BUSINESS

"Extremely Unlikely" Taxpayers Will Recoup TARP Money, Watchdog Says

As ABC news reported last night, the special inspector of the government's $700 billion TARP program said in prepared testimony that the chances of taxpayers recovering their investment are "extremely unlikely."

Neil Barofsky said today:


"While several TARP recipients have repaid funds for what has widely been reported as a 17 percent profit, it is extremely unlikely that the taxpayer will see a full return on its TARP investment. For example, certain TARP programs, such as the mortgage modification program which is scheduled to use $50 billion of TARP funds, will yield no direct return, and for others, including the extraordinary assistance programs to AIG and the auto companies, full recovery is far from certain."

Read Barofsky's full prepared remarks:

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