Contrary to the Obama administration’s claims, the bank bailout has not turned a profit for the U.S. administration and may never turn a profit, according to a grim fresh assessment by the bailout’s watchdog.Much by non-financial standards the bailout has been less than a roaring success and may be helping to lay the groundwork for prospect financial disasters and bailouts, writes Christy Romero, the Special Inspector Common for the Troubled Asset Relief Program, in her latest quarterly report to Congress, released Wednesday morning.”It is a widely held misconception that TARP will constitute a profit,” she writes fair at the top of her 327-sheet report. “The most recent cost estimate for TARP is a loss of $60 billion. Taxpayers are still owed $118.5 billion (including $14 billion written off or otherwise lost).”Glance at More…
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