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Coalition for Tarp Transparency
- 1. Where did $700 billion in TARP funds go?
- 6. Let’s look at Bank of America which received $45B in TARP funds… Bank of America (Tier 1 Subsidiaries and Branches)
- 7. 2,435 subsidiaries and divisions (just 486 are listed here) Active in 196 countries 109 separate groups report financial data to 20+ government agencies Bank of America (Tier 1 Subsidiaries and Branches)
- 9. 10/28/08 $25Bil. Capital Infusion Approval $7Bil Investment in China Construction Corporation $16.6 Infusion of Debt from Countrywide into Bank of America Merrill Lynch Merger Approved Announced 30k to 35k Layoffs 11/7/08 11/17/08 12/5/08 12/1/08 In 100 days, 10,000 “money-related events” were released to the public by Bank of America $9Bil Series L Medium term Note Authorization $1.5Bil in Senior Notes Sold $2.8Bil in Series L notes Sold $250K Charitable Donation to Victims of California Wildfires 11/21/08 12/11/08 12/18/08 $655M Increase in Key Associate Stock Plan effective at the time of Merger $1M Charitable Contribution for Feeding the Hunger Relief Fund $2.5Bil in Series L Notes Sold 12/23/08 12/19/08 1/2/09 1/15/09 $20Bil. Capital Infusion Approval 2/2//09 $25Bil Series L Medium term Note Authorization $8Bil in Senior Notes Sold 2/3//09 Ongoing Activity 3/5//09 2008 10K Report Released
- 16. Analysis of key lending activities shows only a small increase in lending. (-8.9Bil) (-2.1Bil) (-3.2Bil) (-0.9Bil) +0.7Bil (-2.7Bil) +3.3Bil +10.9Bil +3.1Bil Total Capital Infusion [prior to 12/31/08] $75Bil Aggregate Loan Activity Consumer and Commercial Q4 ‘08 = $0.1Bil Net Capital Infusion Allocation Capital Infusion Allocation Capital Infusion Allocation
- 19. "Transparency will not only give the American people comfort in our stewardship of these funds, it will give the markets confidence that we are stabilizing and strengthening the financial system." "I believe in the importance of transparency, accountability, oversight.” Timothy F. Geithner U.S. Secretary of the Treasury