The U.S. Government Accountability Office [GAO] released on Tuesday a review showing that the Treasury has so far disbursed $303.4 billion of the $700 billion in Troubled Asset Relief Plan [TARP] funds. Most of the funds, $198.8 billion, went to purchase preferred shares of 532 financial institutions under the Capital Purchase Program [CPP]. Included in this amount was $24.5 billion for General Motors Corporation (GM), Chrysler Holdings LLC (Chrysler), GMAC LLC, and Chrysler Financial Services Americas LLC., the GAO said. The types of institutions that had received CPP capital, as the Treasury’s strategy continues to evolve, included 272 publicly held institutions, 248 privately held institutions, and 12 community development financial institutions.
As of March 27, 2009, Treasury had announced several programs under TARP with a maximum announced total funding of $667.4 billion of its $700 billion.
Full GAO review available here.
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