Trillions wasted in bailouts

Here’s an update on a post I made last month.  It’s an account of the actual dollar amounts given to various recipients of bailout money according to CNN.  Click on the plus signs to expand the lists on the CNN site.

Here’s the complete list as of today.  Yeah, it’s really ugly formatting but I’m too lazy to fix it right now. (Fixed it up a bit on 1/14)  Suffice it to say that the feds have blown a hell of a lot of money trying to save companies that deserve to be broke and out of business.  Go ahead, find your bank, broker, and/or car company on the list!

Date Bailout Name Allocated Spent
Dec-07 Term Auction Facility $1.6 trillion $1.6 trillion
Feb-08 Economic Stimulus Act of 2008 $168 billion $168 billion
Mar-08 Bear Stearns bailout $29 billion $29 billion
Mar-08 Discount window n/a $131.9 billion1
May-08 Student loan guarantees $9 billion unknown
Sep-08 Fannie Mae and Freddie Mac bailout $200 billion $13.8 billion
Sep-08 Foreign exchange dollar swaps Unlimited2 n/a2
Oct-08 FHA housing rescue $320 billion unknown
Oct-08 Auto industry energy efficiency loans $25 billion $0
Oct-08 Troubled Asset Relief Program $700 billion $276.3 billion
Nov-08 AIG capital investment $40 billion $40 billion
Breakdown of TARP spending
Financial Institution City Amount
10/28/2008 Wells Fargo & Co. San Francisco $25,000,000,000
10/28/2008 JPMorgan Chase & Co. New York $25,000,000,000
10/28/2008 Citigroup Inc. New York $25,000,000,000
10/28/2008 Bank of America Corp. Charlotte $15,000,000,000
10/28/2008 Morgan Stanley New York $10,000,000,000
10/28/2008 Goldman Sachs Group Inc. New York $10,000,000,000
11/17/2008 U.S. Bancorp Minneapolis $6,599,000,000
11/17/2008 Capital One Financial Corp. McLean $3,555,199,000
11/17/2008 Regions Financial Corp. Birmingham $3,500,000,000
11/17/2008 SunTrust Banks Inc. Atlanta $3,500,000,000
11/17/2008 BB&T Corp. Winston-Salem $3,133,640,000
10/28/2008 Bank of New York Mellon Corp. New York $3,000,000,000
11/17/2008 KeyCorp Cleveland $2,500,000,000
11/17/2008 Comerica Inc. Dallas $2,250,000,000
10/28/2008 State Street Corp. Boston $2,000,000,000
11/17/2008 Marshall & Ilsley Corp. Milwaukee $1,715,000,000
11/17/2008 Northern Trust Corp. Chicago $1,576,000,000
11/17/2008 Zions Bancorporation Salt Lake City $1,400,000,000
11/17/2008 Huntington Bancshares Columbus $1,398,071,000
11/17/2008 First Horizon National Corp. Memphis $866,540,000
11/17/2008 TCF Financial Corp. Wayzata $361,172,000
11/17/2008 Valley National Bancorp Wayne $300,000,000
11/17/2008 UCBH Holdings Inc. San Francisco $298,737,000
11/17/2008 Umpqua Holdings Corp. Portland $214,181,000
11/17/2008 Washington Federal Inc. Seattle $200,000,000
11/17/2008 Provident Bancshares Corp. Baltimore $151,500,000
11/17/2008 Bank of Commerce Holdings Redding $17,000,000
11/17/2008 1st FS Corp. Hendersonville $16,369,000
11/17/2008 Broadway Financial Corp. Los Angeles $9,000,000
11/21/2008 First Niagara Financial Group Lockport $184,011,000
11/21/2008 HF Financial Corp. Sioux Falls $25,000,000
11/21/2008 Centerstate Banks of Florida Inc. Davenport $27,875,000
11/21/2008 City National Corporation Beverly Hills $400,000,000
11/21/2008 First Community Bankshares Inc. Bluefield $41,500,000
11/21/2008 Western Alliance Bancorporation Las Vegas $140,000,000
11/21/2008 Webster Financial Corporation Waterbury $400,000,000
