Bailout Tally 012010

.
BailoutTallyReport
byNomiPrinsandKrisztinaUgrin
January12,2010
January 12 2010
SupplementalAnalysisfor
ItTakesAPillage:BehindtheBailouts,BonusesandBackroomDeals
fromWashingtontoWallStreet
WHOGAVEIT
WHOGOTIT
FederalReserve
d l
$2,949
$
22%
$2,324
17%
$6,386
48%
$1,000
8%
$11,490
$11,490
Treasury
Department
FDIC
Joint
$654
5%
$inbillions,rounded
$1,823
Other
WallStreet*
AmericanCitizens**
TOTALBAILOUT:$13.3TRILLION
NomiPrinsLLC
FEDERALPROGRAMSANDINITIATIVESANNOUNCEDAND/ORDISTRIBUTED:
DATE
FEDERALRESERVE
1
August9,2007 TemporaryReserves
2
August11,2007 TemporaryReserves
3
September6,2007 TemporaryReserves
4
March7,2008 SingleTrancheRepurchaseAgreements
March11,2008 TermSecuritiesLendingFacility(TSLF)
6
March14,2008 JPMorgan,BearStearnsbridgeloan
7
March16,2008 NetPortfolioMaidenLaneLLC(BearStearns)
8
March16,2008 PrimaryDealerCreditFacility(PDCF)(asof10/01/2008)
9
PartyRepurchaseAgreements
TriPartyRepurchaseAgreements
June18,2008 Tri
10
August8,2008 TermSecuritiesLendingFacilityOptionsProgram(TOP)
September19,2008 AssetBackedCommercialPaperMoneyMarketMutualFundLiquidityFacility(AMLF)(asof10/08/2008)
12
Sept.14/17,2008 JPMChase/LehmanBrotherstransaction
11
13
Sept.1518,2008 OpenMarketOperations
Foreign Central Bank Currency Liquidity Swaps14
September 29 2008 ForeignCentralBankCurrencyLiquiditySwaps
September29,2008
15
October6,2008 TermAuctionFacility(TAF)
16
October7,2008 CommercialPaperFundingFacilityLLC(CPFF)
17
October21,2008 MoneyMarketInvestorFundingFacility(MMIFF) (total:$600bln,Fedprovides90%offinancing,$540bln)
AMOUNT
ENTITY
$24,000,000,000
FRB
$38,000,000,000
FRBNY
$31,250,000,000
FRB
$80,000,000,000
FRB
$200,000,000,000
FRBNY
$12,900,000,000
FRBNY
$29,816,000,000
FRBNY
$147,692,000,000
FRBNY
$124,643,000,000
FRB
$50,000,000,000
FRBNY
$145,890,000,000
FRB
$138,000,000,000
FRB
$125,000,000,000
FRB
$
$
755 000 000 000
755,000,000,000
FRB
$900,000,000,000
FRB
$1,800,000,000,000
FRBNY
$540,000,000,000
FRBNY
$111,946,000,000
FRB
$
$
1,000,000,000,000
000 000 000 000
FRBNY
$37,800,000,000
FRBNY
$60,000,000,000
FRBNY
November10,2008 MaidenLaneIILLC(AIG)
23
November10,2008 MaidenLaneIIILLC(AIG)
$22,500,000,000
FRBNY
$30,000,000,000
FRBNY
24
November25,2008 MBSProgram
25
November25,2008 GSEProgram
$500,000,000,000
FRB
$100,000,000,000
FRB
$8,500,000,000
FRBNY
$26,000,000,000
FRBNY
$750,000,000,000
FRB
$100,000,000,000
FRB
$300,000,000,000
FRB
18
asofOct.29,2008 PrimaryCredit
A
B k dS
ii L
F ili (TALF) (
d 11/25/08
d d 3/3/09) 19
March3,2009
h 3 2009 TTermAssetBackedSecuritiesLoanFacility(TALF)(created11/25/08,extended3/3/09)
20
October8,2008 AIGSecuritiesLendingFacility
21
November10,2008 AIGCredit
22
March2,2009 LoantoAIG'sLifeInsuranceSubsidiaries
27
March2,2009 AIGPreferredStockInterests
28
March18,2009 AdditionalMBS
29
March18,2009 Agencydebtpurchase(GSE)
30
March18,2009 TreasuryPurchaseProgram(TPP)
NomiPrinsLLC
26
31
asofJuly27,2009 ExpansionofSystemOpenMarketAccount(SOMA)SecuritiesLending
$36,000,000,000
FRBNY
Subtotal: $ 8,224,937,000,000
JPMorgan,BearStearnsbridgeloanrepaid32 $(12,900,000,000)
JPMChase/LehmanBrotherstransaction33 $(138,000,000,000)
FRBNY
AIGSecuritiesLendingFacilityrepaidandterminated34 $ (37,800,000,000)
AIG's$60billionCreditreducedto$25billion35 $(35,000,000,000)
FRBNY
March17,2008
Sept.14/17,2008
November10,2008
March2,2009
TermSecuritiesLendingFacility(TSLF)reducedfrom$200billionto$75billion
June25,2009
June25,2009
October 1 2009
October1,2009
FRBNY
TermSecuritiesLendingFacilityOptionsProgram(TOP)suspended $(50,000,000,000)
TermAuctionFacility(TAF)reducedfrom$900billioninOct.2008to$400billion 38 $(500,000,000,000)
Term Securities Lending Facility (TSLF) reduced from $75 billion to $50 billion39 $
TermSecuritiesLendingFacility(TSLF)reducedfrom$75billionto$50billion
$
(25 000 000 000)
(25,000,000,000)
FRBNY
MoneyMarketInvestorFundingFacility(MMIFF)expired
40
Agencydebtpurchase(GSE)reducedfromatotalof$200billionto$175billion(seeendnote25and29)
41
October30,2009
$(540,000,000,000)
$(25,000,000,000)
TermSecuritiesLendingFacility(TSLF)reducedfrom$50billionto$25billion42 $(25,000,000,000)
TermAuctionFacility(TAF)reducedto$75billion43 $(325,000,000,000)
November5,2009
January11,2010
FRBNY
$(125,000,000,000)
37
September24,2009
November4,2009
36
FRB
FRB
FRBNY
FRBNY
FRB
FRBNY
FRB
T t l $
Total:
$ 6,386,237,000,000
6 386 237 000 000
DATE
DEPARTMENTOFTHETREASURY
44
February13,2008 StimulusPackage
45
September7,2008 FannieMaeandFreddieMacbackup,GSEPreferredStockPurchaseAgreements(PSPA)
September17,2008 SupplementaryFinancingProgramtoprovidecashtotheFederalReserve(SFP)
47
September19,2008 TreasuryExchangeStabilizationFund(ESF)
46
48
October3,2008 TroubledAssetReliefProgram(TARP)
49
October7,2008 SpecialDeposittoFRBNYforCommercialPaperFundingFacilityLLC(CPFF)
50
February17,2009 RecoveryAct
51
February18,2009 FannieMaeandFreddieMacbackup,GSEPreferredStockPurchaseAgreements(PSPA)
52
May18,2009 PotentialInternationalFundLiabilities
53
July21,2009 MoneyMarketMutualFund(MMMF)Program(asofQ12009)
54
AMOUNT
$168,000,000,000
$200,000,000,000
$260,000,000,000
$50,000,000,000
$700,000,000,000
$ 50,000,000,000
$787,000,000,000
$200,000,000,000
$100,000,000,000
$3,738,700,000,000
GSEMBSPurchaseProgram
MBS Purchase Program
July 21 2009 GSE
July21,2009
55
GSECreditFacilityProgram
July21,2009
$
$
314 000 000 000
314,000,000,000
56
July21,2009 TaxBenefitsandCommunityDevelopmentBlockGrant(CDBG)
57
July21,2009 StudentLoanPurchases,andAssetBackedCommercialPaperConduits
$19,000,000,000
$25,000,000,000
$195,000,000,000
Subtotal: $ 6,806,700,000,000
S
September18,2009
b 18 2009
January5,2010
NomiPrinsLLC
M
M k t M t l F d (MMMF) P
i d58 $
MoneyMarketMutualFund(MMMF)Programexpired
$
(3 738 700 000 000)
(3,738,700,000,000)
59
GSEMBSPurchaseProgram(Treasurypurchasedapproximately$220billion) $(94,000,000,000)
3
GSECreditFacilityProgram60 $(25,000,000,000)
January5,2010
