The Bailout Makes A Profit*

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There’s good news and bad news. The good news is that the $700 billion bank bailout has finally made a profit. The bad news is that it’s for this week.

Paul Keil at ProPublica reports that $125.2 million came in and only $45.5 million went out through the bailout program over the last week, for a “profit” of $79.7 million. More from Keil:

As always, it’s time for your weekly update on the bank bailouts.There were seven more TARP takers this week, totaling $45.5 million:

These investments are through the Treasury’s program for “healthy banks,” the Capital Purchase Program. The Treasury currently has $197.9 billion invested in more than 550 banks all over the country. You can see the entire list of bailout recipients here.

Of course, bit by bit, banks have been returning bailout funds because of the bailout’s taint and restrictions on executive compensation. Yesterday, the 12th bank returned the money: Sterling Bancshares of Houston, Texas, returned $125.2 million. As you can see from our list of banks that have refunded their bailout money, the 12 have returned $1.16 billion so far. Lately, Capital Purchase Program investments have slowed down considerably, and more bailout money has been coming back to Treasury than has been going out.

This story first appeared on ProPublica.

It is the latest from ProPublica’s new bailout blog. Check out the all-seeing database of the bailout billions

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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