A Bailout Supreme
Adding Up the Government’s Total Bailout Tab-NYT
The Government as Investor
Spent: $1.6 trillion
Includes direct investments in financial institutions, purchases of high-grade corporate debt and purchases of mortgage-backed securities issued by Fannie Mae, Freddie Mac and Ginnie Mae.
The Government as Insurer
Spent: $330 billion
Includes insuring debt issued by financial institutions and guaranteeing poorly performing assets owned by banks and Fannie Mae and Freddie Mac.
The Government as Lender
Spent: $528 billion
A significant expansion of the government’s traditional overnight lending to banks, including extending terms to as many as 90 days and allowing borrowing by other financial institutions.
|Money market funds The Treasury originally guaranteed these accounts up to $50 billion, but the program has been extended by the Fed, which has in a few cases had to step in to buy illiquid assets of some funds to help them meet obligations. The Treasury has received $814 million in fees from participating mutual funds. Some 1,900 funds are participating.||Committed: $3 trillionSpent: $4 billion|
|Commercial paper The Federal Reserve has become the buyer of last resort in the $1.6 trillion commercial paper market.||$1.6 trillion$178 billion|
|Federal Home Loan Bank securities The Treasury and the Federal Reserve have begun buying debt and mortgage-backed securities from Fannie Mae, Freddie Mac and Ginnie Mae.||$1.5 trillion$641 billion|
|Term Asset-Backed Securities Loan Facility (TALF) This program, launched on March 3, will provide loans and accept securities backed by consumer and small-business loans as collateral. Note: $100 billion of the total amount committed comes from the Troubled Asset Relief Program.||$900 billion$5 billion|
|Public-private investment fund The Treasury announced details of this program on March 23. The government will seek private investors and use a combination of private and public money to buy nonperforming assets from banks. Note: $100 billion of the total amount committed comes from the Troubled Asset Relief Program.||up to $900 billion$0 billion|
|Troubled Asset Relief Program (TARP) | See TARP recipients » In return for bailout cash, the Treasury now owns stock in hundreds of banks, General Motors, Chrysler and the insurer A.I.G. The largest recipients are A.I.G. ($70 billion), Bank of America ($45 billion) and Citigroup ($45 billion cash and $5 billion in support of a loan guarantee). The investments are in the form of preferred stock that pays quarterly dividends, which to date total $2.5 billion.||$700 billion$645 billion|
|Fannie Mae/Freddie Mac The companies were put into conservatorship and the Treasury initally pledged up to $200 billion to cover their losses. Freddie Mac has now received almost $45 billion and Fannie Mae $15 billion.||$400 billion$60 billion|
|A.I.G. The Federal Reserve has provided seed money to create investment vehicles to buy, hold and possibly dispose of bad securities held or insured by A.I.G.||$53 billion$42 billion|
|Bear Stearns The Federal Reserve bought distressed assets from Bear Stearns to facilitate its sale to JPMorgan Chase.||$29 billion$29 billion|
|Reserve U.S. Government Fund Despite the name, this was a private fund, not part of the government. It was the first big money market fund to experience liquidity problems, and the Treasury eventually bought some high-quality assets to help the fund unwind.||$4 billion$2 billio|