11/21/2008 Pacific Capital Bancorp Santa Barbara $180,634,000
11/21/2008 Heritage Commerce Corp. San Jose $40,000,000
11/21/2008 Ameris Bancorp Moultrie $52,000,000
11/21/2008 Porter Bancorp Inc. Louisville $35,000,000
11/21/2008 Banner Corporation Walla Walla $124,000,000
11/21/2008 Cascade Financial Corporation Everett $38,970,000
11/21/2008 Columbia Banking System, Inc. Tacoma $76,898,000
11/21/2008 Heritage Financial Corporation Olympia $24,000,000
11/21/2008 First PacTrust Bancorp, Inc. Chula Vista $19,300,000
11/21/2008 Severn Bancorp, Inc. Annapolis $23,393,000
11/21/2008 Boston Private Financial Holdings, Inc. Boston $154,000,000
11/21/2008 Associated Banc-Corp Green Bay $525,000,000
11/21/2008 Trustmark Corporation Jackson $215,000,000
11/21/2008 First Community Corporation Lexington $11,350,000
11/21/2008 Taylor Capital Group Rosemont $104,823,000
11/21/2008 Nara Bancorp, Inc. Los Angeles $67,000,000
12/5/2008 MB Financial Inc. Chicago $196,000,000
12/5/2008 First Midwest Bancorp, Inc. Itasca $193,000,000
12/5/2008 United Community Banks, Inc. Blairsville $180,000,000
12/5/2008 Wesbanco Bank Inc. Wheeling $75,000,000
12/5/2008 Encore Bancshares Inc. Houston $34,000,000
12/5/2008 Manhattan Bancorp El Segundo $1,700,000
12/5/2008 Iberiabank Corporation Lafayette $90,000,000
12/5/2008 Eagle Bancorp, Inc. Bethesda $38,235,000
12/5/2008 Sandy Spring Bancorp, Inc. Olney $83,094,000
12/5/2008 Coastal Banking Company, Inc. Fernandina Beach $9,950,000
12/5/2008 East West Bancorp Pasadena $306,546,000
12/5/2008 South Financial Group, Inc. Greenville $347,000,000
12/5/2008 Great Southern Bancorp Springfield $58,000,000
12/5/2008 Cathay General Bancorp Los Angeles $258,000,000
12/5/2008 Southern Community Financial Corp. Winston-Salem $42,750,000
12/5/2008 CVB Financial Corp Ontario $130,000,000
12/5/2008 First Defiance Financial Corp. Defiance $37,000,000
12/5/2008 First Financial Holdings Inc. Charleston $65,000,000
12/5/2008 Superior Bancorp Inc. Birmingham $69,000,000
12/5/2008 Southwest Bancorp, Inc. Stillwater $70,000,000
12/5/2008 Popular, Inc. San Juan $935,000,000
12/5/2008 Blue Valley Ban Corp Overland Park $21,750,000
12/5/2008 Central Federal Corporation Fairlawn $7,225,000
12/5/2008 Bank of Marin Bancorp Novato $28,000,000
12/5/2008 Bank of North Carolina Thomasville $31,260,000
12/5/2008 Central Bancorp, Inc. Somerville $10,000,000
12/5/2008 Southern Missouri Bancorp, Inc. Poplar Bluff $9,550,000
12/5/2008 State Bancorp, Inc. Jericho $36,842,000
12/5/2008 TIB Financial Corp Naples $37,000,000
12/5/2008 Unity Bancorp, Inc. Clinton $20,649,000
12/5/2008 Old Line Bancshares, Inc. Bowie $7,000,000
12/5/2008 FPB Bancorp, Inc. Port St. Lucie $5,800,000
12/5/2008 Sterling Financial Corporation Spokane $303,000,000
12/5/2008 Oak Valley Bancorp Oakdale $13,500,000
12/5/2008 Old National Bancorp Evansville $100,000,000
12/12/2008 Capital Bank Corp. Raliegh $41,279,000
12/12/2008 Pacific International Bancorp Seattle $6,500,000
12/12/2008 SVB Financial Group Santa Clara $235,000,000
12/12/2008 LNB Bancorp Inc. Lorain $25,223,000
12/12/2008 Wilmington Trust Corp. Wilmington $330,000,000
12/12/2008 Susquehanna Bancshares Inc. Lititz $300,000,000
12/12/2008 Signature Bank New York $120,000,000
12/12/2008 HopFed Bancorp Hopkinsville $18,400,000
12/12/2008 Citizens Republic Bancorp Inc. Flint $300,000,000
