The Troubled Assets Relief Program will do more harm than good. It rewards companies that are inefficient, too greedy, and whose leaders are incompetent or criminal. This punishes the American taxpayers that will have to pay the taxes to pay off (about $5,000 per taxpayer so far) this mistake. It was crafted mainly by people in Congress (Mainly Democratic) and the Bush Administration that failed to oversee the issuing of the sub-prime loan and financial derivatives instruments that caused the homebuilding and financial collapsed, which started the current financial depression. It would have been much more efficient and ethical to cut personal and corporate income taxes immediately -- that would stimulate the economy right away by making money available to every wage earner and every profitable corporation.

 

BTW, I don’t see Front and Center on this list.

 

Source: This is courtesy of USAToday and the U.S. Treasury Department, Office of Financial Stability

 

           

AIG*

 

NY

40,000,000,000

Wells Fargo & Company

San Francisco

CA

25,000,000,000

Citigroup Inc.

New York

NY

25,000,000,000

JPMorgan Chase & Co.

New York

NY

25,000,000,000

Citigroup***

 

NY

20,000,000,000

Bank of America Corporation

Charlotte

NC

15,000,000,000

Morgan Stanley

New York

NY

10,000,000,000

The Goldman Sachs Group, Inc.

New York

NY

10,000,000,000

Merrill Lynch & Co., Inc.

New York

NY

10,000,000,000

General Motors Corp.**

 

MI

9,400,000,000

The PNC Financial Services Group Inc.

Pittsburgh

PA

7,579,200,000

U.S. Bancorp

Minneapolis

MN

6,599,000,000

GMAC LLC**

 

MI

5,000,000,000

Chrysler Holding LLC**

 

MI

4,000,000,000

Capital One Financial Corporation

McLean

VA

3,555,199,000

Regions Financial Corp.

Birmingham

AL

3,500,000,000

SunTrust Banks, Inc.

Atlanta

GA

3,500,000,000

Fifth Third Bancorp

Cincinnati

OH

3,408,000,000

BB&T Corp.

Winston Salem

NC

3,133,640,000

Bank of New York Mellon Corporation

New York

NY

3,000,000,000

KeyCorp

Cleveland

OH

2,500,000,000

CIT Group Inc.

New York

NY

2,330,000,000

Comerica Inc.

Dallas

TX

2,250,000,000

State Street Corporation

Boston

MA

2,000,000,000

Marshall & Ilsley Corporation

Milwaukee

WI

1,715,000,000

Northern Trust Corporation

Chicago

IL

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