WASHINGTON (AP) -- The government has lost roughly $50 million on its sale of stock in six small banks bailed out in the 2008 financial crisis. But the Treasury Department says the three-year investment was profitable after counting dividends and investments.
The department says it received $362 million from the first public auction of its preferred stock in small banks. Treasury invested $410.8 million in the six banks.
But Treasury notes that when including $65.4 million in dividends and interest, the return from investment was $427.4 million.
The profits from the investment will help offset losses in the broader financial bailout, known as the Troubled Asset Relief Program. The government has recovered about $318 billion of the $413 billion that was lent to financial institutions and automakers under TARP.
KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.
If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.powered by Disqus
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or email@example.com.