12/12/2008 Indiana Community Bancorp Columbus $21,500,000
12/12/2008 Bank Of the Ozarks Inc. Little Rock $75,000,000
12/12/2008 Center Financial Corp. Los Angeles $55,000,000
12/12/2008 NewBridge Bancorp Greensboro $52,372,000
12/12/2008 Sterling Bancshares Inc. Houston $125,198,000
12/12/2008 The Bancorp Inc. Wilmington $45,220,000
12/12/2008 TowneBank Portsmouth $76,458,000
12/12/2008 Wilshire Bancorp Inc. Los Angeles $62,158,000
12/12/2008 Valley Financial Corp. Roanoke $16,019,000
12/12/2008 Independent Bank Corp. Ionia $72,000,000
12/12/2008 Pinnacle Financial Partners Inc. Nashville $95,000,000
12/12/2008 First Litchfield Financial Corp. Litchfield $10,000,000
12/12/2008 National Penn Bancshares Inc. Boyertown $150,000,000
12/12/2008 Northeast Bancorp Lewiston $4,227,000
12/12/2008 Citizens South Banking Corp. Gastonia $20,500,000
12/12/2008 Virginia Commerce Bancorp Arlington $71,000,000
12/12/2008 Fidelity Bancorp Inc. Pittsburgh $7,000,000
12/12/2008 LSB Corp. Andover $15,000,000
12/19/2008 Intermountain Community Bancorp Sandpoint $27,000,000
12/19/2008 Community West Bancshares Goleta $15,600,000
12/19/2008 Synovus Financial Corp. Columbus $967,870,000
12/19/2008 Tennessee Commerce Bancorp, Inc. Franklin $30,000,000
12/19/2008 Community Bankers Trust Corporation Glen Allen $17,680,000
12/19/2008 BancTrust Financial Group, Inc. Mobile $50,000,000
12/19/2008 Enterprise Financial Services Corp. St. Louis $35,000,000
12/19/2008 Mid Penn Bancorp, Inc. Millersburg $10,000,000
12/19/2008 Summit State Bank Santa Rosa $8,500,000
12/19/2008 VIST Financial Corp. Wyomissing $25,000,000
12/19/2008 Wainwright Bank & Trust Company Boston $22,000,000
12/19/2008 Whitney Holding Corporation New Orleans $300,000,000
12/19/2008 The Connecticut Bank and Trust Company Hartford $5,448,000
12/19/2008 CoBiz Financial Inc. Denver $64,450,000
12/19/2008 Santa Lucia Bancorp Atascadero $4,000,000
12/19/2008 Seacoast Banking Corporation of Florida Stuart $50,000,000
12/19/2008 Horizon Bancorp Michigan City $25,000,000
12/19/2008 Fidelity Southern Corporation Atlanta $48,200,000
12/19/2008 Community Financial Corporation Staunton $12,643,000
12/19/2008 Berkshire Hills Bancorp, Inc. Pittsfield $40,000,000
12/19/2008 First California Financial Group, Inc Westlake Village $25,000,000
12/19/2008 AmeriServ Financial, Inc Johnstown $21,000,000
12/19/2008 Security Federal Corporation Aiken $18,000,000
12/19/2008 Wintrust Financial Corporation Lake Forest $250,000,000
12/19/2008 Flushing Financial Corporation Lake Success $70,000,000
12/19/2008 Monarch Financial Holdings, Inc. Chesapeake $14,700,000
12/19/2008 StellarOne Corporation Charlottesville $30,000,000
12/19/2008 Union Bankshares Corporation Bowling Green $59,000,000
12/19/2008 Tidelands Bancshares, Inc Mt. Pleasant $14,448,000
12/19/2008 Bancorp Rhode Island, Inc. Providence $30,000,000
12/19/2008 Hawthorn Bancshares, Inc. Lee’s Summit $30,255,000
12/19/2008 The Elmira Savings Bank, FSB Elmira $9,090,000
12/19/2008 Alliance Financial Corporation Syracuse $26,918,000
12/19/2008 Heartland Financial USA, Inc. Dubuque $81,698,000
12/19/2008 Citizens First Corporation Bowling Green $8,779,000
12/19/2008 FFW Corporation Wabash $7,289,000
12/19/2008 Plains Capital Corporation Dallas $87,631,000
12/19/2008 Tri-County Financial Corporation Waldorf $15,540,000