Total: $ 2,949,000,000,000
DATE
FEDERALDEPOSITINSURANCECORPORATION
AMOUNT
61
December31,2008 EnhancedDepositInsurance(to$250K/account)
62
March16,2009 TemporaryLiquidityGuaranteeProgramDebtGuarantees(TLGPDGP)
$700,000,000,000
$940,000,000,000
63
June16,2009 TemporaryLiquidityGuaranteeProgramTransactionAccountGuaranteeProgram(TLGPTAG)
$684,000,000,000
Total: $
$ 2,324,000,000,000
2 324 000 000 000
DATE
JOINTPROGRAMS(FEDERALRESERVE,TREASURYANDFDIC)
AMOUNT
64
t
t
Citigroupassetguarantee
N
November23,2008
b 23 2008 Citi
65
January16,2009 BankofAmericaassetguarantee
$
$301,000,000,000
301 000 000 000
$118,000,000,000
66
February10,2009 PublicPrivateInvestmentFund($500billionwithamaximumpotentialof$1trillion)
$1,000,000,000,000
Subtotal: $ 1,419,000,000,000
BankofAmericaassetguaranteeterminated67 $(118,000,000,000)
Citigroupassetguarantee68 $(301,000,000,000)
September21,2009
December14,2009
Total: $ 1,000,000,000,000
DATE
FEDERALHOUSINGADMINISTRATION
69
July30,2008 HopeforHomeownersFHA
DATE
$300,000,000,000
OTHERFEDERALHOUSINGANDFINANCIALSYSTEMSUPPORT
70
November7,2008 IncreaseinGuaranteesbyGovernmentNationalMortgageAssoc.(GNMA)
71
November17,2008 IncreaseinGuaranteesbyFederalHousingAuthority(FHA)
NCUAHomeownersAffordabilityReliefProgram(HARP)andCreditUnionSystemInvestmentProgram(CUSIP)
($8 4 bln as of 6/30/08) potential: 72
January 7 2009 ($8.4blnasof6/30/08)potential:
January7,2009
NationalCreditUnionAdministration(NCUA)TemporaryCorporateCreditUnionLiquidityGuaranteeProgram
73
March31,2009 (TCCULGP)
NomiPrinsLLC
AMOUNT
AMOUNT
$149,200,000,000
$134,500,000,000
$
$
41 000 000 000
41,000,000,000
$15,200,000,000
4
IncreaseinGuaranteesbyDept.ofVeteransAffairs(VA)74
75
July27,2009 NationalHighwayTrafficSafetyAdministration(NHTSA)CarAllowanceRebateSystem(CARS)
$10,600,000,000
$3,000,000,000
Total: $ 353,500,000,000
TOTALPOTENTIALSUPPORT:$13,312,737,000,000
OBLIGATIONSTHATHAVEBEENVIEWEDASENJOYINGAN"IMPLIED"GUARANTEE:
DATE
IMPLIEDGUARANTEES
FHFA
F
i M /F ddi M C
hi
FHFAFannieMae/FreddieMacConservatorship
December10,2008
b
77
December10,2008 FHFAImpliedGuaranteeofFHLBliabilities
76
AMOUNT
$
$
5,500,000,000,000
$1,300,000,000,000
Total: $ 6,800,000,000,000
TOTALPOTENTIALSUPPORTINCLUDINGIMPLIEDGUARANTEES:$20,112,737,000,000
$
AmericanCitizens:StimulusBill,RecoveryAct,TaxBenefits,StudentLoans,HopeforHomeowners,OtherFederalHousingandFinancialSystemSupport
**
Wall Street: everything else

WallStreet:everythingelse
NomiPrinsLLC
TOPRECIPIENTSOFTHEFEDERALBAILOUT
$inbillions
$450
$400
$350
$300
$250
$250
$410.6
$200
Repaid
$72.8
Owed
$150
$207.0
$100
$100
$6.5
$181 8
$181.8
$50
$4.3
Citigroup
$21.4
AIG
$65.5
$29.5
$34.3
$23.9
BankofAmerica JPMorganChase GoldmanSachs
DATE
CITIGROUP
$34.5
$10.0
$86.6
$5.8
$26.2
WellsFargo
MorganStanley
Automotive
Industry
AMOUNT
ENTITY
October13,2008 TARP:CapitalPurchaseProgram
79
November23,2008 Treasury,FedandFDICassetguarantee
$25,000,000,000
Treas
$301,000,000,000
Joint
TARP:TargetedInvestmentProgram(TIP)
Targeted Investment Program (TIP)80
November 23 2008 TARP:
November23,2008
81
asofOct.30,2009 TemporaryLiquidityGuaranteeProgram(TLGP)
$
$
20 000 000 000
20,000,000,000
Treas
$64,531,200,000
FDIC
$2,300,000,000
AIG
$2,089,600,000
Treas
78
82
March17,2009 AIGSecuritiesLendingCounterparties
83
September30,2009 TARP:HomeAffordableModificationProgramCitiMortgage,Inc.
Subtotal: $414,920,800,000
Treas
December14,2009
TARP:CapitalPurchaseProgramconvertedintoCommonStock
TARP:
Capital Purchase Program converted into Common Stock84 $
$ (25,000,000,000)
(25 000 000 000)
85
Treasury,FedandFDICassetguaranteeterminated $(301,000,000,000)
December23,2009
TARP:TargetedInvestmentProgram(TIP)repaid86 $(20,000,000,000)
Treas
September 11 2009
September11,2009
NomiPrinsLLC
Joint
6
TARP:HomeAffordableModificationProgramCitiMortgage,Inc.capadjustment87 $(105,410,000)
TemporaryLiquidityGuaranteeProgram(TLGP)88 $(64,531,200,000)
January1,2010
FDIC
FDIC
Total: $ 4,284,190,000
DATE
AIG
October8,2008 AIGSecuritiesLendingFacility
90
November10,2008 AIGCredit
89
91
November10,2008 MaidenLaneIILLC(AIG)
MaidenLaneIIILLC(AIG)
Lane III LLC (AIG)92
November 10 2008 Maiden
November10,2008
93
November10,2008 TARP:SystemicallySignificantFailingInstitutionsProgram(SSFI)
AMOUNT
ENTITY
$37,800,000,000
FRBNY
$60,000,000,000
FRBNY
$22,500,000,000
FRBNY
$
$
30 000 000 000
30,000,000,000
FRBNY
$40,000,000,000
Treas
$29,835,000,000
Treas
$8,500,000,000
FRBNY
FRBNY
November10,2008
$26,000,000,000
Subtotal:
S
b
l $$ 254,635,000,000
97
October08,2008SecuritiesLendingFacilityrepaidandterminated $(37,800,000,000)
March2,2009
AIG's$60billioncreditreducedto$25billion98 $(35,000,000,000)
FRBNY
March2,2009 TARP:SystemicallySignificantFailingInstitutionsProgram(SSFI)
95
March2,2009 LoantoAIG'sLifeInsuranceSubsidiaries
96
March2,2009 PreferredStockInterests
94
FRBNY
Total: $ 181,835,000,000
DATE
BANKOFAMERICA
AMOUNT
ENTITY
$15,000,000,000
Treas
$10,000,000,000
Treas
$118,000,000,000
Joint
$20,000,000,000
Treas
$44,026,300,000
FDIC
$200,000,000
AIG
March17,2009 fromAIGMaidenLaneIII
AIG Securities Lending Counterparties106
March 17 2009 AIGSecuritiesLendingCounterparties
March17,2009
$500,000,000
AIG
$
$
4 500 000 000
4,500,000,000
AIG
107
March17,2009 MerrillLynch:AIGFP9/16/0812/31/08
108
March17,2009 MerrillLynch:fromAIGMaidenLaneIII
$1,800,000,000
AIG
$3,100,000,000
AIG
99
100
January9,2009 TARP:CapitalPurchaseProgram(MerrillLynchmerger)
101
January16,2009 Treasury,FedandFDICassetguarantee
102
January16,2009 TARP:TargetedInvestmentProgram(TIP)
103
asofSept.1,2009 TemporaryLiquidityGuaranteeProgram(TLGP)
104
March17,2009 fromAIGFP
105
109
March17,2009 MerrillLynch:AIGSecuritiesLendingCounterparties
110
September30,2009 BankofAmericaTARP:HomeAffordableModificationProgram
$1,900,000,000
AIG
$967,120,000
Treas
111
id
i i
September30,2009 TARP:HAMPCountrywideHomeLoansServicingLP
112
September30,2009 TARP:HAMPHomeLoanServices,Inc.
