fundraising drive is off to a rough start, and we very much need to raise $250,000 in the next couple of weeks. If you value the journalism you get from Mother Jones, please help us do it with a donation today.

As we wrote over the summer, traffic has been down at Mother Jones and a lot of sites with many people thinking news is less important now that Donald Trump is no longer president. But if you're reading this, you're not one of those people, and we're hoping we can rally support from folks like you who really get why our reporting matters right now. And that's how it's always worked: For 45 years now, a relatively small group of readers (compared to everyone we reach) who pitch in from time to time has allowed Mother Jones to do the type of journalism the moment demands and keep it free for everyone else.

Please pitch in with a donation during our fall fundraising drive if you can. We can't afford to come up short, and there's still a long way to go by November 5.

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