A Washington Post story this morning throws some cold water on the rosy reports of taxpayers turning a profit under the financial industry bailout. The story details how the federal government agreed to forgo billions in likely future tax dollars as part of its agreeing to Citigroup's plan to repay the Treasury taxpayer money received under the bailout.
As one of the largest recipients of bailout funds--nearly $50 billion dollars--taxpayers will be well served when Citigroup no longer needs taxpayer assistance. But not if the repayment plan costs more in the long run. Plus with Citigroup and other banks still facing major threats to their profitability, and with Secretary Geithner extending TARP through next October, taxpayers must ensure any "deal" to repay bailout funds keeps the interest of taxpayers paramount.
Read the full Washington Post article:
U.S. gave up billions in tax money in deal for Citigroup's bailout repayment
Sign Up for Updates