$
$ 4,465,420,000
Treas
$494,030,000
Treas
NomiPrinsLLC
113
September30,2009 TARP:HAMPWilshireCreditCorporation
114
December30,2009 TARP:HAMPBankofAmericacapadjustment
December30,2009 TARP:HAMPCountrywideHomeLoansServicingLPcapadjustment
116
December30,2009 TARP:HAMPHomeLoanServices,Inc.capadjustment
115
WilshireCreditCorporationcapadjustment117
TARP:HAMPWilshireCreditCorporationcapadjustment
December30,2009 TARP:HAMP
$203,460,000
Treas
$665,510,000
Treas
$2,290,780,000
Treas
$145,820,000
Treas
$ 119,700,000
Treas
Subtotal: $228,378,140,000
September21,2009
September21,2009
December2,2009
December 2 2009
December2,2009
Treasury,FedandFDICassetguaranteeterminated118 $(118,000,000,000)
TemporaryLiquidityGuaranteeProgram(TLGP)exited119 $(44,026,300,000)
Joint
TARP:CapitalPurchaseProgram120 $(15,000,000,000)
TARP: Capital Purchase Program (Merrill Lynch merger)121 $
TARP:CapitalPurchaseProgram(MerrillLynchmerger)
$
(10 000 000 000)
(10,000,000,000)
Treas
122
TARP:TargetedInvestmentProgram(TIP)
December2,2009
$(20,000,000,000)
FDIC
Treas
Treas
Total: $21,351,840,000
DATE
JPMORGANCHASE&CO
JPMORGANCHASE&CO.
AMOUNT
ENTITY
$28,820,000,000
FRBNY
$25,000,000,000
Treas
$40,458,900,000
FDIC
$400,000,000
AIG
$2,684,870,000
Treas
$707,370,000
Treas
$1,178,180,000
Treas
$502,430,000
Subtotal: $ 99,751,750,000
TARPPaybackJune17,2009131 $(25,000,000,000)
Treas
FDIC
123
March24,2009 MaidenLaneLLC(BearStearns)
124
125
asofSept.1,2009 TemporaryLiquidityGuaranteeProgram(TLGP)
126
127
September30,2009 TARP:HAMPJ.P.MorganChaseBank,NA
128
September30,2009 TARP:HAMPEMCMortgageCorporation
129
December30,2009 TARP:HAMPJ.P.MorganChaseBank,NAcapadjustment
130
December30,2009 TARP:HAMPEMCMortgageCorporationcapadjustment
January1,2010
Treas
Total: $34,292,850,000
DATE
GOLDMANSACHS
133
134
asofOct.30,2009 TemporaryLiquidityGuaranteeProgram(TLGP)
135
AMOUNT
ENTITY
$10,000,000,000
Treas
$19,521,100,000
FDIC
17.March09 fromAIGFP
136
id
17.March09 ffromAIGMaidenLaneIII
$2,500,000,000
AIG
$
$ 5,600,000,000
AIG
137
17.March09 AIGSecuritiesLendingCounterparties
$4,800,000,000
AIG
NomiPrinsLLC
AvailablefundingunderCPFFapproximately:138
$11,000,000,000
FRB
Subtotal: $53,421,100,000
January1,2010
Treas
FDIC
Total: $23,900,000,000
DATE
WELLSFARGO
141
Temporary Liquidity Guarantee Program (TLGP)142
as of June 1 2009 TemporaryLiquidityGuaranteeProgram(TLGP)
asofJune1,2009
143
September30,2009 TARP:HAMPWellsFargoBank,NA
144
September30,2009 TARP:HAMPWachoviaBank,N.A.
145
September30,2009 TARP:HAMPWachoviaMortgage,FSB
146
December30,2009 TARP:HAMPWellsFargoBank,NAcapadjustment
147
TARP
HAMP W h i B k N A
dj
TARP:HAMPWachoviaBank,N.A.capadjustment
December30,2009
b
148
December30,2009 TARP:HAMPWachoviaMortgage,FSBcapadjustment
AMOUNT
ENTITY
$25,000,000,000
Treas
$
$
9 496 000 000
9,496,000,000
FDIC
$2,475,080,000
Treas
$47,320,000
Treas
$1,357,890,000
Treas
$1,213,310,000
Treas
$
$
26,160,000
Treas
$692,640,000
Treas
Subtotal: $40,308,400,000
TARP:CapitalPurchaseProgramrepaid149 $(25,000,000,000)
December14,2009
January1,2010
Treas
FDIC
Total: $ 5,812,400,000
DATE
MORGANSTANLEY
151
152
asofJune1,2009 TemporaryLiquidityGuaranteeProgram(TLGP)
153
154
March17,2009 fromAIGMaidenLaneIII
155
September30,2009 TARP:HAMPSaxonMortgageServices,Inc.
