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U.S. gov't profits 13 billion USD on bank rescue program

11-24-2011 09:10 BJT

WASHINGTON, Nov. 23 (Xinhua) -- The U.S. Treasury announced Wednesday that the federal government had reaped a 13 billion U.S. dollars profit on the bank rescue loans under the controversial Troubled Asset Relief Program (TARP).

The Treasury said it had pulled in another 210 million dollars in proceeds from TAPR loans from two U.S. financial institutions named Bank of Kentucky Financial Corporation and First Midwest Bancorp, Inc., after they repurchased the Treasury's TARP investments, boosting the total proceeds tally to more than 258 billion dollars.

"With today's proceeds, taxpayers have now recovered more than 258 billion dollars from TARP's bank programs through repayments, dividends, interest, and other income. That exceeds the original financial support Treasury made through those programs (245 billion dollars) by approximately 13 billion dollars," the Treasury said in a statement.

The costly bailout program on the heels of the 2008 financial crisis has invited strong criticism, but the bank financing assistance under the program has been in black since this March.

Further repayments and income through TARP's bank programs since March would provide additional positive returns for U.S. taxpayers, noted the statement.

Editor:Wang Xiaomei |Source: Xinhua

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