12/19/2008 OneUnited Bank Boston $12,063,000
12/19/2008 Patriot Bancshares, Inc. Houston $26,038,000
12/19/2008 Pacific City Finacial Corporation Los Angeles $16,200,000
12/19/2008 Marquette National Corporation Chicago $35,500,000
12/19/2008 Exchange Bank Santa Rosa $43,000,000
12/19/2008 Monadnock Bancorp, Inc. Peterborough $1,834,000
12/19/2008 Bridgeview Bancorp, Inc. Bridgeview $38,000,000
12/19/2008 Fidelity Financial Corporation Wichita $36,282,000
12/19/2008 Patapsco Bancorp, Inc. Dundalk $6,000,000
12/19/2008 NCAL Bancorp Los Angeles $10,000,000
12/19/2008 FCB Bancorp, Inc. Louisville $9,294,000
12/31/2008 SunTrust Banks, Inc. Atlanta $1,350,000,000
12/31/2008 The PNC Financial Services Group Inc. Pittsburgh $7,579,200,000
12/31/2008 Fifth Third Bancorp Cincinnati $3,408,000,000
12/31/2008 Hampton Roads Bankshares, Inc. Norfolk $80,347,000
12/31/2008 CIT Group Inc. New York $2,330,000,000
12/31/2008 West Bancorporation, Inc. West Des Moines $36,000,000
12/31/2008 First Banks, Inc. Clayton $295,400,000
1/9/2009 Bank of America Corp.1 Charlotte $10,000,000,000
1/9/2009 FirstMerit Corporation Akron $125,000,000
1/9/2009 Farmers Capital Bank Corporation Frankfort $30,000,000
1/9/2009 Peapack-Gladstone Financial Corporation Gladstone $28,685,000
1/9/2009 Commerce National Bank Newport Beach $5,000,000
1/9/2009 The First Bancorp, Inc. Damariscotta $25,000,000
1/9/2009 Sun Bancorp, Inc. Vineland $89,310,000
1/9/2009 Crescent Financial Corporation Cary $24,900,000
1/9/2009 American Express Company New York $3,388,890,000
1/9/2009 Central Pacific Financial Corp. Honolulu $135,000,000
1/9/2009 Centrue Financial Corporation St. Louis $32,668,000
1/9/2009 Eastern Virginia Bankshares, Inc. Tappahannock $24,000,000
1/9/2009 Colony Bankcorp, Inc. Fitzgerald $28,000,000
1/9/2009 Independent Bank Corp. Rockland $78,158,000
1/9/2009 Cadence Financial Corporation Starkville $44,000,000
1/9/2009 LCNB Corp. Lebanon $13,400,000
1/9/2009 Center Bancorp, Inc. Union $10,000,000
1/9/2009 F.N.B. Corporation Hermitage $100,000,000
1/9/2009 C&F Financial Corporation West Point $20,000,000
1/9/2009 North Central Bancshares, Inc. Fort Dodge $10,200,000
1/9/2009 Carolina Bank Holdings, Inc. Greensboro $16,000,000
1/9/2009 First Bancorp Troy $65,000,000
1/9/2009 First Financial Service Corporation Elizabethtown $20,000,000
1/9/2009 Codorus Valley Bancorp, Inc. York $16,500,000
1/9/2009 MidSouth Bancorp, Inc. Lafayette $20,000,000
1/9/2009 First Security Group, Inc. Chattanooga $33,000,000
1/9/2009 Shore Bancshares, Inc. Easton $25,000,000
1/9/2009 The Queensborough Company Louisville $12,000,000
1/9/2009 American State Bancshares, Inc. Great Bend $6,000,000
1/9/2009 Security California Bancorp Riverside $6,815,000
1/9/2009 Security Business Bancorp San Diego $5,803,000
1/9/2009 Sound Banking Company Morehead City $3,070,000
1/9/2009 Mission Community Bancorp San Luis Obispo $5,116,000
1/9/2009 Redwood Financial Inc. Redwood Falls $2,995,000
1/9/2009 Surrey Bancorp Mount Airy $2,000,000
1/9/2009 Independence Bank East Greenwich $1,065,000
1/9/2009 Valley Community Bank Pleasanton $5,500,000
1/9/2009 Rising Sun Bancorp Rising Sun $5,983,000
1/9/2009 Community Trust Financial Corporation Ruston $24,000,000
1/9/2009 GrandSouth Bancorporation Greenville $9,000,000
1/9/2009 Texas National Bancorporation Jacksonville $3,981,000