TARP: HAMP Saxon Mortgage Services Inc cap adjustment156
December 30 2009 TARP:HAMPSaxonMortgageServices,Inc.capadjustment
December30,2009
AMOUNT
ENTITY
$ 10,000,000,000
Treas
$23,794,500,000
FDIC
$200,000,000
AIG
$1,000,000,000
AIG
$886,420,000
Treas
$
$
355 710 000
355,710,000
Treas
Subtotal: $36,236,630,000
Treas
Total: $26,236,630,000
NomiPrinsLLC
AUTOMOTIVEINDUSTRY
DATE
GENERALMOTORS,GMAC,CHRYSLERHOLDING,CHRYSLERFINANCIAL
158
December29,2008 GMACLLCseniorpreferredequityTARP:AutomotiveIndustryFinancingProgram(AIFP)
159
December29,2008 GMACloanTARP:AutomotiveIndustryFinancingProgram(AIFP)
160
December29,2008 GMLoanTARP:AutomotiveIndustryFinancingProgram(AIFP)
161
January2,2009 ChryslerHoldingLLCLoanTARP:AutomotiveIndustryFinancingProgram(AIFP)
162
ChryslerLBReceivablesTrustTARP:AutomotiveIndustryFinancingProgram(AIFP)
y
January16,2009
163
April9,2009 GMSupplierReceivablesLLC&ChryslerReceivablesSPVLLCAutoSupplierSupportProgram(ASSP)
164
April22,2009 GeneralMotorsCorporationTARP:AutomotiveIndustryFinancingProgram(AIFP)
165
April29,2009 ChryslerHoldingLLCTARP:WarrantySupportProgram/AutoWarrantyCommitmentProgram
April29,2009 ChryslerHoldingLLCTARP:AutomotiveIndustryFinancingProgram(AIFP)
ChryslerLLCTARP:AutomotiveIndustryFinancingProgram(AIFP)
TARP:AutomotiveIndustryFinancingProgram(AIFP)167
April 30, 2009 ChryslerLLC
April30,2009
166
168
May20,2009 ChryslerLLCTARP:AutomotiveIndustryFinancingProgram(AIFP)
169
May20,2009 GeneralMotorsCorporationTARP:AutomotiveIndustryFinancingProgram(AIFP)
170
May21,2009 GMACLLCTARP:AutomotiveIndustryFinancingProgram(AIFP)
171
asofSept.1,2009 GMTemporaryLiquidityGuaranteeProgram(TLGP)
New CarCo Acquisition LLC TARP: Automotive Industry Financing Program (AIFP)172
May 27 2009 NewCarCoAcquisitionLLCTARP:AutomotiveIndustryFinancingProgram(AIFP)
May27,2009
173
May27,2009 GeneralMotorsTARP:AutomotiveIndustryFinancingProgram(AIFP)
174
June1,2009 GeneralMotorsTARP:AutomotiveIndustryFinancingProgram(AIFP)
175
September30,2009 TARP:HAMPGMACMortgage,Inc.
AMOUNT
ENTITY
$ 5,000,000,000
Treas
$884,024,131
Treas
$13,400,000,000
Treas
$4,000,000,000
Treas
$1,500,000,000
Treas
$5,000,000,000
Treas
$2,000,000,000
Treas
$280,130,642
Treas
$500,000,000
Treas
$
$
3,043,143,000
Treas
$756,857,000
Treas
$4,000,000,000
Treas
$7,500,000,000
Treas
$4,494,400,000
FDIC
$
$
6 642 000 000
6,642,000,000
Treas
$360,624,198
Treas
$30,100,000,000
Treas
$3,554,890,000
Treas
Subtotal: $93,016,068,971
July10,2009
July10,2009
July8,2009
November20,2009
December18,2009
December30,2009
176
ChryslerLBReceivablesTrustTARP:(AIFP)repaid3/17/097/14/2009
h l
bl
(
)
d / /
/ /
$
$ (1,500,000,000)
177
ChryslerHoldingLLCTARP:WarrantySupportProgram/AutoWarrantyCommitmentProgramrepaid
$(280,130,642)
GeneralMotorsTARP:AutomotiveIndustryFinancingProgram(AIFP)repaid178 $(360,624,198)
GMSupplierReceivablesLLC&ChryslerReceivablesSPVLLC(ASSP)adjusted179 $(1,500,000,000)
180
GMSupplierReceivablesLLCpartialrepayment
Treas
Treas
Treas
Treas
$(140,000,000)
Treas
$(1,000,000,000)
TARP:HAMPGMACMortgage,Inc.capadjustment182 $(1,679,520,000)
Treas
GeneralMotorsTARP:AutomotiveIndustryFinancingProgram(AIFP)partialrepayment
181
Treas
Total: $86,555,794,131
NomiPrinsLLC
10
ACRONYMS
Treas
FRB
FRBNY
FDIC
FHFA
Joint
TreasuryDepartment
FederalReserveBank
FederalReserveBankofNewYork
FederalDepositInsuranceCorporation
FederalHousingFinanceAgency
TreasuryDepartment,FederalReserveBank,FederalDepositInsuranceCorporation
Duetothenontransparentandcomplicatednatureofthebailout,modifications,correctionsoradditionsarenotaddedretroactivelybut
duringthemonthoftheirdiscovery.
Forquestionsorcommentscontact:KrisztinaUgrinatkrisztina.ugrin@gmail.comorNomiPrinsat
nomi@nomiprins.com.
NomiPrinsLLC
11
ENDNOTES
1
2
3
AssociatedPress,
Associated
Press Fed
FedInjectsReservesIntoSystem,
Injects Reserves Into System NewYorkTimes
New York Times ,August11,2007,http://www.nytimes.com/2007/08/11/business/apeefed.html.
August 11 2007 http://www nytimes com/2007/08/11/business/apeefed html
Ibid.
AFP,Fedinjects31.25billiondollarsintomarkets,September6,2007,http://afp.google.com/article/ALeqM5gFBoyiXXH2YTAI42jsKftkC8Rqg.
FederalReserveBankofNewYork,DomesticOpenMarketOperationsDuring2008,January2009,p.11,http://www.newyorkfed.org/markets/omo/omo2008.pdf.
BoardofGovernorsoftheFederalReserveSystem,FederalReserveandOtherCentralBanksAnnounceMeasuresDesignedtoAddressElevatedPressuresinShortTerm
Funding Markets,pressrelease,December12,2007,http://federalreserve.gov/newsevents/press/monetary/20071212a.htm.
FundingMarkets,
press release, December 12, 2007, http://federalreserve.gov/newsevents/press/monetary/20071212a.htm.
6 BoardofGovernorsoftheFederalReserveSystem,ReportPursuanttoSection129oftheEmergencyEconomicStabilizationActof2008:BridgeLoantoTheBear
StearnsCompaniesInc.ThroughJPMorganChaseBank,N.A.,www.federalreserve.gov/monetarypolicy/files/129bearstearnsbridgeloan.pdf(accessedJuly30,2009).
5
St.LouisFed,FactorsAffectingReserveBalances,EconomicData,www.research.stlouisfed.org/fred2/categories/32215/downloaddata,(accessedJuly30,2009).
BoardofGovernorsoftheFederalReserveSystem,FederalReserveAnnouncesTwoInitiativesDesignedtoBolsterMarketLiquidityandPromoteOrderlyMarket
g, p
,
,
, p //
g /
/p
/
y/
;
y
,
Functioning,pressrelease,March16,2008,http://federalreserve.gov/newsevents/press/monetary/20080316a.htm;BoardofGovernorsoftheFederalReserveSystem,
FactorsSupplyingReserveBalances:DetailforLoans,H.41Table6,http://www.federalreserve.gov/releases/h41/hist/h41hist6.pdf(accessedJuly30,2009).
9 St.LouisFed,H.4.1FactorsAffectingReserveBalances,ReserveBankCreditRepurchaseAgreements,http://www.research.stlouisfed.org//fred2/data/WREPO.txt
(accessedJuly30,2009).
10 TOPiscurrentlysuspended,butmayresumeifmarketconditionswarrant.FederalReserveBankofNewYork,NewYorkFedAnnouncesTermsforSeptemberTSLFOptions
Program(TOP),pressrelease,August8,2008,http://www.newyorkfed.org/newsevents/news/markets/2008/an080808.html.
11 BoardofGovernorsoftheFederalReserveSystem,FederalReserveBoardAnnouncesTwoEnhancementstoitsProgramstoProvideLiquiditytoMarkets,pressrelease,
B d fG
f th F d l R
S t
F d l R
B dA
T E h
t t it P
t P id Li idit t M k t
l
September19,2008,http://www.federalreserve.gov/newsevents/press/monetary/20080919a.htm;BoardofGovernorsoftheFederalReserveSystem,FactorsSupplying
ReserveBalances:DetailforLoans,H.41Table6,June25,2009,http://www.federalreserve.gov/releases/h41/hist/h41hist6.pdf.
12 SamMamudi,J.P.MorganAdvanced$138BilliontoLehman,MarketWatch,September16,2008,http://www.marketwatch.com/story/jpmorganadvanced138billionto
bankruptlehman.
