Monday, July 26, 2010

FLASHBACK: TARP Special Inspector Barofsky Says U.S. Taxpayer Bailout May Cost $23.7 Trillion!

Barofsky Testimony

U.S. taxpayers may be on the hook for as much as $23.7 trillion to bolster the economy and bail out financial companies, said Neil Barofsky, special inspector general for the Treasury’s Troubled Asset Relief Program.

The Treasury’s $700 billion bank-investment program represents a fraction of all federal support to resuscitate the U.S. financial system, including $6.8 trillion in aid offered by the Federal Reserve, Barofsky said in a report released today.

Source: Bloomberg

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