You know how Matt Yglesias & Friends like to say, “We made money on TARP,” by which they mean, “The US government made money on a subset of all transactions conducted under the TARP legislation”? Well, I was digging up some numbers for an upcoming article, and I came across something odd.
This (pdf or excel) is the latest report of TARP Investments. I’m looking at the Excel file, the first tab. And it looks like, even just focusing on the Capital Purchase Programs (i.e. the warrants and preferred stock in financial institutions, not the boondoggles of the auto bailouts), the government is reporting $2.59 billion in losses.
Anyone care to elaborate?