8
13
Joint Economic Committee Financial

JointEconomicCommittee,
FinancialMeltdownandPolicyResponse,
Meltdown and Policy Response September2008,p.67,http://www.house.gov/jec/ResearchReports/2008/rr11025.pdf.
September 2008 p 67 http://www house gov/jec/Research Reports/2008/rr11025 pdf
U.S.OfficeofSIGTARP,QuarterlyReporttoCongressJuly2009,July21,2009,p.140,http://sigtarp.gov/reports/congress/2009/July2009_Quarterly_Report_to_Congress.pdf;
ThecurrencyswaplineswereduetoexpireonApril30,2009butwereextendedthroughOctober30,2009.BoardofGovernorsoftheFederalReserveSystem,"Federal
ReserveAnnouncesExtensionThroughOctober30,2009,ofitsExistingLiquidityProgramsThatWereScheduledtoExpireonApril30,2009,"pressrelease,February3,2009,
http://www.federalreserve.gov/newsevents/press/monetary/20090203a.htm.
15 BoardofGovernorsoftheFederalReserveSystem,BoardAnnouncesThatItWillBegintoPayInterestonDepositoryInstitutions'RequiredandExcessReserveBalances,
pressrelease,October6,2008,http://www.federalreserve.gov/newsevents/press/monetary/20081006a.htm.
16 BoardofGovernorsoftheFederalReserveSystem,ReportPursuanttoSection129oftheEmergencyEconomicStabilizationActof2008:CommercialPaperFundingFacility,
n.d.,p.4,http://www.federalreserve.gov/monetarypolicy/files/129cpff.pdf.
17 MarcLabonte,FinancialTurmoil:FederalReservePolicyResponses,CRSReportforCongress,October23,2008,p.11,
http://fpc.state.gov/documents/organization/112452.pdf;BoardofGovernorsoftheFederalReserveSystem,ReportPursuanttoSection129oftheEmergencyEconomic
Stabilization Act of 2008: Money Market Investor Funding Facility http://www federalreserve gov/monetarypolicy/files/129mmiff pdf (accessed July 30 2009)
StabilizationActof2008:MoneyMarketInvestorFundingFacility,http://www.federalreserve.gov/monetarypolicy/files/129mmiff.pdf(accessedJuly30,2009).
18 BoardofGovernorsoftheFederalReserveSystem,FactorsSupplyingReserveBalances:DetailforLoans,H.41Table6,
http://www.federalreserve.gov/releases/h41/hist/h41hist6.pdf(accessedJuly30,2009).
14
NomiPrinsLLC
12
19
U.S.DepartmentoftheTreasury,U.S.TreasuryandFederalReserveBoardAnnounceLaunchofTermAssetBackedSecuritiesLoanFacility(TALF),pressrelease:tg45,
March3,2009,http://treas.gov/press/releases/tg45.htm.
20 BoardofGovernorsoftheFederalReserveSystem,BoardAuthorizesFederalReserveBankofNewYorktoBorrowSecuritiesFromCertainRegulatedU.S.Insurance
SubsidiariesofAIG,pressrelease,October8,2008,http://federalreserve.gov/newsevents/press/other/20081008a.htm.
21 BoardofGovernorsoftheFederalReserveSystem,FederalReserveBoardandTreasuryDepartmentAnnounceRestructuringofFinancialSupporttoAIG,pressrelease,
November 10 2008 http://federalreserve gov/newsevents/press/other/20081110a htm
November10,2008,http://federalreserve.gov/newsevents/press/other/20081110a.htm.
22
Ibid.
23
Ibid.
24 BoardofGovernorsoftheFederalReserveSystem,FederalReserveAnnouncesItWillInitiateaProgramtoPurchasetheDirectObligationsofHousingRelatedGovernment
SponsoredEnterprisesandMortgageBackedSecuritiesBackedbyFannieMae,FreddieMac,andGinnieMae,pressrelease,November25,2008,http://www.
25
Ibid
Ibid.
26 BoardofGovernorsoftheFederalReserveSystem,TreasuryandFederalReserveAnnounceParticipationinAIGRestructuringPlan,pressrelease,March2,
2009,http://www.federalreserve.gov/newsevents/press/other/20090302a.htm.
27
Ibid.
28 BoardofGovernorsoftheFederalReserveSystem,FOMCStatement,pressrelease,March18,2009,
http://federalreserve.gov/newsevents/press/monetary/20090318a.htm.
29
Ibid.
30
Ibid.
31 Maximum$5billionperprimarydealer;Fedsprimarydealerlistshows18dealersasofJuly27,2009(www.newyorkfed.org/markets/pridealers_current.html).Limitwas
increasedfrom$3billionto$5billionperdealerin2008(www.newyorkfed.org/markets/sec_announcements.html),Toestimateatotalexposureof$36billion,theincreased
facilityof$2billionperfirmwasmultipliedbythe18firmsintheindustry.Copiedandupdatedfrom:U.S.OfficeofSIGTARP,QuarterlyReporttoCongressJuly2009,July21,
2009,p.141,http://sigtarp.gov/reports/congress/2009/July2009_Quarterly_Report_to_Congress.pdf.
32 BoardofGovernorsoftheFederalReserveSystem,ReportPursuanttoSection129oftheEmergencyEconomicStabilizationActof2008:BridgeLoantoTheBear
StearnsCompaniesInc.ThroughJPMorganChaseBank,N.A.,www.federalreserve.gov/monetarypolicy/files/129bearstearnsbridgeloan.pdf(accessedJuly30,2009).
33 SamMamudi,J.P.MorganAdvanced$138BilliontoLehman,MarketWatch,September16,2008,http://www.marketwatch.com/story/jpmorganadvanced138billionto
bankruptlehman.
Board of Governors of the Federal Reserve System Federal Reserve Board and Treasury Department Announce Restructuring of Financial Support to AIG press release
36 BoardofGovernorsoftheFederalReserveSystem,FederalReserveAnnouncesExtensionsofandModificationstoaNumberofitsLiquidityPrograms,press
,
,
, p //
g /
/p
/
y/
release,June25,2009,http://www.federalreserve.gov/newsevents/press/monetary/20090625a.htm.
37
Ibid.
38 BoardofGovernorsoftheFederalReserveSystem,FederalReserveAnnouncesTermAuctionFacility(TAF)andTermSecuritiesLendingFacility(TSLF)Schedules
ThroughJanuary2010,pressrelease,September24,2009,http://www.federalreserve.gov/monetarypolicy/20090924a.htm.
39 BoardofGovernorsoftheFederalReserveSystem,FederalReserveAnnouncesTermAuctionFacility(TAF)andTermSecuritiesLendingFacility(TSLF)SchedulesThrough
January2010,pressrelease,September24,2009,http://www.federalreserve.gov/monetarypolicy/20090924a.htm.
40 FederalReserveBankofNewYork,MoneyMarketInvestorFundingFacility:FrequentlyAskedQuestions,June25,2009,
http://www.newyorkfed.org/markets/mmiff_faq.html.
NomiPrinsLLC
13
41
BoardofGovernorsoftheFederalReserveSystem,"MinutesoftheFederalOpenMarketCommittee,"November34,2009,
http://www.federalreserve.gov/monetarypolicy/fomcminutes20091104.htm
42 BoardofGovernorsoftheFederalReserveSystem,FederalReserveAnnouncesTermAuctionFacility(TAF)andTermSecuritiesLendingFacility(TSLF)SchedulesThrough
January2010,pressrelease,September24,2009,http://www.federalreserve.gov/monetarypolicy/20090924a.htm.
43
Ibid.
44
AssociatedPress,BushSignsStimulusPackageIntoLaw,MSNBC,February13,2008,http://www.msnbc.msn.com/id/23143814.
