Are Rich Hollywood, Sports, Music, And Other Celebrities Any Different Than Rich CEO's?

[pknopp]

But it wasn't. The taxpayers were put on the hook for the losses.

But it was profitable.

After TARP, HARP was created.

Loans to banks were repaid, at a profit.
Handouts to homeowners were handouts.

Banks took those billions and "paid back" TARP.

TARP wasn't paid back with money from HARP.

We lost billions. Banks rolled in the money.

TARP loans made billions. Stopping the banking system from failing saved depositors
and the government trillions.

Profitable banks pay billions in taxes.

I'll find the info but this old it becomes harder. HARP was used to pay back TARP.

 

[pknopp]

pknopp laughs since he is an idiot. If GM owes me $1bil and that debt converts to equity then I can slowly cash out that stock. GM is still a viable and publicly traded company. I do not see how the Govt lost anything. pknopp you don’t understand basic economics and finance.

You've been told twice you were wrong. Get over it and move on.

 

[AzogtheDefiler]

It includes all the sales of stock.

I need to understand how the Govt fucked this up.

 

[AzogtheDefiler]

You've been told twice you were wrong. Get over it and move on.

**** off

You don’t understand basic economics and finance.

 

[Mrkelly]

And you don't understand reality.

They need to idolize greed to understand reality?

 

[Toddsterpatriot]

I'll find the info but this old it becomes harder. HARP was used to pay back TARP.

$200 billion was loaned to the banks for preferred shares.
HARP was $22 billion.

Bailout Tracker

ProPublica is still tracking where every dollar of taxpayer money from the 2008 bailout of the financial system has gone. See for yourself.

projects.propublica.org

 

[Toddsterpatriot]

I need to understand how the Govt fucked this up.

Obama gave shares to the UAW.

In 2008 and 2009, collapsing world credit markets and a slowing global economy combined to create the worst market in decades for production and sale of motor vehicles in the United States and other industrial countries. Concern about the economic impact of a possible collapse of large parts of the U.S. automobile industry led both the Bush Administration and Members of Congress to seek legislative avenues to assist the automakers. Ultimately, General Motors Corporation (Old GM) and its successor General Motors Company (New GM) together received more than $50 billion in federal assistance through the U.S. government’s Troubled Asset Relief Program (TARP). Using this assistance to restructure, GM closed plants, cut its hourly and salaried workforce, shed three brands, reduced debt, introduced new vehicles, and implemented changes to reduce retiree legacy costs.

In exchange for this financial support, the U.S. Treasury received 60.8% of the new company, with the rest of New GM held by the United Auto Workers (UAW) retiree health care trust fund, the governments of Canada and Ontario, and holders of Old GM’s bonds. GM was not the only company that received TARP funds as a result of the 2008-2009 financial crisis. More than 700 institutions received support, with the U.S. government taking ownership stakes in five large companies: GM, Chrysler, GMAC (now called Ally Financial), AIG, and Citigroup. In general, ownership of private companies was not a goal of TARP, and the U.S. government has sought to reduce its ownership stakes when possible while maximizing the taxpayers’ return from the assistance.

The federal government sold its shares in General Motors Co. in different ways over time, including (1) a large initial public offering (IPO) in late 2010, (2) sale of stock directly to GM in December 2012, and (3) ongoing sale of stock into the public market. For the U.S. government to have fully recouped the nominal value of its $50.2 billion assistance, the government would have had to receive an average price of more than $45 per share for its holdings. In reality, the government received between $27.50 and $38.32 per share as it sold stock between December 2010 and December 2013.

GM stock reached its highest point since the 2010 IPO, nearly $42 a share, after the government finished selling its GM stock in December 2013. Including both the sales of stock and principal recoupment, the government realized $11.2 billion in losses on the assistance for GM, which could be partially offset by $0.7 billion in net income for a final shortfall of $10.5 billion. With the final sale of stock, all of New GM’s connections to TARP are complete. Restrictions arising from TARP participation, including a ban on New GM owning corporate jets, certain reporting requirements, and executive pay limits, have been eliminated.

https://crsreports.congress.gov/product/pdf/R/R41978/17

 

[Toddsterpatriot]

They need to idolize greed to understand reality?

They need to understand reality, not feelings.

 

[pknopp]

$200 billion was loaned to the banks for preferred shares.
HARP was $22 billion.

Bailout Tracker

ProPublica is still tracking where every dollar of taxpayer money from the 2008 bailout of the financial system has gone. See for yourself.

projects.propublica.org

I wasn't saying that every penny was paid back that way. I'm saying HARP was used to pay some of it back and those billions weren't counted.

Then there was the billions that were paid to the banks in interest to hold some of the money they were gave to make them solvent in the first place.

Taxpayers gave them billions and then had to pay them interest on that money. Not counted.

 

[Toddsterpatriot]

I wasn't saying that every penny was paid back that way. I'm saying HARP was used to pay some of it back and those billions weren't counted.

Then there was the billions that were paid to the banks in interest to hold some of the money they were gave to make them solvent in the first place.

Taxpayers gave them billions and then had to pay them interest on that money. Not counted.

I wasn't saying that every penny was paid back that way. I'm saying HARP was used to pay some of it back and those billions weren't counted.

If you could point to any single TARP repayment that couldn't have been made without HARP money, I'd be shocked.

I count all the HARP giveaways. As giveaways for home owners, not as giveaways for banks.

Then there was the billions that were paid to the banks in interest to hold some of the money they were gave to make them solvent in the first place.

