Yup, that’s how much of our money the federal government is using to bailout the banks. $7.2 trillion. Well, that’s how much they’ve printed up so far – they haven’t yet dropped all of it out of the helicopters.
Here’s a link to the CNN story showing where it’s gone. At least the amounts that the government has told us anyway. For example, look at this line from the link:
| October 2008 | Money market guarantees | $719 billion | unknown |
That one line commits $719 billion to guaranteeing money market accounts, but the feds haven’t released how much of it they’ve actually spent. Does anyone else find it asinine that it’s assumed we don’t have the right to know where our money is being spent?
$7.2 trillion.
Also note that both AIG and CitiGroup had to be bailed out TWICE in November. The total for AIG is now up to $192.5 billion, while CitiGroup has received $320 billion. Talk about throwing good money after bad….
Here’s a long section of banks that have received your tax dollars. See if your bank is listed:
| Date of Capital Injection | Financial Institution | City | State | Amount |
|---|---|---|---|---|
| 10/28/2008 | Wells Fargo & Co. | San Francisco | Calif. | $25,000,000,000 |
| 10/28/2008 | JPMorgan Chase & Co. | New York | N.Y. | $25,000,000,000 |
| 10/28/2008 | Citigroup Inc. | New York | N.Y. | $25,000,000,000 |
| 10/28/2008 | Bank of America Corp. | Charlotte | N.C. | $15,000,000,000 |
| 10/28/2008 | Merrill Lynch & Co. Inc. | New York | N.Y. | $10,000,000,000 |
| 10/28/2008 | Morgan Stanley | New York | N.Y. | $10,000,000,000 |
| 10/28/2008 | Goldman Sachs Group Inc. | New York | N.Y. | $10,000,000,000 |
| 11/17/2008 | U.S. Bancorp | Minneapolis | Minn. | $6,599,000,000 |
| 11/17/2008 | Capital One Financial Corp. | McLean | Va. | $3,555,199,000 |
| 11/17/2008 | Regions Financial Corp. | Birmingham | Ala. | $3,500,000,000 |
| 11/17/2008 | SunTrust Banks Inc. | Atlanta | Ga. | $3,500,000,000 |
| 11/17/2008 | BB&T Corp. | Winston-Salem | N.C. | $3,133,640,000 |
| 10/28/2008 | Bank of New York Mellon Corp. | New York | N.Y. | $3,000,000,000 |
| 11/17/2008 | KeyCorp | Cleveland | Ohio | $2,500,000,000 |
| 11/17/2008 | Comerica Inc. | Dallas | Texas | $2,250,000,000 |
| 10/28/2008 | State Street Corp. | Boston | Mass. | $2,000,000,000 |
| 11/17/2008 | Marshall & Ilsley Corp. | Milwaukee | Wis. | $1,715,000,000 |
| 11/17/2008 | Northern Trust Corp. | Chicago | Ill. | $1,576,000,000 |
| 11/17/2008 | Zions Bancorporation | Salt Lake City | Utah | $1,400,000,000 |
| 11/17/2008 | Huntington Bancshares | Columbus | Ohio | $1,398,071,000 |
| 11/17/2008 | First Horizon National Corp. | Memphis | Tenn. | $866,540,000 |
| 11/17/2008 | TCF Financial Corp. | Wayzata | Minn. | $361,172,000 |
| 11/17/2008 | Valley National Bancorp | Wayne | N.J. | $300,000,000 |
| 11/17/2008 | UCBH Holdings Inc. | San Francisco | Calif. | $298,737,000 |
| 11/17/2008 | Umpqua Holdings Corp. | Portland | Ore. | $214,181,000 |
| 11/17/2008 | Washington Federal Inc. | Seattle | Wash. | $200,000,000 |
| 11/17/2008 | Provident Bancshares Corp. | Baltimore | Md. | $151,500,000 |
| 11/17/2008 | Bank of Commerce Holdings | Redding | Calif. | $17,000,000 |
| 11/17/2008 | 1st FS Corp. | Hendersonville | N.C. | $16,369,000 |
| 11/17/2008 | Broadway Financial Corp. | Los Angeles | Calif. | $9,000,000 |
| 11/21/2008 | First Niagara Financial Group | Lockport | N.Y. | $184,011,000 |
| 11/21/2008 | HF Financial Corp. | Sioux Falls | S.D. | $25,000,000 |
| 11/21/2008 | Centerstate Banks of Florida Inc. | Davenport | Fla. | $27,875,000 |
| 11/21/2008 | City National Corporation | Beverly Hills | Calif. | $400,000,000 |
| 11/21/2008 | First Community Bankshares Inc. | Bluefield | Va. | $41,500,000 |
| 11/21/2008 | Western Alliance Bancorporation | Las Vegas | Nev. | $140,000,000 |
| 11/21/2008 | Webster Financial Corporation | Waterbury | Conn. | $400,000,000 |
| 11/21/2008 | Pacific Capital Bancorp | Santa Barbara | Calif. | $180,634,000 |
| 11/21/2008 | Heritage Commerce Corp. | San Jose | Calif. | $40,000,000 |
| 11/21/2008 | Ameris Bancorp | Moultrie | Ga. | $52,000,000 |
| 11/21/2008 | Porter Bancorp Inc. | Louisville | Ky. | $35,000,000 |
| 11/21/2008 | Banner Corporation | Walla Walla | Wash. | $124,000,000 |
| 11/21/2008 | Cascade Financial Corporation | Everett | Wash. | $38,970,000 |
| 11/21/2008 | Columbia Banking System, Inc. | Tacoma | Wash. | $76,898,000 |
| 11/21/2008 | Heritage Financial Corporation | Olympia | Wash. | $24,000,000 |
| 11/21/2008 | First PacTrust Bancorp, Inc. | Chula Vista | Calif. | $19,300,000 |
| 11/21/2008 | Severn Bancorp, Inc. | Annapolis | Md. | $23,393,000 |
| 11/21/2008 | Boston Private Financial Holdings, Inc. | Boston | Mass. | $154,000,000 |
| 11/21/2008 | Associated Banc-Corp | Green Bay | Wis. | $525,000,000 |
| 11/21/2008 | Trustmark Corporation | Jackson | Miss. | $215,000,000 |
| 11/21/2008 | First Community Corporation | Lexington | S.C. | $11,350,000 |
| 11/21/2008 | Taylor Capital Group | Rosemont | Ill. | $104,823,000 |
| 11/21/2008 | Nara Bancorp, Inc. | Los Angeles | Calif. | $67,000,000 |
| Total: | $161,471,163,000 |
Now the automakers want their piece of us. Screw em. Let them go broke and be auctioned off in bankruptcy. Maybe Honda, Toyota, BMW, or Kia would like those factories. Almost any of them would put the factories to better use than GM, Ford, or Chrysler are doing.
Rumor has it that Obama wants a $1 trillion stimulous package. I say no. No more bailouts. Stop the insanity now.
gk
Filed under: Economy Tagged: | bailout, Banks, benanke, financial
[...] an update on a post I made last month. Here is an account of the actual dollar amounts given to various recipients of [...]