//
/ /
U.S.DepartmentoftheTreasury,StatementbySecretaryHenryM.Paulson,Jr.onTreasuryandFederalHousingFinanceAgencyActiontoProtectFinancialMarketsand
Taxpayers,pressrelease:hp1129,September7,2008,http://www.treas.gov/press/releases/hp1129.htm.
46 U.S.DepartmentoftheTreasury,TreasuryAnnouncesMarketableBorrowingEstimates,pressrelease:hp1236,November3,2008,
http://www.ustreas.gov/press/releases/hp1236.htm.
47 U.S.DepartmentoftheTreasury,
U S Department of the Treasury Treasury
TreasuryAnnouncesGuarantyProgramforMoneyMarketFunds,
Announces Guaranty Program for Money Market Funds pressrelease:hp1147,September19,2008,
press release: hp1147 September 19 2008
http://www.treas.gov/press/releases/hp1147.htm.
45
48
49
GovTrack,H.R.1424:EmergencyEconomicStabilizationActof2008 ,n.d.,http://www.govtrack.us/congress/bill.xpd?bill=h1101424(accessedJune25,2009).
BoardofGovernorsoftheFederalReserveSystem,ReportPursuanttoSection129oftheEmergencyEconomicStabilizationActof2008:CommercialPaperFundingFacility,
n.d.,p.2,http://www.federalreserve.gov/monetarypolicy/files/129cpff.pdf.
50
TheAmericanRecoveryandReinvestmentActof2009authorizesataxcreditofupto$8,000forqualifiedfirsttimehomebuyerspurchasingaprincipalresidenceonorafter
$
January1,2009andbeforeDecember1,2009.FederalHousingTaxCreditForFirstTimeHomeBuyers,FAQ,n.d.,http://www.federalhousingtaxcredit.com/2009/faq.php
(accessedAugust31,2009);CongressionalBudgetOffice,LettertoNancyPelosi,February13,2009,http://www.cbo.gov/ftpdocs/99xx/doc9989/hr1conference.pdf;
GovTrack,H.R.1:AmericanRecoveryandReinvestmentActof2009, n.d.,http://www.govtrack.us/congress/bill.xpd?bill=h1101424(accessedJune25,2009).
51 U.S.DepartmentoftheTreasury,StatementbySecretaryTimGeithneronTreasury'sCommitmenttoFannieMaeandFreddieMac,pressrelease:TG32,February18,2009,
http://www treas gov/press/releases/tg32 htm
http://www.treas.gov/press/releases/tg32.htm.
52 U.S.DepartmentoftheTreasury,FactSheet:IMFReformsandNewArrangementstoBorrow,pressrelease:TG136,May18,2009,
53
ThisnumberwasmentionedintheFDIC'sSupervisoryInsightsReportSummer2009 report.WetriedtoverifyitforourJune2009tally,however,neithertheFDICnorthe
TreasuryDepartmentconfirmedit.TheMMMFwasn'tmentionedinSIGTARP'sQuarterlyReporttoCongressApril21,2009.U.S.OfficeofSIGTARP,QuarterlyReportto
g
y
, y ,
,p
, p // g p g / p
/ g
/
/ y
_Q
y_ p _ _
g
p ;
p
y,
y
CongressJuly2009,July21,2009,p.141,http://sigtarp.gov/reports/congress/2009/July2009_Quarterly_Report_to_Congress.pdf;U.S.DepartmentoftheTreasury,Treasury
AnnouncesExtensionofTemporaryGuaranteeProgramforMoneyMarketFunds,pressrelease:TG76,March31,2009,http://www.ustreas.gov/press/releases/tg76.htm;
BoardofGovernorsoftheFederalReserveSystem,FlowofFundsAccountsoftheUnitedStates ,FlowsandOutstandingsFirstQuarter2009,June11,2009,p.85,
http://www.federalreserve.gov/releases/z1/Current/z1.pdf.
54 RepresentsthesumofTreasurysestimatesforFY2008,FY2009,andFY2010;U.S.DepartmentoftheTreasury,BudgetinBriefFY2010,p.75,
http://www.ustreas.gov/offices/management/budget/budgetinbrief/fy2010/BIBHousingGSE.pdf(accessedJuly30,2009).
55
HouseCommitteeonFinancialServices,HousingandEconomicRecoveryActof2008 ,http://financialservices.house.gov/FHA.html(accessedJuly30,2009).
Ibid.
57 Correctedfrom$60billiononJune30,2009Tallyto$195billiononJuly2009Tally.Thiswasn'tmentionedintheSIGTARPApril2009report.U.S.OfficeofSIGTARP,Quarterly
ReporttoCongressJuly2009,July21,2009,p.152,http://sigtarp.gov/reports/congress/2009/July2009_Quarterly_Report_to_Congress.pdf.
58 U.S.DepartmentoftheTreasury,TreasuryAnnouncesExpirationofGuaranteeProgramforMoneyMarketFunds,pressrelease:TG293,September18,2009,
http://treas gov/press/releases/tg293 htm
http://treas.gov/press/releases/tg293.htm.
59 U.S.DepartmentoftheTreasury,TreasuryIssuesUpdateonStatusofSupportforHousingPrograms,"pressrelease,January5,2010,
http://www.financialstability.gov/latest/pr_1052010b.html.
56
NomiPrinsLLC
14
60
Ibid.
EstimateasofDecember31,2008.CongressionalBudgetOffice,TheBudgetandEconomicOutlook:FiscalYears2009to2019,January2009,p.41,
http://www.cbo.gov/ftpdocs/99xx/doc9957/0107Outlook.pdf;U.S.OfficeofSIGTARP,QuarterlyReporttoCongressJuly2009,July21,2009,p.152,
http://sigtarp.gov/reports/congress/2009/July2009_Quarterly_Report_to_Congress.pdf.
62 Thetotalamountofguaranteeddebtoutstandingis$224billionasofDecember31,2008.Ifalleligibleentitiesissueddebtuptotheprogramsallowablelimit,themaximum
The total amount of guaranteed debt outstanding is $224 billion as of December 31 2008 If all eligible entities issued debt up to the programs allowable limit the maximum
lossexposurewouldbe$940billion.FederalDepositInsuranceCorporation,ChiefFinancialOfficer's(CFO)ReporttotheBoard,March16,2009,
http://www.fdic.gov/about/strategic/corporate/cfo_report_4qtr_08/sum_trends_results.html.
63 FederalDepositInsuranceCorporation,SupervisoryInsightsSummer2009,Vol.6,Issue1 ,June16,2009,p.4,
http://www.fdic.gov/regulations/examinations/supervisory/insights/sisum09/si_sum09.pdf.
61
64
Citigroup,SummaryofTermsofUSG/CitigroupLossSharingProgram,January16,2009,http://www.citigroup.com/citi/press/2009/090116b.pdf.
Citigroup,
SummaryofTermsofUSG/CitigroupLossSharingProgram, January16,2009,http://www.citigroup.com/citi/press/2009/090116b.pdf.
BoardofGovernorsoftheFederalReserveSystem,Treasury,FederalReserve,andtheFDICProvideAssistancetoBankofAmerica,pressrelease,January16,2009,
http://www.federalreserve.gov/newsevents/press/bcreg/20090116a.htm;BankofAmerica,recentlyrequestednottogoforwardwith
theprogram.AsofJune30,2009,thematterhadnotyetbeenresolved.U.S.OfficeofSIGTARP,QuarterlyReporttoCongressJuly2009,July21,2009,p.33,
http://sigtarp.gov/reports/congress/2009/July2009_Quarterly_Report_to_Congress.pdf.
66 U.S.DepartmentoftheTreasury,SecretaryGeithnerIntroducesFinancialStabilityPlan,pressrelease:TG18,February10,2009,
h //
http://www.treasury.gov/press/releases/tg18.htm.
