The Bailout Makes A Profit*

Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.


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

We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

payment methods

We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate