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TARP: Federal Bailout, or Sweet Deal for the Feds?

By Implode-Explode Heavy Industries

" Was last fall?s Troubled Asset Relief Program (TARP) a bailout as the Congress and administration insist endlessly? In a recent interview, Sandler O?Neill?s Jimmy Dunne described the TARP as ?more of an income-producing hedge for government ? than a bailout.? It?s an intriguing argument, and one borne by the numbers, too. By my calculation, the Federal government?s annualized return on investment approaches a weighted average 18% for the 10 banks approved to repurchase their government-owned preferred stock and warrants, including dividends paid through this June. Results are summarized in the accompanying table."

Full post as published by Mortgage Lender Implode-o-Meter on June 11, 2009 (boomark / email).