/
/ l
/
h
67 BankofAmerica,"BankofAmericaTerminatesAssetGuaranteeTermSheet,"pressrelease,September21,2009,
http://newsroom.bankofamerica.com/index.php?s=43&item=8536.
65
68
Citigroup,"U.S.GovernmentandRegulatorsAgreetoTARPRepayment,"pressrelease,December14,2009,http://www.citigroup.com/citi/press/2009/091214a.htm.
69
GovTrack,H.R.3221:HousingandEconomicRecoveryActof2008 ,n.d.,http://www.govtrack.us/congress/bill.xpd?bill=h1103221(accessedJune25,2009).
R
Representsincreasein2008over2007.U.S.DepartmentofHousingandUrbanDevelopment,GinnieMaeReporttoCongressFiscalYear2008,November7,2008,p.20,
t i
i 2008
2007 U S D
t
t fH i
dU b D l
t Gi i M R
tt C
Fi l Y
2008 N
b 7 2008 20
http://www.ginniemae.gov/reporttocongress/.
71 Representsincreasein2008over2007.FederalHousingAdministration,MessagefromtheChiefFinancialOfficer,November17,2008,p.323,
http://fhasecure.gov/offices/cfo/reports/section3.pdf.
72 CongressionalBudgetOffice,TheBudgetandEconomicOutlook:FiscalYears2009to2019,January7,2009,p.42,http://www.cbo.gov/ftpdocs/99xx/doc9957/0107
Outlook.pdf.
73 MaryAnnWoodson,PreliminaryFinancialHighlights,NationalCreditUnionAdministration,March31,2009,p.1,
http://www.ncua.gov/Resources/Reports/ncusif/2009/Mar09PRELIMNETREPORT.pdf.
70
74
75
WhiteHouse,BudgetFY2009DepartmentofVeteransAffairs,www.whitehouse.gov/omb/budget/fy2009/veterans.html(accessedJuly30,2009).
U.SDepartmentofTransportation,TransportationSecretaryRayLaHoodKicksOffCARSProgram,EncouragesConsumerstoBuyMoreFuelEfficientCarsandTrucks,press
release:DOT11009,July27,2009,http://www.cars.gov/files/officialinformation/July27PR.pdf;U.SDepartmentofTransportation,CashforClunkersWrapsUpwithNearly
700,000CarSalesandIncreasedFuelEfficiency,U.S.TransportationSecretaryLaHoodDeclaresProgram'WildlySuccessful',pressrelease:DOT13309,August26,2009,
http://www.cars.gov/files/08.26%20Press%20Release.pdf.
NomiPrinsLLC
15
76
TheFHFAwasnotwillingtoanswerphoneinquiriesconcerningthefunding.SIGTARP'sJuly2009reportstated:Theseobligationshavebeenviewedasenjoyingan'implied'
guaranteebecauseofhistoricalU.S.Governmentinvolvementandsupport.In2001,theCBOstated:'CBOattributesthegreaterliquidityofGSEsecuritiesoverthoseofother
financialfirmstotheimplicitguarantee,muchastheGovernmentguaranteeofTreasurysecuritiesisoftencitedasthereasonfortheirliquidity.'U.S.OfficeofSIGTARP,
QuarterlyReporttoCongressJuly2009,July21,2009,p.152,http://sigtarp.gov/reports/congress/2009/July2009_Quarterly_Report_to_Congress.pdf;CongressionalBudget
Office,FederalSubsidiesandtheHousingGSEs,AppendixA:ResponsestoAnalysesoftheCongressionalBudgetOffices1996SubsidyEstimates,May,2001,
www.cbo.gov/doc.cfm?index=2841&type=0&sequence=7(accessedJuly30,2009);FederalHousingFinanceAgency,JamesB.LockhartIIITheHousingGSEs,December10,
b
/d
f ? d
&
&
(
d l
) d l
kh
h
b
2008,p.3,http://www.fhfa.gov/webfiles/216/WHF121008webversion.pdf.
77
Ibid.
78 U.S.DepartmentoftheTreasury,CapitalPurchaseProgramTransactionReport ,November17,2008,4:30p.m.,
http://www.financialstability.gov/docs/transactionreports/TransactionReport11172008.pdf.
79
80
Citigroup,SummaryofTermsofUSG/CitigroupLossSharingProgram,January16,2009,http://www.citigroup.com/citi/press/2009/090116b.pdf.
Citigroup
Summary of Terms of USG/Citigroup Loss Sharing Program January 16 2009 http://www citigroup com/citi/press/2009/090116b pdf
U.S.DepartmentoftheTreasury,JointStatementbyTreasury,FederalReserveandtheFDIConCitigroup,pressrelease:hp1287,November23,2008,
81
Source:datafromThomsonReuters/Freeman&Co.,www.thomsonreuters.com.
AmericanInternationalGroup,AttachmentACollateralPostingsunderAIGFPCDS:DirectSupporttoAIGfrom9/16/0812/31/08,
http://www.aig.com/aigweb/internet/en/files/ CounterpartyAttachments031809 tcm385155645.pdf.
http://www.aig.com/aigweb/internet/en/files/CounterpartyAttachments031809_tcm385155645.pdf.
83 U.S.DepartmentoftheTreasury,TARPTransactionReportforPeriodEndingSeptember30,2009, October2,2009,http://www.financialstability.gov/docs/transaction
reports/Transactions_Report_093009.pdf.
84 U.S.DepartmentoftheTreasury,TARPTransactionReportforPeriodEndingDecember29,2009, December31,2009,http://www.financialstability.gov/docs/transaction
reports/transactionReport050509.pdf.
82
85
Citigroup,"U.S.GovernmentandRegulatorsAgreetoTARPRepayment,"pressrelease,December14,2009,http://www.citigroup.com/citi/press/2009/091214a.htm.
g p,
g
g
p y
, p
,
,
, p //
g p
/ /p
/
/
Ibid.
87 U.S.DepartmentoftheTreasury,TARPTransactionReportforPeriodEndingJanuary6,2010, January8,2010,http://www.financialstability.gov/docs/transactionreports/18
10%20Transactions%20Report%20as%20of%201610.pdf.
88 FederalDepositInsuranceCorporation,TemporaryLiquidityGuaranteeProgramOptOutLists,December8,2009,
http://www.fdic.gov/regulations/resources/TLGP/optout.html.
89 BoardofGovernorsoftheFederalReserveSystem,BoardauthorizesFederalReserveBankofNewYorktoBorrowSecuritiesFromCertainRegulatedU.S.Insurance
SubsidiariesofAIG,pressrelease,October8,2008,http://federalreserve.gov/newsevents/press/other/20081008a.htm.
91
Ibid.
92
Ibid
Ibid.
93
Ibid.
94 U.S.DepartmentoftheTreasury,TARPTransactionReportforPeriodEndingMay1,2009, May5,2009,http://www.financialstability.gov/docs/transaction
2009, http://www.federalreserve.gov/newsevents/press/other/20090302a.htm.
96
Ibid.
86
NomiPrinsLLC
16
97
BoardofGovernorsoftheFederalReserveSystem,FederalReserveBoardandTreasuryDepartmentAnnounceRestructuringofFinancialSupporttoAIG,pressrelease,
99 U.S.DepartmentoftheTreasury,CapitalPurchaseProgramTransactionReport, November17,2008,4:30p.m.,
http://www financialstability gov/docs/transaction reports/TransactionReport 11172008 pdf
100
Ibid.
