Contact: Conor Kenny 202-277-6427 or Mary Bottari 608-345-6806
Today, the Real Economy Project of the Center for Media and Democracy (CMD) released an assessment of the total cost to taxpayers of the Wall Street bailout. CMD concludes that multiple federal agencies have disbursed $4.6 trillion dollars in supporting the financial sector since the meltdown in 2007-2008. Of that, $2 trillion is still outstanding.CMD's assessment demonstrates that the Federal Reserve has provided by far the bulk of the funding for the bailout in the form of loans amounting to $3.8 trillion. Little information has been disclosed about what collateral taxpayers have received in return for these loans. CMD also concludes that the bailout is far from over as the government has active programs authorized to cost up to $2.9 trillion and still has $2 trillion in outstanding investments and loans.
Learn more about the 35 programs included in our tally by visiting our Total Wall Street Bailout Cost Table, which contains links to pages on each bailout program with details including the current balance sheet for each program.
"While the Treasury Department is patting itself on the back for recouping Troubled Asset Relief Program (TARP) funds and allegedly making money off of its aid to Citigroup, our accounting shows that these programs were a relatively small portion of the federal funds that have gone out the door in support of the financial sector. Far more has been done to aid Wall Street through the back door of the Federal Reserve than through the front door of Congressional appropriations," said Mary Bottari, Director of CMD's Real Economy Project.
"The tally shows that more scrutiny needs to be given by policymakers and the media to the role of the Federal Reserve especially as the Fed has accounted for the vast majority of the bailout funds, yet provides far less disclosure and is far less directly accountable than the Treasury," said Conor Kenny, the researcher who collected the data on the bailout.
CMD has presented its work in a table that shows: funds disbursed, maximum funds that were at-risk at the height of the bailout, and actual funds still outstanding for each program. CMD is also making available a Financial Crisis Tracker, a widget for the table that can be downloaded to websites to get up-to-date numbers on the financial crisis and the bailout. The Wall Street Bailout table will be updated monthly and will be a tremendous resource for reporters and the public alike.
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