Bankruptcy

US Bail Out Now Stands at 3.7 Trillion?and mounting

By mcbride

The cost of the US bail out was 700 billion in the last year and overall the cost totals some 3.7 trillion of taxpayer dollars according to the Special Inspector General for the Troubled Asset Relief Program.  He stated that: ?the increase was due largely to the government’s pledges to supply capital to Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) and to guarantee more mortgages to the support the housing market.?  Moreover, He also criticized the lack of transparency and the lack of obtaining Congressional approval for a large part of the cost of the bail out program. 

 Here is a link: http://www.reuters.com/article/idUSN2010140720100721

 Michael

Full post as published by Texas Lawyer Blog on July 21, 2010 (boomark / email).