BankofAmericahadtoabsorb$19.8billionofthelosses.BoardofGovernorsoftheFederalReserveSystem,Treasury,FederalReserve,andtheFDICProvideAssistanceto
BankofAmerica,pressrelease,January16,2009,http://www.federalreserve.gov/newsevents/press/bcreg/20090116a.htm;BankofAmerica,recentlyrequestednottogo
102 U.S.DepartmentoftheTreasury,Treasury,FederalReserveandtheFDICProvideAssistancetoBankofAmerica,pressrelease:HP1356,January16,2009,
101
103
105
Ibid.
106
Ibid.
107
Ibid.
108
Ibid.
109
Ibid.
p
/
_ p _
p
111
Ibid.
112
Ibid.
104
113
Ibid.
U.S.DepartmentoftheTreasury,TARPTransactionReportforPeriodEndingJanuary6,2010, January8,2010,http://www.financialstability.gov/docs/transactionreports/18
p
p
115
Ibid.
114
116
Ibid.
117
Ibid.
BankofAmerica,"BankofAmericaTerminatesAssetGuaranteeTermSheet,"pressrelease,September21,2009,
p //
/
p p
119
Ibid.
120 BankofAmerica,"BankofAmericatoRepayEntire$45BillioninTARPtoU.S.Taxpayers,"pressrelease,December2,2009,
121
Ibid.
118
122
Ibid.
123
MarcLabonte,FinancialTurmoil:FederalReservePolicyResponses,CRSReportforCongress,October23,2008,http://fpc.state.gov/documents/organization/112452.pdf.
NomiPrinsLLC
17
124
U.S.DepartmentoftheTreasury,CapitalPurchaseProgramTransactionReport, November17,2008,4:30p.m.,http://www.financialstability.gov/docs/transaction
reports/TransactionReport11172008.pdf.
125
127 U
S D
f h T
TARP T
i R
f P i d E di S
b 30 2009 O
b 2 2009 h //
fi
i l bili
/d /
i
U.S.DepartmentoftheTreasury,TARPTransactionReportforPeriodEndingSeptember30,2009,
October2,2009,http://www.financialstability.gov/docs/transaction
128
Ibid.
130
Ibid
Ibid.
131 U.S.DepartmentoftheTreasury,TARPTransactionReportforPeriodEndingJune17,2009, June19,2009,http://www.financialstability.gov/docs/transaction
reports/transactionsreport061909.pdf.
133 U.S.DepartmentoftheTreasury,CapitalPurchaseProgramTransactionReport, November17,2008,4:30p.m.,http://www.financialstability.gov/docs/transaction
November17,2008,4:30p.m.,http://www.financialstability.gov/docs/transaction
126
134
136
Ibid.
137
Ibid.
135
138
GoldmanSachs,AnnualReport2008,p.69,April6,2009.
U.S.DepartmentoftheTreasury,TARPTransactionReportforPeriodEndingJune17,2009, June19,2009,http://www.financialstability.gov/docs/transaction
141 U.S.DepartmentoftheTreasury,CapitalPurchaseProgramTransactionReport, November17,2008,4:30p.m.,
139
142
U.S.DepartmentoftheTreasury,TARPTransactionReportforPeriodEndingSeptember30,2009, October2,2009,http://www.financialstability.gov/docs/transaction
reports/Transactions
Report 09 30 09 pdf
144
Ibid.
145
Ibid.
147
Ibid
Ibid.
148
Ibid.
143
NomiPrinsLLC
18
149
WellsFargo,"WellsFargotoRepayEntire$25billionTARPInvestment;Announces$10.4BillionCommonStockOffering,"pressrelease,December14,2009,
https://www.wellsfargo.com/press/2009/20091214_TARPRepayment.
151 U.S.DepartmentoftheTreasury,CapitalPurchaseProgramTransactionReport, November17,2008,4:30p.m.,http://www.financialstability.gov/docs/transaction
reports/TransactionReport 11172008 pdf
152
153
154
Ibid.
U.S.DepartmentoftheTreasury,TARPTransactionReportforPeriodEndingSeptember30,2009,
U
S Department of the Treasury TARP Transaction Report for Period Ending September 30 2009 October2,2009,http://www.financialstability.gov/docs/transaction
October 2 2009 http://www financialstability gov/docs/transaction
157 U.S.DepartmentoftheTreasury,TARPTransactionReportforPeriodEndingJune17,2009, June19,2009,http://www.financialstability.gov/docs/transaction
p
/
p
p
158 U.S.DepartmentoftheTreasury,TARPTransactionReportforPeriodEndingJanuary30,2009, February2,2009,http://www.financialstability.gov/docs/transaction
reports/transaction_report_020209.pdf.
159
Ibid.
160 U.S.DepartmentoftheTreasury,TARPTransactionReportforPeriodEndingFebruary6,2009, February10,2009,http://www.financialstability.gov/docs/transaction
reports/transaction_report_021009.pdf.
155
161
Ibid.
Ibid.
reports/transactionsreport_052909.pdf.
164 U.S.DepartmentoftheTreasury,TARPTransactionReportforPeriodEndingApril29,2009, May1,2009,http://www.financialstability.gov/docs/transaction
reports/transactionReport 050109 pdf
reports/transactionReport_050109.pdf.
165 U.S.DepartmentoftheTreasury,ObamaAdministrationAutoRestructuringInitiativeChryslerFiatAlliance,pressrelease,April30,2009,
http://www.financialstability.gov/latest/tg_043009.html.
162
166
U.S.OfficeofSIGTARP,QuarterlyReporttoCongress, April21,2009,p.35,http://www.sigtarp.gov/reports/congress/2009/April2009_Quarterly_Report_to_Congress.pdf.
U.S.DepartmentoftheTreasury,ObamaAdministrationAutoRestructuringInitiativeChryslerFiatAlliance,pressrelease,April30,2009,
http://www.financialstability.gov/latest/tg 043009.html.
http://www.financialstability.gov/latest/tg_043009.html.
reports/transactionsReport052709.pdf.
167
169
Ibid.
U.S.DepartmentoftheTreasury,TreasuryAnnouncesAdditionalInvestmentinGMACLLC,pressrelease:tg154,May21,2009,
p //
g /p
/
/g
171 Source:datafromThomsonReuters/Freeman&Co.,www.thomsonreuters.com;Max.at$7.4trillion.FederalDepositInsuranceCorporation,FDICApprovesGMACFinancial
ServicesParticipationinTLGP,pressrelease,May21,2009,http://www.fdic.gov/news/news/press/2009/pr09073.html.
170
NomiPrinsLLC
19
172
U.S.DepartmentoftheTreasury,TARPTransactionReportforPeriodEndingJune17,2009, June19,2009,http://www.financialstability.gov/docs/transaction
173
Ibid.
U.S.DepartmentoftheTreasury,FACTSHEET:ObamaAdministrationAutoRestructuringInitiativeGeneralMotorsRestructuring,pressrelease:tg179,May31,2009,
http://www.treas.gov/press/releases/tg179.htm;U.S.DepartmentoftheTreasury,TARPTransactionReportforPeriodEndingJune17,2009,June19,2009,
htt //
http://www.financialstability.gov/docs/transactionreports/transactionsreport061909.pdf.
fi
i l t bilit
/d /t
ti
t /t
ti
t 061909 df
176 U.S.DepartmentoftheTreasury,TARPTransactionReportforPeriodEndingJuly24,2009,July28,2009,http://www.financialstability.gov/docs/transaction
reports/transactionsreport_07282009.pdf.
177
Ibid.
178
Ibid.
179
Ibid.
180 U.S.DepartmentoftheTreasury,TARPTransactionReportforPeriodEndingDecember29,2009, December31,2009,http://www.financialstability.gov/docs/transaction
174
181
Ibid.
182
U.S.DepartmentoftheTreasury,TARPTransactionReportforPeriodEndingJanuary6,2010, January8,2010,http://www.financialstability.gov/docs/transactionreports/18
NomiPrinsLLC
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