Sounds interesting, tell me more!

Taxpayers gave them billions and then had to pay them interest on that money.

What billions were "given"? When?

 

[AzogtheDefiler]

Obama gave shares to the UAW.

In 2008 and 2009, collapsing world credit markets and a slowing global economy combined to create the worst market in decades for production and sale of motor vehicles in the United States and other industrial countries. Concern about the economic impact of a possible collapse of large parts of the U.S. automobile industry led both the Bush Administration and Members of Congress to seek legislative avenues to assist the automakers. Ultimately, General Motors Corporation (Old GM) and its successor General Motors Company (New GM) together received more than $50 billion in federal assistance through the U.S. government’s Troubled Asset Relief Program (TARP). Using this assistance to restructure, GM closed plants, cut its hourly and salaried workforce, shed three brands, reduced debt, introduced new vehicles, and implemented changes to reduce retiree legacy costs.

In exchange for this financial support, the U.S. Treasury received 60.8% of the new company, with the rest of New GM held by the United Auto Workers (UAW) retiree health care trust fund, the governments of Canada and Ontario, and holders of Old GM’s bonds. GM was not the only company that received TARP funds as a result of the 2008-2009 financial crisis. More than 700 institutions received support, with the U.S. government taking ownership stakes in five large companies: GM, Chrysler, GMAC (now called Ally Financial), AIG, and Citigroup. In general, ownership of private companies was not a goal of TARP, and the U.S. government has sought to reduce its ownership stakes when possible while maximizing the taxpayers’ return from the assistance.

The federal government sold its shares in General Motors Co. in different ways over time, including (1) a large initial public offering (IPO) in late 2010, (2) sale of stock directly to GM in December 2012, and (3) ongoing sale of stock into the public market. For the U.S. government to have fully recouped the nominal value of its $50.2 billion assistance, the government would have had to receive an average price of more than $45 per share for its holdings. In reality, the government received between $27.50 and $38.32 per share as it sold stock between December 2010 and December 2013.

GM stock reached its highest point since the 2010 IPO, nearly $42 a share, after the government finished selling its GM stock in December 2013. Including both the sales of stock and principal recoupment, the government realized $11.2 billion in losses on the assistance for GM, which could be partially offset by $0.7 billion in net income for a final shortfall of $10.5 billion. With the final sale of stock, all of New GM’s connections to TARP are complete. Restrictions arising from TARP participation, including a ban on New GM owning corporate jets, certain reporting requirements, and executive pay limits, have been eliminated.

https://crsreports.congress.gov/product/pdf/R/R41978/17

The dumbass sold too early. Thank you.

 

[pknopp]

I wasn't saying that every penny was paid back that way. I'm saying HARP was used to pay some of it back and those billions weren't counted.

If you could point to any single TARP repayment that couldn't have been made without HARP money, I'd be shocked.

Always with the spin. Whether or not in the long run they could have paid it back, they didn't.

I count all the HARP giveaways. As giveaways for home owners, not as giveaways for banks.

Then there was the billions that were paid to the banks in interest to hold some of the money they were gave to make them solvent in the first place.

Sounds interesting, tell me more!

Taxpayers gave them billions and then had to pay them interest on that money.

What billions were "given"? When?

I told you when. Banks were gave billions and then to get them to keep reserves, they were paid interest on that money.

 

[Toddsterpatriot]

Always with the spin. Whether or not in the long run they could have paid it back, they didn't.




I told you when. Banks were gave billions and then to get them to keep reserves, they were paid interest on that money.

Whether or not in the long run they could have paid it back, they didn't.

Which ones paid it back with HARP money?

I told you when. Banks were gave billions

You didn't show that banks were given billions. Or that they were paid interest.

 

[pknopp]

Whether or not in the long run they could have paid it back, they didn't.

Which ones paid it back with HARP money?

I told you when. Banks were gave billions

You didn't show that banks were given billions. Or that they were paid interest.

https://www.reuters.com/article/business/bailout-bill-to-let-fed-pay-interest-on-reserves-idUSTRE48R3W6/

Why did no one pay attention to what was going on?

 

[Toddsterpatriot]

https://www.reuters.com/article/business/bailout-bill-to-let-fed-pay-interest-on-reserves-idUSTRE48R3W6/

Why did no one pay attention to what was going on?

The Federal Reserve isn't paying interest on bank reserves with taxpayer funds.

 

[pknopp]

The Federal Reserve isn't paying interest on bank reserves with taxpayer funds.

Taxpayers or more precisely, citizens are responsible for all of it.

Its money from nothing which then turns into inflation.

Its all a financial tax on the people.

 

[Toddsterpatriot]

Taxpayers or more precisely, citizens are responsible for all of it.

Its money from nothing which then turns into inflation.

Its all a financial tax on the people.

Taxpayers aren't paying banks interest on bank reserves.
And banks aren't earning interest on money that was "given" to them.

 

[pknopp]

Taxpayers aren't paying banks interest on bank reserves.
And banks aren't earning interest on money that was "given" to them.

I guess you didn't actually read the link.

 

[Toddsterpatriot]

I guess you didn't actually read the link.

I didn't need to read your link.
Taxpayers aren't paying a single dollar toward interest on bank reserves.

The draft legislation says the Fed would get authority on October 1 to pay interest on reserves that financial institutions hold with the U.S. central bank.

 

[Independent thinker]

Yes. Most of them didn't get theirs at the expense of others.

Sure they did.