We overpaid using TARP
Elizabeth Warren, congressional oversight chair on TARP, testified before congress on 2/5 and stated that we overpaid by 78 BILLION dolloars on the day of transactions for equity in the banks. That’s like buying 100 shares of apple stock for around 19,000 when it should only cost around 10,000. There’s a report out today that details the desparity.
So these banks would basically need to double their value by the time they sell the equity back to net to what was paid. She went on to say the tresury has not laid out any clear policy or objects as to what they plan or why they overpaid.
I’m just hopping the same people are running the IRS returns or 08 so I might get twice as much as I should…
