Total Wall Street Bailout Cost

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The Wall Street Bailout Cost table is produced and updated monthly by the Real Economy Project of the Center for Media and Democracy, which publishes this website, SourceWatch. This calculation was peer-reviewed by economists at the Center for Economic and Policy Research in Washington, D.C. This table relies entirely on government data and represents an accounting of actual government funds disbursed, mostly in the form of loans. Our total includes major programs of the U.S. Treasury Department, the Federal Reserve and other government agencies to assist the financial sector and institutions that had a role in the crisis. It does not include stimulus funds, unemployment, student loans, auto bailout and other initiatives to create jobs or support citizens. See Glossary of terms below. Learn more at our Financial Crisis Tracker page on Sourcewatch.

Our Wall Street Bailout Cost table has been featured by CNN, PBS,Dollars and Sense Magazine and praised by financial services expert and author Nomi Prins.

"Given the government's reticence at providing transparent information regarding its gifts to Wall Street, and having painstakingly compiled dynamic monthly tallies of the total federal bailout and subsidies for which the American people are at risk, I know too well how difficult it is to accumulate this data in a meaningful way. CMD's much-needed contribution toward further delineating the disbursement amounts completes the picture of the banking system's hoard at our expense. This fantastic work provides a scary yardstick for exactly where we are now, even if the banks never raid a single cent more of the perks to which they still have access." Nomi Prins - Author It Takes a Pillage; Behind the Bailouts, Bonuses and Backroom Deals from Washington to Wall Street (Wiley, Sept. 2009)

This chart was updated in July 2011.

TROUBLED ASSET RELIEF (TARP) BAILOUT PROGRAMS FUNDS DISBURSED*
(IN BILLIONS)
MAXIMUM AT-RISK*
(IN BILLIONS)
OUTSTANDING*
(IN BILLIONS)
*See Glossary at the bottom of this page for definitions of "disbursed," etc.
Liquidity Loans for Banks and Financial Co.s
Capital Purchase Program (Treasury) $204.9 $218.0 $21.7
Capital Assistance Program (Treasury) $0 $0 $0
Systemically Significant Failing Institutions Program (AIG) (Treasury) $67.8 $69.8 $53.1
Targeted Investment Program (Treasury) $40.0 $40.0 $0
Toxic Asset Purchases
Term Asset-Backed Securities Loan Facility ("TALF") (Mostly Federal Reserve, some Treasury) $67.0 $1,080.0 $12.9
Public-Private Investment Program: Legacy Securities Program (Treasury) $17.0 $1,000.0 $15.9
Public-Private Investment Program: Legacy Loans Program (FDIC) $0.728 n/a $0.728
Investor Loss Guarantees
Asset Guarantee Program (Treasury, FDIC & Federal Reserve) $0 $332.5 $0
Paying Banks to Loan Money to Small Business
Unlocking Credit for Small Businesses (Treasury) $0.4 $15.0 $0.2
Community Development Capital Initiative (Treasury) $0.6 $0.8 $0.6
Support for Housing Market
Home Affordable Modification Program (Treasury) $2.0 $45.6 $2.0
NON-TARP BAILOUT PROGRAMS FUNDS DISBURSED* MAXIMUM AT-RISK* OUTSTANDING*
*See Glossary at the bottom of this page for definitions of "disbursed," etc.
Support for Housing Market (Government Supported Enterprises, Fannie Mae and Freddy Mac, and Federal Housing Administration)
GSE stock purchase (Treasury) $164.4 Unlimited[1] $164.4
GSE direct obligation program (Federal Reserve) $169.0 $200.0 $116.7
GSE Mortgage-Backed Securities Purchase Program (Treasury) $220.0 $314.0 $101.0
GSE credit facility program (Treasury) $0 $25.0 $0
Fed mortgage-backed securities purchases (Federal Reserve) $1,128 $1,250.0 $911.9
Federal Housing Administration $0 $352.08 $0
Liquidity Loans to Banks and Financial Co.s
Direct loans to Bear Stearns via JPMC (Federal Reserve) $12.9 $12.9 $0
Lehman Brothers "wind-down" loan (Federal Reserve) $138.0 $138.0 $0
AIG loans and investments (Federal Reserve) $89.5 $122.5 $0
Term Securities Lending Facility ("TSLF") and Term Securities Lending Facility Options Program ("TOP") ( Federal Reserve) $233.6 $250.0 $0
Primary Dealer Credit Facility (Federal Reserve) $147.7 $147.7 $0
Asset-Backed Commercial Paper Money Market Fund Liquidity Facility ("AMLF") (Federal Reserve) $145.9 at least $145.9 $0
Term Auction Facility (Federal Reserve) $493.1 $900.0 $0
Commercial Paper Funding Facility (Federal Reserve) $349.9 $1,800 $0
Money Market Investor Funding Facility (Federal Reserve) $0 $600.0 $0
Expansion of System Open Market Account (SOMA) securities lending (Federal Reserve) N/A $36.0 N/A
Primary Credit Program (Federal Reserve) $111.9 $111.9 $0.02
Tri-Party Repurchase Agreements (Federal Reserve) $124.6 $124.6 $0
Purchase of Toxic Assets
Maiden Lane I (Bear Stearns) (Federal Reserve) $28.8 $28.8 $21.6
Maiden Lane II and III (AIG) (Federal Reserve) $43.8 $52.5 $19.8
Single-Tranche Repurchase Agreements (Federal Reserve) $80.0 $80.0 $0
Investor Loss guarantees
Money Market Mutual Fund (Treasury) $0 $3,355.3 $0
Foreign Central Bank Liquidity
Foreign Central Bank Currency Liquidity Swaps (Federal Reserve) $582.76 $755.0 $0
IMF Expansion (Treasury) $100.0 $100.0 $100.0
AGENCY SUBTOTALS TOTAL DISBURSED TOTAL MAX. AT-RISK TOTAL OUTSTANDING
Treasury $816.1 billion $5.79 trillion $458.1 billion
FDIC $0.7 billion $10.0 billion $0.7 billion
Federal Reserve $3.95 trillion $8.06 trillion $1.08 trillion
GRAND TOTAL: $4.76 TRILLION DISBURSED $13.87 TRILLION MAX. AT-RISK $1.54 TRILLION OUTSTANDING

Glossary

These terms are used in the chart above and in the charts for each individual program, which are hyperlinked above. “At-risk” means the total commitment of taxpayer funds made publicly by the relevant public officials (for example, the government may have committed $3.35 billion dollars to guarantee losses in money market mutual funds without having actually disbursed them). “Maximum at-risk” is the high-water mark of government commitments to a program, the maximum level of taxpayer funds that were "at-risk" of being tapped at the height of the crisis. On the program charts you will also see “current at-risk,” which refers to the present, publicly stated level of commitment to a program (for example, when Treasury announced that the Public-Private Investment Program could entail up to a trillion dollars in government investments when first announced, but that figure was later revised downwards and currently stands at $30 billion).

Disbursed” means funds that have either gone out the door or, as is common at the Federal Reserve, new balances that were created on the Fed’s balance sheet and placed in a specific account. “Outstanding” means funds that have been disbursed but have not been paid back or removed from the balance sheet.

For individual program totals, see the complete program details in the individual program pages. Generally, figures for disbursements are taken directly from data released by the Federal Reserve and the U.S. Treasury. Many “max at-risk” figures are taken from reports of the Special Inspector General for TARP. All figures are individually sourced.

References'

  1. Counted as $164.4 billion for tallying purposes.