1/9/2009 Congaree Bancshares, Inc. Cayce $3,285,000
1/9/2009 New York Private Bank & Trust Corporation New York $267,274,000
Auto Industry Bailout
Date Recipient Amount Allocated Amount Spent
Dec-08 General Motors $13.4 billion $4 billion
Dec-08 Chrysler $4 billion $4 billion
Dec-08 GMAC $6 billion $6 billion
Nov-08 Citigroup capital investment $20 billion $20 billion
Nov-08 Citigroup loan loss backstop $5 billion $0
Nov-08 TALF loss provisions $20 billion $0
Oct-08 Money market guarantees $659 billion unknown
Oct-08 Commercial Paper Funding Facility $1.4 trillion $331.7 billion
Nov-08 Unemployment benefit extensions $8 billion $8 billion
AIG Bailout
Nov-08 Treasury capital investment $40 billion $40 billion
Nov-08 Bridge loan $60 billion $39.5 billion
Nov-08 Collateralized debt obligation purchases $30 billion $28.2 billion
Nov-08 Mortgage-backed securities purchases $22.5 billion $20 billion
Nov-08 Commercial paper purchases4 $20.9 billion4 unknown4
Nov-08 Citigroup loan-loss backstop $300 billion $0
Nov-08 Term Asset-Backed Securities Loan Facility $200 billion $0
Nov-08 GSE mortgage-backed securities purchases $500 billion $0
Nov-08 GSE debt purchases $100 billion $0
Nov-08 FDIC Temporary Liquidity Guarantee Program Unlimited unknown
FDIC bank takeovers – 2008
Date Name of bank City FDIC fund cost
1/25/2008 Douglass National Bank Kansas City $5.6 million
3/7/2008 Hume Bank Hume $0
5/9/2008 ANB Financial Bentonvile $214 million
5/30/2008 First Integrity Bank Staples $2.3 million
7/11/2008 IndyMac Bank Pasadena $8.9 billion1.0
7/25/2008 First National Bank of Nevada Reno $862 million1.1
7/25/2008 First Heritage Bank Newport Beach $862 million1.1
8/1/2008 First Priority Bank Bradenton $72 million
8/22/2008 The Columbian Bank and Trust Company Topeka $60 million
8/29/2008 Integrity Bank Alpharetta $350 million
9/5/2008 Silver State Bank Henderson $550 million
9/19/2008 Ameribank Northfork $42 million
9/25/2008 Washington Mutual Bank Henderson $0
10/10/2008 Main Street Bank Northville $39 million
10/10/2008 Meridian Bank Eldred $14.5 million
10/24/2008 Alpha Bank & Trust Alpharetta $158.1 million
10/31/2008 Freedom Bank Bradenton $104 million
11/7/2008 Franklin Bank Houston $1.6 billion
11/7/2008 Security Pacific Bank Los Angeles $210 million
11/21/2008 The Community Bank Loganville $240 million
11/21/2008 Downey Savings and Loan Association Newport Beach $1.4 billion
11/21/2008 PFF Bank and Trust Pomona $700 million
12/5/2008 First Georgia Community Bank Jackson $72.2 million
12/12/2008 Haven Trust Bank Guluth $200 million
12/12/2008 Sanderson State Bank Sanderson $12.5 million
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2 Responses

  1. […] This happened to be the first time the FDIC shut down any banks this year.  It won’t be the last.  Looks like I’ll have to update my page that lists bailouts and bank closings. […]

  2. The banks are paying back the TARP money rapidly with interest and the government is receiving warrants for stock. I think far from being a waste of tax payers money, the government will wind up making a good return on their investment. And the funds used by the FDIC to takeover failed banks come from insurance premiums paid by the banks. These particular programs are not where the government waste is located.

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