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FACTBOX: Where has the U.S. bailout money gone?
(Reuters) - The U.S. Treasury Department on Tuesday said it has disbursed $295.69 billion from the $700 billion financial bailout program approved by Congress in October.
While less than $300 billion has been disbursed, most of the emergency fund has already been pledged.
Following is an outline of funds spent or pledged from the bailout program so far:
-- An unspecified amount pledged to seed a public-private partnership to buy bad assets from banks.
-- An unspecified amount pledged to pump capital into banks. In the most recent report on bank investment transactions through February 13, the Treasury said it has completed equity purchases totaling nearly $196 billion.
-- $50 billion pledged for mortgage foreclosure mitigation under a program yet to be detailed.
-- $20 billion pledged for Bank of America as part of a package in which the government agreed to share in losses on $118 billion of assets. The $20 billion is in addition to $25 billion for the bank already disbursed under the $250 billion Capital Purchase Program.
-- $20 billion investment in Citigroup as part of a package in which the government agreed to share in losses on $301 billion of assets. In addition to the $20 billion investment, the Treasury agreed to cover up to $5 billion in losses on the portfolio with TARP funds.
-- $40 billion investment in troubled insurer American International Group.
-- $20.9 billion to prop up the U.S. auto industry. The amount includes $10.4 billion in loans to General Motors Corp, including $1 billion for GM to help its financing affiliate GMAC reorganize as a bank holding company; a $4 billion loan for Chrysler LLC; a $5 billion direct investment in GMAC; and a $1.5 billion loan for Chrysler Financial. GM could also qualify for a further loan of $4 billion in March.
-- $100 billion pledged to cover potential losses for a Federal Reserve program aimed at supporting credit card, auto, education and small-business lending. The Treasury had initially committed $20 billion to this program, but Treasury Secretary Timothy Geithner said it would be expanded.
(Editing by Kenneth Barry)
(For details on money already disbursed and recipients, see: here)
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