FACTBOX: Where has the bailout money gone?
Jan 12 - U.S. President George W. Bush notified the U.S. Congress on Monday that the Treasury Department planned to access the final $350 billion of the government's $700 billion financial rescue fund.
Bush acted on behalf of President-elect Barack Obama, who takes office on January 20.
Congress approved the program in early October, but it granted access to only half of the funds. With the notification, lawmakers now have 15 days during which they could move to block access to the funds.
The Treasury Department said on Monday it had already disbursed $265.3 billion from the fund and has made further pledges that would take the total to $354.4 billion.
Following is an outline of what has been spent or pledged from the funds the Treasury can currently tap. For details on money already disbursed, see: www.treas.gov/initiatives/eesa/transactions.shtml
-- $250 billion has been pledged for purchases of senior preferred shares and warrants in banks and thrifts.
In a report on transactions through January 2, the Treasury said it had completed equity purchases totaling $177.5 billion under this portion of the program, and a statement on the Treasury cash position on Monday suggested a further $14.8 billion had been invested. In addition, $10 billion was approved for Merrill Lynch but has been deferred pending its merger with Bank of America.
-- $40 billion investment in troubled insurer American International Group.
-- $20 billion investment in Citigroup.
-- $19.4 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; and a $5 billion direct investment in GMAC. GM could qualify for a further $4 billion loan in March, but that would have to come from the final $350 billion tranche of the financial rescue fund.
-- $5 billion pledged to cover potential losses on a portfolio of Citigroup mortgage-related assets.
-- $20 billion pledged to cover potential losses for a Federal Reserve program aimed at improving consumer access to credit.
(Compiled by Reuters Washington bureau)
