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FACTBOX: Where has the bailout money gone?
(Reuters) - The Treasury Department's plan to tap its $700 billion bailout fund to seed a public-private program to sop up banks' toxic assets leaves the fund with only about $86 billion that has not yet been disbursed or pledged for specific uses.
The department said it has disbursed $328.38 billion from the program as of March 20, but it has pledged a much larger amount.
Following is an outline of funds spent or pledged from the TARP bailout fund so far:
-- The Treasury said it would use $75 billion to $100 billion to seed its public-private plan to buy up to $500 billion worth of toxic assets with financing from the Federal Deposit Insurance Corp and the Federal Reserve.
-- An unspecified amount pledged to pump capital into banks. In the most recent report on bank investment transactions through March 20, the Treasury said it had completed equity purchases totaling $198.6 billion.
-- $50 billion pledged for mortgage foreclosure mitigation.
-- $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 investment, the Treasury agreed to cover up to $5 billion in losses on the portfolio. The $20 billion is in addition to $25 billion disbursed in the initial round of bank capital injections.
-- $20 billion investment in 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 disbursed earlier as part of the Treasury's bank capital program.
-- $40 billion investment in troubled insurer American International Group made on November 25. In addition, the Treasury said on March 2 that it stood ready to provide up to $30 billion more.
-- $24.78 billion has been disbursed to prop up the U.S. auto industry, according to the latest transactions report. On March 19, the Obama Administration pledged up to $5 billion to assist auto suppliers.
-- $20 billion has been shifted to a special purpose vehicle, TALF LLC, to cover potential losses for a $200 billion Federal Reserve program to support credit card, auto, education and small business lending. This program is expected to be expanded to $1 trillion, requiring the Treasury to increase its contribution to $100 billion.
(For details on money already disbursed and recipients, see: here)
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